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AAT Level 3 > Business Awareness > Flashcards

Business Awareness Flashcards

1
Q

Name the 6 PESTLE factors

A

Political
Economic
Social
Technological
Legal
Environmental

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2
Q

Name the 5 fundamental ethical principles

A

Integrity
Objectivity
Professional Competence and Due Care
Confidentiality
Professional Behaviour

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3
Q

What is professional behaviour?

A

Being professional at all times, complying with relevant law and behaving ethically at all times

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4
Q

What is Professional competence and due care?

A

Being capable to do the task and maintaining professional knowledge at the level required through Continuing Professional Development (CPD)

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5
Q

What is Confidentiality?

A

Keeping information confidential - GDPR
Not using information gained through work for personal gain.

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6
Q

What is Integrity?

A

Being honest, transparent and fair

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7
Q

What is Objectivity?

A

Acting without bias or conflict of interest

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8
Q

What are the 5 threats to the fundamental ethical principles?

A

Advocacy
Self Interest
Self Review
Intimidation
Familiarity

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9
Q

What is Advocacy threat?

A

When a member promotes an opinion or position to the point where objectivity may be compromised

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10
Q

What is self interest threat?

A

Where a financial or other interest will influence the members judgement or behaviour

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11
Q

What is self review threat?

A

When a previous judgement needs to be re-valued by the member responsible for the judgement

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12
Q

What is intimidation threat?

A

When a member is threatened or deterred from acting objectively

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13
Q

What is familiarity threat?

A

Becoming too sympathetic to the interest of others due to the close or personal relationship with them

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14
Q

Which ethical principle does self interest affect?

A

ALL OF THEM
integrity
objectivity
professional competence & due care
confidentiality
profession behaviour

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15
Q

Which ethical principle does familiarity affect?

A

ALL OF THEM
integrity
objectivity
professional competence & due care
confidentiality
profession behaviour

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16
Q

Which ethical principle does intimidation affect?

A

integrity
objectivity
confidentiality

17
Q

Which ethical principle does self review affect?

A

objectivity
professional behaviour
professional competence & due care

18
Q

Which ethical principle does advocacy affect?

A

Only objectivity

19
Q

Which threat could integrity be affected by?

A

self interest
familiarity
intimidation

20
Q

Which threat could objectivity be affected by?

A

ALL OF THEM
self interest
advocacy
self review
intimidation
familiarity

21
Q

Which threat could professional behaviour be affected by?

A

self interest
familiarity
self review

22
Q

Which threat could professional competence & due care be affected by?

A

self interest
familiarity
self review

23
Q

Which threat could confidentiality be affected by?

A

self interest
familiarity
intimidation

24
Q

What are the 3 stages of money laundering?

A

Placement
Layering
Integration

25
Q

What is the placement stage of money laundering?

A

moving “dirty” money into legitmate sources of income
e.g. false invoices

26
Q

What is the layering stage of money laundering?

A

repeatedly moving the placed money withing financial systems
e.g. buying and selling new assets

27
Q

What is the integration stage of money laundering?

A

extracting the clean money
e.g. putting fake people on the payroll

28
Q

What is defined as “the wrongful or criminal deception intended to result in financial or personal gain?

A

Fraud

29
Q

What are the 3 classes of fraud?

A

False reprensentation - giving misleading information
Failing to disclose information
Abuse of position

30
Q

What are the 4 key offences for bribery?

A

bribig another
receiving a bribe
bribing a foreign official
failing to prevent bribery

31
Q

What are the 3 categories of offences for money laundering?

A

Laundering
Failure to report
Tipping off

32
Q

What should an accountant do if they believe someone is money laundering?

A

Report to the MLRO (money laundering reporting officer) if there is one
Make a SAR (suspicious activity report)

33
Q

What should an internal SAR (suspicious activity report) include

A

identity of the suspect
information about the suspicion of laundering
where the suspicious money is held
details of the person making the report

34
Q

What is the punishment for an accountant considered to be guilty of money laundering? What is the exception?

A

an unlimited fine and up to 14 years in prison
if they have correctly made an external SAR this will provide full immunity

35
Q

What is punishment for failure to report

A

5 years imprisonment and/or an unlimited fine

36
Q

What is the punishment for tipping off?

A

5 years imprisonment and/or an unlimited fine

AAT Level 3 (2 decks)

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