Ch2

Question 1

Define integrity

Answer 1

Straightforward and honest in professional relationships

Question 2

Define objectivity

Answer 2

Not allow bias, conflict of interest or undue influence of others to override professional judgements

Question 3

Define professional competence and due care

Answer 3

Maintain professional knowledge and skill at the level required to ensure clients receive competent professional service based on current developments in practice, legislation, techniques and acts diligently and in accordance with applicable technical and professional standards

Question 4

Define confidentiality

Answer 4

Respect confidentiality of info acquired as a result of professional relationships and therefore not disclose any such info to third parties without proper specific authority, unless there’s a legal duty to disclose nor use the info for personal advantage

Question 5

Define professional behaviour

Answer 5

Comply with relevant laws and regulations and avoid any actions that discredit the profession

Question 6

Who must submit annual returns to CIOT/ATT and in what time limit?

Answer 6

Members in advised time limit (not specified in guidance)

Question 7

What is CCAB

Answer 7

Consultative committee of accounting bodies

Question 8

Who needs PII cover?

Answer 8

Members in practice

Question 9

How long may one take to respond to the TDB before it being considered unreasonable delay?

Answer 9

30 days

Question 10

Members must write to whom within what time frame when in trouble with the law under which 3 circumstances?

Answer 10

They must write to the head of professional standards within 2 months of arrest on suspicion of, charged with or convicted of a criminal offence

Question 11

Members must write to whom within what time frame when in trouble with which 5 miscellaneous circumstances?

Answer 11

They must write to the head of professional standards within 2 months of disciplinary notification from another body, dismissed for misconduct by employer, disqualified as director/trustee, receive dishonest tax agent conduct notice or receive HMRC’s monitoring notice under the POTAS legislation

Question 12

When one becomes bankrupt or enters into an IVA when should they notify CIOT/ATT and what can they expect?

Answer 12

Must notify them within 2 months of date of IVA/bankruptcy order. Failure within this time ceases membership. They’ll consider membership status and TDB referral if in time. If result is exclusion one may appeal within 31 days of exclusion

Question 13

What is the difference between honorary and pro bono work?

Answer 13

Honorary is work completed for amateur and not-for-profit organisations for low fees whereas pro bono is for free