CH2- Fundamental principles and members obligations

Question 1

Fundamental principles

Answer 1

Professional comp and due care- maintain prof knowledge and skill at required level
Integrity- straightforward and honest
Professional behaviour- comply with laws and reg, do not discredit profession
Confidentiality- do not disclose info unless right or duty
Objectivity- not allow bias, conflict of interest or undue influence to override profes or business judgements

Question 2

Integrity

Answer 2

No illegality
Honesty
Separate maintenance of clients money and assets
Seek work in professional manner

Question 3

Objectivity

Answer 3

Must be objective in all work undertaken

Independence

Question 4

Prof competence and due care

Answer 4

Carry out work with proper regard for technical and professional standards expected
Do not undertake work you are not competent to perform

Question 5

Confidentiality

Answer 5

Unless authorised to disclosed
Or legal or professional right/duty
Applies without time limit
Applies equally to all employees and subcontractors
Compliance with all data protection laws

Question 6

Prof behaviour

Answer 6

Uphold all professional standards
Not bring about discredit on themselves, or CIOT/ATT or profession
This extends beyond business relationships

Question 7

Professional obligations

Answer 7

Professional indemnity insurance- responsible for own work, employees and subcontractors
Completion of annual return
Compliance with Professional Conduct in Relation to Taxation (PCRT)
Obligation to comply with anti money laundering legislation and registration
Obligation to comply with continuing professional development (CPD) requirements
Provision of information to the ATT/CIOT- must provide information requested by CIOT and ATT without unreasonable delay
Compliance with disciplinary process of ATT/CIOT- disciplinary process by TDB- 30 days
Obligation to notify ATT/CIOT- e.g. of arrest, convicted of criminal offence, bankruptcy (within 2 months)

Question 8

Honorary and pro bono work

Answer 8

Honorary work= a FORMAL honorary post for charities, amateur organisation and other ‘not for profit’ organisations, for which a payment is made
Pro bono work= work that is carried out for no payment either in cash or in kind, with the exception of expenses being reimbursed

Question 9

Bankruptcy

Answer 9

Notify CIOT/ATT within 2 months of IVA or bankruptcy order
If fails to notify, membership of CIOT/ATT will cease automatically upon 2 month period
If notify, CIOT/ATT will consider most appropriate action
If notify, will hear decision/outcome after 2 months