Chapter 1 and 2 Flashcards
Who do these guidelines apply to?
CIOT and ATT(students and members), ADITs
What does a member have a duty of?
act with reasonable care, skill, honesty, integrity, impartiality, professionalism
Does little or no fee being charged change responsibilities?
No
Who else might a member have responsibilities to?
HMRC and FRC
Who are duties owed to?
clients, employers, employees, partners, co-directors
What does the PRPG provide?
A framework
What are the 5 fundamental principles?
Integrity, objectivity, professional competence and due care, confidentiality, professional behaviour
Objectivity
Not allow bias, conflict of interest or undue influence of others override professional or business judegements
Professional competence and due care
Maintain knowledge and skill to ensure competent professional service based on current developments and acts diligently with applicable technical and professional standards
Integrity
Be straightforwad and honest in all business relationships
Confidentiality
not disclose any information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclosure, nor use the information for the personal advantage of a member or third parties.
Professional behaviour
comply with relevant laws and regulations and avoid any action that discredits the profession.
Does confidentiality also apply to subcontractors?
Yes
Is PII needed to cover subcontractors?
Yes
What anti money laundering committee must we act in line with?
consultative committee of accountancy bodies
How long must a member reply to the tax disciplinary board in?
30 days (‘without unreasonable delay)-failure to corresponded would become a disciplinary matter in itseld
Who/how long must you write to if committed a crime OR if under disciplinary proceedings from another professional body/dismissed for gross misconduct etc etc
‘Head of professional standards’ within 2 months
Members who enter into an IVA or suffer bankrupcy order?
Must let CIOT know within 2 months-if they fail to notify their membership will cease automatically
Possible outcomes when notify about bankrupcy?
continuation of membership, refer to TDB, exclusion. an appeal against exclusion must be made within 31 days
What are the members obligations?
comply with regulations on PII, CPD and anti money laundering
