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AAT Synoptic > Chapter One > Flashcards

Chapter One Flashcards

1
Q

What are ethics?

A

Moral principles that guide behaviour

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2
Q

What are ethical values?

A

Assumptions about what is right and wrong

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3
Q

What can organisations devise for their employees?

A

Ethical codes and codes of conduct

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4
Q

Accountants work for whose interest?

A

The publics

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5
Q

What are the objectives of the accountancy profession?

A 
Master skills
Have a ethical approach
Acknowledgement of duties to society
Objective outlook
Rendering services to high standards
Achieving acceptance by public
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6
Q

Why behave ethicaly?

A

For public confidence
Law
Regulations
Reputation

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7
Q

What are the fundamental ethical principles?

A 
Integrity
Objectivity 
Professional competence and due care
Confidentiality 
Professional behaviour
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8
Q

What have the AAT released in relation to ethics?

A

Code of Professional Ethics

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9
Q

What are the steps in the conceptual framework?

A
  1. Identify the threat to the fundamental principle
  2. Evaluate threat
  3. Safeguards
  4. If safeguards cannot be applied discontinue
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10
Q

What does a principles based approach encourage?

A

Case by case judgement

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11
Q

What is criminal law?

A

Affects whole community

Punished by fines or prison

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12
Q

What is civil law?

A

Conflict in the community

No punishment

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13
Q

What other laws are accountants affected by?

A

Health and Safety
Employment protection and equality
Data protection

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14
Q

The UK accountancy profession is self regulatory, true or false?

A

True

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15
Q

Who are the Financial Reporting Council?

A

Regulators to the accountancy and actuarial profession

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16
Q

What are the FRC responisble for?

A

Issuing standards for corporate governance and reporting

17
Q

What are the aims of the FRC

A

Promote ethical financial reporting

18
Q

Who are the International Federation of Accountants?

A

International body representing major accountancy bodies.

19
Q

What do the IFAC develop?

A

The IESBA code of ethics which is used by professional accountancy bodies worldwide.

20
Q

How many members does the Consultative Committee of Accountants have?

A

5

21
Q

What are the aims of the Consultative Committee of Accountants?

A

Coordinate the profession in the UK and Ireland

22
Q

What is a code conduct designed to do?

A

Influence behaviour of employees

23
Q

What is a code of practice?

A

A guide adopted by a profession to regulate its members

24
Q

What is meant by sustainability?

A

Meet the needs of the present without compromising the ability of future generations

25
Q

What are the elements of the triple bottom line?

A

Economic
Social
Environmental

26
Q

What is meant by operational risk?

A

Damage caused by faulty internal procedures or personnel

AAT Synoptic (2 decks)

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