MODULE 12 Flashcards
1
Q
What are the roles of the FRC?
A
- Acting as the competent authoritarian for statutory audit in the UK
- Setting UK and Ireland Accounting standards
- Setting the UK Corporate Governance Code
- Monotiring and taking action to promote the quality of Corporate Reporting
- Operating some independent disciplinary arrangements for corporate reporting
2
Q
What’s the approach to developing standards?
A
- Development
- Consultation
- Governance and Reporting
- Publication
3
Q
What’s the process for the FRC to investigate and discipline auditors and accountants?
A
- Case Examiner
- Decision to investigate
- Investigation
- Allegation
- Enforcement action
- Extermination
- Sanction
4
Q
What are the 2 main global barriers to global adoption of IFRS?
A
- Difference between US and International Accounting Standards
- Concern that international standards are overly onerous to small businesses as they are aimed towards listed companies
