NOCLAR Flashcards
What does NOCLAR stand for?
Non-Compliance with Laws and Regulations.
How long has it taken to prepare NOCLAR?
6 years
When was the International Standard issued?
July 2016
Who was the International Standard issued by?
IESBA
What does IESBA stand for?
International Ethics Standards Board for Accountants
When did NOCLAR come into effect in NZ?
15 July 2017.
For Assurance Practitioners, where is the Code of Conduct included?
As section 225 of PES 1.
What does PES stand for?
Professional Ethics Standards
Who issues PES?
The External Reporting Board
What is the acronym for External Reporting Board
XRB
Where is NOCLAR included in the Code of Ethics?
Sections 225 and 360 for members in public practice and also members in business.
How is NOCLAR unusual?
It’s a first-of-its kind framework which guides members in what actions to take when we (member as defined) become aware of a potential illegal act committed by a client or employer.
A ___________ framework which guides members in what actions to take when we (member as defined) become aware of a potential illegal act committed by a client or employer.
first-of-its kind
A first-of-its kind ___________ which guides members in what actions to take when we (member as defined) become aware of a potential illegal act committed by a client or employer.
Framework
Does NOCLAR cover suspected illegal acts as well as illegal acts?
Yes
NOCLAR ______ to all laws to which entities need to comply.
talks
NOCLAR talks to all ______ to which entities need to comply.
laws
NOCLAR talks to all laws to which ________ need to comply.
entities
NOCLAR talks to all laws to which entities need to _________.
comply
NOCLAR talks to what?
All laws to which entities need to comply.
Is there a greater expectation of understanding under NOCLAR?
No there is no greater expectation beyond that which is required by the Professional Services for which the member was engaged.
There is no greater expectation beyond that which is required by the _________ Services for which the member was engaged.
Professional
No there is no greater expectation beyond that which is required by the Professional Services for which the ________ was _________.
Member was engaged
What does NOCLAR take us through with respect to disclosure to the authorities?
The steps that need to be considered and professional judgement that needs to be applied when considering whether to disclose to authorities.
NOCLAR takes us through the _______that need to be considered and professional judgement that needs to be applied when considering whether to disclose to authorities.
Steps
NOCLAR takes us through the steps that need to be _________ and professional judgement that needs to be applied when considering whether to disclose to authorities.
considered
The steps that need to be considered and ___________ judgement that needs to be applied when considering whether to disclose to authorities.
professional
NOCLAR takes us through the steps that need to be considered and professional __________ that needs to be applied when considering whether to disclose to authorities.
judgement
NOCLAR takes us through the steps that need to be considered and professional judgement that needs to be applied when considering _________to disclose to authorities.
whether
NOCLAR takes us through the steps that need to be considered and professional judgement that needs to be applied when considering whether to ___________to authorities.
disclose
NOCLAR takes us through the steps that need to be considered and professional judgement that needs to be applied when considering whether to disclose to ____________.
authorities
What is an example of a trivial or inconsequential breach of law for which NOCLAR would not apply?
Being late in filing a tax return.
What ethical conflict does NOCLAR resolve?
The conflict between the duty of confidentiality and the duty to disclose serious wrong doing.
Who does section 225 apply to?
Those members (accountants) in public practice.
Who does section 360 apply to?
Those (members) accountants in business.
What is the first step in NOCLAR?
Obtain an understanding of the matter?
What is the second step in NOCLAR?
Address the matter.
What is the third step in NOCLAR?
Determine whether further action is required. This may mean reporting to authorities.
