NOCLAR

Question 1

What does NOCLAR stand for?

Answer 1

Non-Compliance with Laws and Regulations.

Question 2

How long has it taken to prepare NOCLAR?

Answer 2

6 years

Question 3

When was the International Standard issued?

Answer 3

July 2016

Question 4

Who was the International Standard issued by?

Answer 4

IESBA

Question 5

What does IESBA stand for?

Answer 5

International Ethics Standards Board for Accountants

Question 6

When did NOCLAR come into effect in NZ?

Answer 6

15 July 2017.

Question 7

For Assurance Practitioners, where is the Code of Conduct included?

Answer 7

As section 225 of PES 1.

Question 8

What does PES stand for?

Answer 8

Professional Ethics Standards

Question 9

Who issues PES?

Answer 9

The External Reporting Board

Question 10

What is the acronym for External Reporting Board

Answer 10

XRB

Question 11

Where is NOCLAR included in the Code of Ethics?

Answer 11

Sections 225 and 360 for members in public practice and also members in business.

Question 12

How is NOCLAR unusual?

Answer 12

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.

Question 13

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.

Answer 13

first-of-its kind

Question 14

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.

Answer 14

Framework

Question 15

Does NOCLAR cover suspected illegal acts as well as illegal acts?

Answer 15

Yes

Question 16

NOCLAR ______ to all laws to which entities need to comply.

Answer 16

talks

Question 17

NOCLAR talks to all ______ to which entities need to comply.

Answer 17

laws

Question 18

NOCLAR talks to all laws to which ________ need to comply.

Answer 18

entities

Question 19

NOCLAR talks to all laws to which entities need to _________.

Answer 19

comply

Question 20

NOCLAR talks to what?

Answer 20

All laws to which entities need to comply.

Question 21

Is there a greater expectation of understanding under NOCLAR?

Answer 21

No there is no greater expectation beyond that which is required by the Professional Services for which the member was engaged.

Question 22

There is no greater expectation beyond that which is required by the _________ Services for which the member was engaged.

Answer 22

Professional

Question 23

No there is no greater expectation beyond that which is required by the Professional Services for which the ________ was _________.

Answer 23

Member was engaged

Question 24

What does NOCLAR take us through with respect to disclosure to the authorities?

Answer 24

The steps that need to be considered and professional judgement that needs to be applied when considering whether to disclose to authorities.

Question 25

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.

Answer 25

Steps

Question 26

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.

Answer 26

considered

Question 27

The steps that need to be considered and ___________ judgement that needs to be applied when considering whether to disclose to authorities.

Answer 27

professional

Question 28

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.

Answer 28

judgement

Question 29

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.

Answer 29

whether

Question 30

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.

Answer 30

disclose

Question 31

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 \_\_\_\_\_\_\_\_\_\_\_\_.

Answer 31

authorities

Question 32

What is an example of a trivial or inconsequential breach of law for which NOCLAR would not apply?

Answer 32

Being late in filing a tax return.

Question 33

What ethical conflict does NOCLAR resolve?

Answer 33

The conflict between the duty of confidentiality and the duty to disclose serious wrong doing.

Question 34

Who does section 225 apply to?

Answer 34

Those members (accountants) in public practice.

Question 35

Who does section 360 apply to?

Answer 35

Those (members) accountants in business.

Question 36

What is the first step in NOCLAR?

Answer 36

Obtain an understanding of the matter?

Question 37

What is the second step in NOCLAR?

Answer 37

Address the matter.

Question 38

What is the third step in NOCLAR?

Answer 38

Determine whether further action is required. This may mean reporting to authorities.