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AML > NOCLAR > Flashcards

NOCLAR Flashcards

1
Q

What does NOCLAR stand for?

A

Non-Compliance with Laws and Regulations.

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2
Q

How long has it taken to prepare NOCLAR?

A

6 years

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3
Q

When was the International Standard issued?

A

July 2016

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4
Q

Who was the International Standard issued by?

A

IESBA

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5
Q

What does IESBA stand for?

A

International Ethics Standards Board for Accountants

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6
Q

When did NOCLAR come into effect in NZ?

A

15 July 2017.

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7
Q

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

A

As section 225 of PES 1.

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8
Q

What does PES stand for?

A

Professional Ethics Standards

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9
Q

Who issues PES?

A

The External Reporting Board

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10
Q

What is the acronym for External Reporting Board

A

XRB

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11
Q

Where is NOCLAR included in the Code of Ethics?

A

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

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12
Q

How is NOCLAR unusual?

A

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.

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13
Q

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.

A

first-of-its kind

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14
Q

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.

A

Framework

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15
Q

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

A

Yes

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16
Q

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

A

talks

17
Q

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

A

laws

18
Q

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

A

entities

19
Q

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

A

comply

20
Q

NOCLAR talks to what?

A

All laws to which entities need to comply.

21
Q

Is there a greater expectation of understanding under NOCLAR?

A

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

22
Q

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

A

Professional

23
Q

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

A

Member was engaged

24
Q

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

A

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

25
Q

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.

A

Steps

26
Q

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.

A

considered

27
Q

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

A

professional

28
Q

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.

A

judgement

29
Q

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.

A

whether

30
Q

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.

A

disclose

31
Q

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 ____________.

A

authorities

32
Q

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

A

Being late in filing a tax return.

33
Q

What ethical conflict does NOCLAR resolve?

A

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

34
Q

Who does section 225 apply to?

A

Those members (accountants) in public practice.

35
Q

Who does section 360 apply to?

A

Those (members) accountants in business.

36
Q

What is the first step in NOCLAR?

A

Obtain an understanding of the matter?

37
Q

What is the second step in NOCLAR?

A

Address the matter.

38
Q

What is the third step in NOCLAR?

A

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

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