Professional Consideration

Question 1

Define public interest

Answer 1

Collective wellbeing of the community of people the professional accountant serve

Question 2

Describe 5 objectives of accountancy

Answer 2

1. Mastering no maintaining particular skills
2. Ethical approach to work
3. Duties to society
4. Fair minded and free from conflict
5. Services to the highest standards and achieve acceptance

Question 3

3 things and AAT member can do

Answer 3

1. Internal audit
2. Final account production
3. Tax advise

Question 4

3 things and AAT member cannot do

Answer 4

1. External audit - UK limited companies
2. Business and corp advise to clients
3. Insolvency practise

Question 5

What does CDP stand for and name the two types of CDP with examples

Answer 5

Continuous progressive development - skills and personal knowledge throughout career

Structures - in house courses, external course, conference
Unstructured - reading professional articles, magazines, web pages, TV

Question 6

How many times a year must the CDP cycle be completed and name the 4 stages

Answer 6

Twice a year:
Assess- identify skills
Plan- consider heading 
Actions - undertake activities
Evaluate - review progress

Question 7

Why are disciplinary procedures put in place by accounting professions

Answer 7

To ensure the client is in the best possible position
The public interest is not compromised
All parties are treated fairly

Question 8

Give a few examples of misconduct

Answer 8

1. Member found guilty of an offence in court
2. Member has become bankrupt
3. Member has not complied with money laundering regulations
4. Not completed CDP - breaking the ethical principle of professional competence and due care

Question 9

Give a few examples of disciplinary penalties for misconduct

Answer 9

1. Expelled for the association
2. Unfit to be a member
3. Licence withdrawn if a member
4. Fined