Professional Considerations Flashcards
What is the CCAB?
A forum where the accountancy profession can discuss issues and act as one voice. UK and ROI.
Who are members of the CCAB?
ICAEW ICAS CAI ACCA CIPFA
Who are the sponsoring bodies of the AAT?
ICAEW
ICAS
CIMA
CIPFA
Can you name any other industry related bodies?
HMRC (collect And administer taxes)
NCA (National Crime Agency) SOCA
FCA (Financial conduct authority)
PRA (Prudential regulatory authority)
Which areas do a accountants need to have upto date knowledge?
Reporting and accounting standards
Ethical codes
Tax and companies legislation
Relevant criminal law (bribery, fraud, etc)
Regulation of accounting, reporting, tax compliance, audit, the accountancy and finance profession.
What are the methods of keeping upto date?
Reading professional journals
Enrolling on courses
CPD
What is CPD?
Continuous maintenance, development and enhancement of skills.
What are the methods of CPD?
Courses Conferences Reading articles Educational TV Magazines Internet
What is the CPD cycle?
Assess - knowledge you have
Plan - where are you heading in your career
Action - undertake activities
Evaluate - review your progress
What are the objectives of the accountancy profession?
Mastering and maintenance of particular skills.
Development of ethical approach to work.
Acknowledge duties to society.
Objective outlook, fair minded, free from conflicts of interest.
Highest standards of conduct and performance.
Achieving a acceptance by the public that services are provided in accordance with these high standards.
What is the definition of Ethics.
Moral principles that govern a persons behaviour or the conducting of an activity.
What are the reserved functions?
External audit
Investment business, corporate finance advice
Insolvency practice
