Role of the accountancy profession

Question 1

Professional Oversight Team (PO)

within the FRC

Answer 1

• monioring the quality of the auditing profession (make sure auditors operate within the right frameworks and audits are of good quality)

Question 2

what does FRC do

Answer 2

• regulation of the auditing profession
• setting standards over coporate governance, financial reporting and audit and assurance

Question 3

Audit and Assurance (AA)

Answer 3

• develop standards for auditing

Question 4

Corporate Reporting Review (CRR)

Answer 4

• make sure companies follow rules when reporting F.S.

Question 5

Audit Quality Review (AQR)

Answer 5

• monitors quality of the auditing function in relation to economically significant entities

Question 6

Professional Discipline (PD)

Answer 6

• independent investigative and disciplinary body
• also deals with cases affecting public interest

Question 7

Appeal Committee (AC)

Answer 7

• three chartered accountants,one non-accountant member and a chairman holding a legal qualification

Question 8

Reserved areas

Answer 8

• Statutory audit
• Investment business
• Insolvency
• Probate