The Accountancy Profession

Question 1

What are common attributes of a profession?

Answer 1

Formal regulatory process
Great degree of autonomy
Professional values
Self-regulation
Co-regulation

Question 2

What makes an occupation a profession?

Answer 2

Mastering specialised skills during a period of training
Governance by a professional association
Compliance with an ethical code
A process of certification before being allowed to practise

Question 3

What are the four reserved areas that only chartered accountants can do?

Answer 3

Insolvency
Investment business
Audit
Probate

Question 4

The government has overall responsibility for the effectiveness of the regulatory framework of the accountancy profession. Who does it delegate some statutory powers to?

Answer 4

The Financial Reporting Council (FRC)

Question 5

What are the five types of threats to principles?

Answer 5

Self-interest
Self-review
Familiarity
Intimidation
Advocacy