The accountancy profession Flashcards
what is meant by the term ‘profession’
an occupational area that involves prolonged training leading to a formal qualification
what is accountancy profession
the profession concerned with the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions
what two major roles do accountants perform in?
- PUBLIC (reserved or the rest)
-BUSINESS (public or private)
what are the reserved areas in a public practice?
- insolvency
- investment business
- audit
- probate
what is the role played by IFAC in the global accountancy profession?
Protect the public interest by encouraging high quality practices by the worlds accountant. This includes best practice guidance for professional accountants employed in a business
Who can call themselves an accountant in the UK?
Anyones can call themselves an accountant and offer the full range of services apart from in the reserved areas where special regulations exist
- audit
- investment business
- insolvency
- probate
Distinguish between which areas FRC has statutory and non statutory roles
what are the 4 reserved areas which ICAEW has regulatory authority over?
what are the ethics for the ICAEW
Confidentiality
Objectivity
Professional competence & due care
Professional Behaviour
Integrity
what are the three main roles in the FRC oversight team
- Non-statutory oversight
- Statutory Regulation
- Independent monitoring
what is meant by the term ethics
behaviours that are acceptable in society that tell us how we should behave
what is the oversight mechanism and what is most likely to be involved
- a system used to maintain a watchful eye and ensure that it is achieving what it is set out to achieve
- government, regulators, members of profession and public are involved
in relation to self-regulation of the accountancy profession, the most important aspect of the oversight mechanism is that it should be seen to be..
independant
The FRC has statutory responsibility for monitoring the quality of the..
audit profession
the body which runs an independent disciplinary process for the accountancy profession is the..
FRC
