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BTF > Roles of the Accountancy profession > Flashcards

Roles of the Accountancy profession Flashcards

1
Q

What is defined
a person who ‘professes’ to have a skill resulting from a coherent course of study and training based on professional values and who continues to develop and enhance those skills by experience and CPD

A

Professional

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2
Q

What is defined
concerned with measurement, disclosure and provision of assurance about financial information that helps managers investors, tax authorities and other decision makers make resource allocation decision

A

the accountancy profession

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3
Q

What is defined
provision of financial information about an entity to external users that is useful to them in making economic decisions and for assessing the stewardship of entity’s management

A

Financial reporting

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4
Q

What is defined
expression of an opinion or conclusion by professional accountant in public practice to enhance the confidence of the intended users

A

assurance

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5
Q

Three aspects of the accounting profession

A

maintain control and safeguarding assets
Financial management
Financial reporting

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6
Q

What is defined
Management of all the processes associated with the raising and use of financial resources in a business

A

Financial Management

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7
Q

Maintaining control and safeguarding assets includes

A

Recording of transactions complete timely and accurate
Internal controls are sufficient
AC properly constructed ad has info and resources to fulfil objectives
NEDS adequately qualified and resourced to fulfil their roles

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8
Q

Four reserved areas

A

Statutory audit
Investment business
Insolvency
Probate

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9
Q

Who are five members of consultative committee of accountancy bodies CCAB

A

ICAEW
ICAS
Chartered accounts Ireland
ACCA
CIPFA

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10
Q

Who sponsor AAT

A

ICAEW, CIMA, ICASE and CIFPA

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11
Q

What is the aim of IFAC

A

to protect the public interest by encouraging high quality practices by the worlds accountants. this includes best practice guidance for professional accountants employed in business, plus membership compliance programme

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12
Q

What does IFAC emphasise importance of

A

Strong international economies
adherence to high quality professional standards
Convergence of professional standards
speaking out in public interest and public policy issues where expertise of profession is relevant

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13
Q

Why is regulation of profession needed

A

to provide the public interest with protection and assurance in situations where the issues are too complex for public to be reasonably expected to look after their own interests

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14
Q

What is the purpose of oversight mechanism

A

ensure body is achieving what it set out to

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15
Q

Key participants in effective oversight mechanism

A

Government
Regulators
members of profession
members of public

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16
Q

How is the accountancy profession regulated

A

government
profession itself
oversight mechanism

17
Q

PO Team has three main roles

A

Independence oversight
Statutory oversight of supervising audit
Statutory monitoring of quality of auditing

18
Q

CCAB and ICAEW have commitment to
consider PO team recommendations and either

A

implement them in a reasonable period or give reasons in writing for not doing so

19
Q

PO audit statutory powers

A

agree amendments to their procedures with audit firms
make recommendations for regulatory action
refer matters to professional discipline and corporate reporting review

20
Q

Who is responsible for
setting standards
Monitoring and reviewing quality of audit and FR in large entities
Regulating audit profession
Overseeing self regulation in accountancy, audit and actuarial professions
Acting as ultimate disciplinary body for accountancy and actuarial

A

FRC

21
Q

Who in the FRC can
make amendments and withdraw accounting standards - update accounting standards

A

Accounting and reporting policy

22
Q

Who in the FRC
develop standards for auditing and assurance and effective application and develop ethical standards relating to independence objectivity and integrity of auditors

A

Audit and Assurance

23
Q

Who in the FRC can
make enquiries into apparent departures from requirements for FS of large companies
Seek voluntary remedial action
Apply for order for remedial action

A

Corporate reporting review

24
Q

Who in the FRC
make sure there is oversight of audit and accountancy profession and also regulate actuarial profession

A

Professional Oversight Team

25
Q

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

A

Audit quality review

26
Q

Who in the FRC
deals with cases which raise important issues affecting public interest and which need to be investigated to determine if there has been miscounduct

A

Professional discipline

27
Q

the PO team has statutory responsibility for monitoring the quality of

A

the audit profession

28
Q

The body which monitor and acts on departures from requirements for financial statements is

A

the FRRP - financial reporting review panel - part of CRR

29
Q

The body which acts as an independent disciplinary process for the accountancy profession is

A

the PD (profession discipline panel)

30
Q

Statutory monitoring of the quality of audit is effected by

A

the AQR - the audit quality review

31
Q

How is the financial services industry regulated

A

PRA and independent FCA

32
Q

Who regulates personal pensions

A

FCA

33
Q

Who regulate work based pensions only,

A

pensions regulator

34
Q

Who responsible for implementing disciplinary procedures including handling complaints against members

A

professional standards department

35
Q

ICAEW complaints procedure

A

Conciliation - trying to find a practical solution
Investigation
Disciplinary proceedings

36
Q

Grounds for complaints

A

ICAEW regulation breached
Firm has departed from guidance
Firm has bought ICAEW into disrepute

37
Q

What has been offered
there is a case to answer, but it is not so serious as to warrant either exclusion from membership of the ICAEW or suspension of the firm’s practicing certificate

A

consent order offered

38
Q

When is the accountancy and actuarial discipline board involved, when a matter raises issues affecting

A

the public interest

39
Q

Mitzberg’s managerial roles are

A

interpersonal
informational and decisional

BTF (14 decks)

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