Chapter 10- Structure & regulation of the accountancy profession

Question 1

CCAB members?

Answer 1

ICAEW
ICAS
CAI
ACCA
CIPFA

Question 2

AAT members?

Answer 2

ICAEW
ICAS
CIPFA
CIMA

Question 3

key participants of independent oversight mechanism

Answer 3

govt
regulators
profession members
public

Question 4

FRC purpose

Answer 4

√set UK Corporate Governance 
  standards
√monitor large co. audit/FR
√regulate audit
√oversee self regulation (accountancy, 
   audit, actuarial)
√disciplinary body (accountancy & 
   actuarial)

Question 5

FRC’s conduct committee

Answer 5

professional oversight, discipline

corporate reporting, audit quality

Question 6

FRC’s Codes & Standards Committee

Answer 6

actuarial, audit & assurance, accounting & reporting, corporate governance

Question 7

Reserved areas

Answer 7

audit
investment business
insolvency
probate(will)

Question 8

ICAEW’s procedure: Professional conduct department (PCD), complaint grounds

Answer 8

regulation breach
professional incompetence
guidance departure
discredit–>ICAEW

Question 9

complaints are sent to

Answer 9

ICAEW head of staff, (ICAEW’s PCD ⬆️ paid staff)

Question 10

IC’s investigation based on

Answer 10

investigation & disciplinary scheme

Question 11

IC’s composition?

Answer 11

> 14pax, min.50%❌CAs

Question 12

can attend ICs?

Answer 12

NO, occasionally, IC require complainants attend

Question 13

IC- case to answer & valid, ____

Answer 13

reprimand, fine

Question 14

IC-❌case to answer & member/firm❌agree complaint valid,___

Answer 14

no action
unpublicised caution
consent order
refer to DC

Question 15

IC’s unpublicised caution penalty

Answer 15

pay costs

❌fine
❌publicity

Question 16

IC’s sentencing order penalty

Answer 16

reprimand
fine
costs

Question 17

IC power gv compensation?

Answer 17

NO

Question 18

DC composition

Answer 18

3 pax, one ICAEW, two❌accountants

Question 19

DC’s penalties

Answer 19

fine
pay costs
reprimand
member❌practising cert
❌ICAEW member