The professional accountant Flashcards
1
Q
Definition of a profession
A
an occupational area that involves prolonged training leading to a formal qualification
2
Q
Common attributes that distinguish profession
A
- Formal regulatory process
- great degree of autonomy
- Professional values
- Self-regulation
- Co-regulation
3
Q
Reserved accountancy areas
A
- insolvency
- Investment business
- Audit and assurance
- Probate
4
Q
3 basic aspects of the professional accountant’s work
A
Maintaining control and safeguarding assets
Financial management
Financial reporting
5
Q
ICAEW code of ethics (COPPI)
A
Confidentiality Objectivity Professional competence and due care Professional behaviour Integrity
6
Q
Threats to professional principles
A
Self-interest - doing it for your own self interest
Self-review - accountants evaluating their own work
Familiarity - close relationship to the accountant can influence decision
Intimidation - potential threat stops the accountant making a balanced decision
Advocacy - in a position where they can’t give an unbiased opinion
7
Q
Limits to accountants responsibility
A
- Legal matters
- Insurance and pensions
- Property
- Other areas e.g HR, IT and procurement
