Chapter 8: accountancy profession

Choose 2 common attributes in the accountancy profession

• Self-regulation

• Co-interest

• Self-interest

• Co-regulation

What are at the heart of the accountancy profession

• accrual basis

• going concern

• financial reporting

• assurance

The ability to analyse and evaluate issues objectively and rationally, keeping a clear head when forming judgements about matters being considered.

• Critical thinking

• Professional Scepticism

• Professional judgement

• Good Faith

Which one is the global organisation for the accountancy procession?

• FAC

• ICAEW

• IFAC

• FRC

Which 2 of the following is reserved areas for an accountant

• Forensic accounting

• Statutory audit

• Solvency

• Probate

Anyone who offers accounting services in the UK must be supervised for money laindering purposes

• True

• False

IFAC is a disciplinary body for the accountancy profession

• True

• False

On accountancy, do FRC have statutory powers?

• Yes

• No

On audit, do FRC have statutory powers?

• Yes

• No

Which one is the definition of ethical behaviour

• A system of behaviour which is deemed acceptable in the society or context under consideration

• It tells us how to behave

• Acting in a manner which is perceived to be acceptable in the circumstances – ‘behaving well’

• Behaving appropriately in line with a code of behaviour that is accepted among fellow professionals as being correct.