BTF 2 - Chapter 10

Which of the following organizations is the international global organization for the accountancy profession:

• IFAC

• ICAEW

• CFA

• CFAB

Which of the following is an aim of regulation of the accountancy profession?

• To protect the profession from competition

• To protect ICAEW members from unqualified accountants

• To protect the public from being misled

• To protect small accountancy firms from big ones

In which of the following areas does the Financial Reporting Council’s (FRC’s) Conduct Committee have statutory powers?

• Audit

• Accountancy

• Marketing

• Operating

Which of the following set of rules issued by the Financial Conduct Authority (FCA) for all companies whose securities are listed on public exchanges in the UK: 

• Prospectus Rules

• Controlling Rules

• Listing Rules

• Disclosure and Transparency Rules

Which of the following set of rules issued by the Financial Conduct Authority (FCA) with which companies must comply when issuing new securities:

• Prospectus Rules

• Controlling Rules

• Listing Rules

• Disclosure and Transparency Rules

The body responsible for ensuring that self-regulation of the accountancy profession in the UK is effective is the:

• The Financial Reporting Review Panel (FRRP)

• The Professional Discipline team

• The Professional Oversight team

• The Codes and Standards Committee

Which of the following teams is responsible for developing ethical standards for auditors?

• The Financial Reporting Review Panel (FRRP)

• The Professional Discipline team

• The Professional Oversight team

• The Audit and Assurance Council

Tshering has no professional accounting qualifications so he is not a member of one of the bodies in the Consultative Committee of Accountancy Bodies (CCAB). He is supervised for money laundering by an approved body, however. As a result, which statement is correct?

• He cannot call himself an accountant

• The CCAB can legally stop him from practising

• He can offer the full range of accountancy services except in the reserved areas

• He can offer the full range of accountancy services without exception

Which of the following is NOT covered by the complaints and disciplinary procedures of ICAEW’s Professional Conduct department (PCD)?

• Complaints about a departure from guidance

• Complaints about fees

• Complaints about bringing discredit on ICAEW

• Complaints about breaching a regulation

Asan, a chartered accountant, is the subject of a complaint by one of his clients. Which of the following steps will happen first in ICAEW’s complaints and disciplinary procedure?

• Investigation by the Investigation Committee

• Conciliation

• Disciplinary proceedings

• Arbitration