PETH Revision Questions On Governing Bodies

Financial Reporting Council (FRC) Which body is responsible for regulating the UK accounting profession as a whole? Financial Reporting Council (FRC)

Chartered Institute of Management Accountants Which professional accounting body is a sponsoring body of the AAT but is not a member of the Consultative Committee of Accounting Bodies (CCAB)? Chartered Institute of Management Accountants (CIMA)

State the three main types of lawsuit that can be brought in a civil court by a claimant where a claim is made against a defendant to enforce rights that arose between them Breach of Contract Breach of Trust Negligence

State the three main statutory reserved areas of an accountants work external audit of UK limited companies or other bodies that require a registered auditor activities regulated by the Financial Conduct Authority (FCA) including investment business and corporate finance advice to clients insolvency practice in accordance with the provisions of the relevant insolvency legislation.

International Federation of Accountants (IFAC) The International Ethics Standards Board of Accountants (IESBA) is responsible for setting global ethical standards. Of which organisation is the IESBA a subcommittee? International Federation of Accountants (IFAC)

Which government Agency will ultimately be informed in a situation where money laundering is suspected? National Crime Agency (NCA) (Formally Serious Organised Crime Agency (SOCA))

International Ethics Standards Board for Accountants Which international body is responsible for providing ethical guidance to the accounting professional worldwide? International Ethics Standards Board for Accountants (IESBA).

Financial Reporting Council (FRC) Which UK body is responsible for regulating the financial services sector in the UK? Financial Reporting Council (FRC)

CAI (Ireland), ACCA, CIPFA Name THREE members of the Consultative Committee of Accounting Bodies (CCAB) ICAEW, ICAS (Scotland) CAI (Ireland), ACCA, CIPFA

Professional Accounting bodies in the UK produce ethical guidance for their members, eg the AAT Code of Professional Ethics. Is the following statement true or false? ‘Ethical codes issued by UK accounting bodies are examples of civil law’ False

Name the THREE main committees of the Financial Reporting Council Codes and Standards Committee Advices in relation to codes, standard setting and policy through   Conduct Committee Matters relating to conduct activities to promote high-quality corporate reporting, including monitoring, oversight, investigative and disciplinary functions Executive Committee Supports the Board by advising on strategic issues and day to day oversight of the work of the FRC

No - It is a conceptual based approach Is the AATs approach to professional ethics a rules-based approach? Yes/No No - It is a conceptual based approach

International Ethics Board for Accountants State the body responsible for setting the basic ethical code for accountants that underlies the ethical codes of the various accounting bodies International Ethics Board for Accountants

The Finance Reporting Council (FRC) Which body is responsible for regulating the UK accountancy profession as a whole? The Finance Reporting Council (FRC)

International Ethics Standards Board for Accountants (IESBA)       Which body sets global ethical standards for accountants? International Ethics Standards Board for Accountants (IESBA)

State TWO of the four sponsoring bodies of AAT Any two from: CIMA – The Chartered institute of Management Accountants CIPFA – The Chartered Institute of Public Finance & Accountancy ICAEW – Institute for Chartered Accountants in England & Wales ICAS – Institute for Chartered Accountants in Scotland

accounting and finance.      State TWO of the three statutory regulated (reserved) areas in accounting and finance. Any two of: External Audit Investment Insolvency

State which part of the Financial Reporting Council has direct responsibility for reviewing the way in which the professional accountancy bodies regulate their members in the UK The conduct committee

Identify which ONE of the following is not a member of the CCAB ACCA, CIMA, CIPFA, ICAEW, ICAS, CAI

Identify which of the following are sponsoring bodies of the AAT ACCA, CIMA, CIPFA, ICAEW, ICAS, CAI CIMA – The Chartered institute of Management Accountants CIPFA – The Chartered Institute of Public Finance & Accountancy ICAEW – Institute for Chartered Accountants in England & Wales ICAS – Institute for Chartered Accountants in Scotland