1. PETH
Revision Questions On
Governing Bodies

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

3. 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)

4. 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

5. 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.

6. 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)

7. 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))

8. 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).

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

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

11. 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

12. 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

13. 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

14. 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

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

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

17. 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

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

19. 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

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

21. 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