AAT Level 3 Professional Ethics

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  • Created by: Millie
  • Created on: 18-06-16 12:31
What is the name of the Global Organisation for Accountants?
IFAC - International Federation of Accountants
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Which body is responsible for regulating the UK Accountancy Profession as a whole?
The Financial Reporting Council (FRC)
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Accountancy bodies base their code of ethics on the basic ethical code of?
International Ethics Standards Board for Accountants
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Name 5 members of the Consultative Committee of Accountancy Bodies:
ICAEW, ICAS, ICAI, ACCA, CIPFA
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Name the four bodies that sponsor the AAT:
ICAEW, CIMA, CIPFA, ICAS
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Which of the following activities are reserved areas for accountants?
Investment business & advice, Insolvency work, External Audit as required by the Companies Act
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What is the Financial Ombudsman Service?
An indépendant body of experts set up to settle disputes between consumers and organisations that provide financial services
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Which is the Financial Regulator for businesses offering financial services in the UK?
Financial Conduct Authority
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What is the NCA?
National Crime Agency
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What are the five Fundamental Principles of the Conceptual Framework?
Professional Behaviour, Professional competence and due care, Confidentiality, Integrity, Objectivity
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How would you "whistle blow"?
File a Suspicious Activity Report (SAR) with the National Crime Agency (NCA)
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Penalties of The Bribery Act (2010)
Unlimited fine, Directorship disqualification, maximum of 10 years imprisonment, and confiscation of property (under The Proceeds of Crime Act)
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Name the four key Bribery Act offences
Bribing another person, receiving a bribe, bribing a foreign official, failing to prevent bribery
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What is the definition of Bribery?
Giving or receiving something of value with the intention of influencing the recipient to do something favourable to the giver of the bribe
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What is a self-interest threat?
A threat caused by a financial relationship between the accountant and a client or employer
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What is a self-review threat?
A threat caused by an accountant having to review or evaluate a previous judgement that has been made
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What is a familiarity threat?
A threat caused by a close family relation / friend of the accountant being a key member of the client staff or a supplier or customer of the Accountant's employer
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What is an intimidation threat?
A real or perceived threat caused by a client exerting undue pressure on an Accountant in practice or a dominant employer attempting to influence an Accountant in business
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What is an advocacy threat?
A threat caused by an Accountant going beyond an advisory role and publicly supporting the client in some way
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What does CCAB stand for and what do they do?
Consultative Committee of Accountancy Bodies which is a forum in which matters affecting the Accounting profession as a whole can be discussed
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Other cards in this set

Card 2

Front

The Financial Reporting Council (FRC)

Back

Which body is responsible for regulating the UK Accountancy Profession as a whole?

Card 3

Front

International Ethics Standards Board for Accountants

Back

Preview of the back of card 3

Card 4

Front

ICAEW, ICAS, ICAI, ACCA, CIPFA

Back

Preview of the back of card 4

Card 5

Front

ICAEW, CIMA, CIPFA, ICAS

Back

Preview of the back of card 5
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