Through its lESBA Code of Ethics, the International Federation of Accountants (IFAC) encourages accountants worldwide to adhere to five core professional principles.
Which of the following is among those principles?
Select ONE answer:
Expertise
Confidentiality
Reliability
Courtesy
Show your workings to arrive at your answer, and explain and justify your reasons:
Kath is considering training as an accountant and she has noticed that there are currently several pathways to ICAEW membership, one of which is joining as a member of another CCAB body.
A colleague has made the following two statements about the CCAB to Kath:
Statement 1 The CCAB has five members.
Statement 2 The CCAB provides a forum in which matters affecting the profession can be discussed and co-ordinated, and it enables the profession to speak with a unified voice to government.
Are these statements true or false?
Select ONE answer:
Statement 1 – True and Statement 2 – False
Statement 1 – False and Statement 2 – True
Statement 1 – True and Statement 2 – True
Statement 1 – False and Statement 2 – False
Show your workings to arrive at your answer, and explain and justify your reasons:
Lucy recently established her own accountancy practice from small retail premises in Staffordshire, above a local newsagents.
For the time being Lucy will operate as a sole trader.
Lucy has just passed the last of her professional examinations for her institute, but she is not yet qualified to offer statutory audit, insolvency, investment business or probate services.
Lucy through networking has already been successful in attracting several clients to her new practice.
She has not yet become a member of one of the Consultative Committee of Accountancy Bodies (CCAB), but she is registered with an approved body for supervision under the money laundering regulations (AML).
As a result, which of the following statements is correct?
Select ONE answer:
Lucy cannot call herself an accountant
The CCAB can legally stop Lucy from practising
Lucy can offer the full range of accountancy services
Lucy can offer the full range of accountancy services except in the reserved areas
Show your workings to arrive at your answer, and explain and justify your reasons:
This multiple-choice question is suitable for Accounting KS5 classes.
The answer is 4
Not correct
Not correct
Not correct
Correct == > The term ‘accountant’ has no special position in law (1). There is no legal requirement for an accountant to be a paid-up member of the CCAB bodies (2). She can call herself an accountant and, because she is registered for supervision under the money laundering regulations, Lucy can offer all accountancy services except in the reserved areas, where specific levels of competence are demanded (3).
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