Tag: Accounting Concepts

Kevin is the Finance Director of Big Staffie plc is a chartered accountant.

He has received notice that, in respect of Big Staffie plc’s financial statements, she could be subject to disciplinary proceedings by the
Professional Standards department of ICAEW, or by the Financial Reporting Council’s professional discipline team.

The latter will only be involved if the matter raises issues affecting?

Select ONE answer:

1. The public interest
2. The independence of the auditors
3. Corporate governance
4. International accounting standards

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 1

1. Correct == > The Financial Reporting Council’s professional discipline team in its Conduct Division investigates specifically those cases that raise important issues affecting the public interest.
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The Professional Standards department of ICAEW is responsible for implementing ICAEW’s disciplinary procedures, including the handling of complaints against members.

A consultant has stated to Bash & Co that complaints are usually that a member or firm:

1 Has departed from guidance
2 Has brought ICAEW, the profession or themselves into disrepute
3 Is in breach of a principle

Which of the statements are true?

Select ONE answer:

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1,2 and 3

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 1

1. Correct == > True True and False
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

The following statements concern the role of the FRC’s Disciplinary Tribunal under the Accountancy Scheme. Identify whether each statement is true or false.

Statement 1 – A Tribunal hearing is less formal than court proceedings but is subject to the same restrictions as a court might have in accepting evidence.

Statement 2 – The accountant or firm which is the subject of the complaint is entitled to attend and be legally represented at the hearings and will have a full opportunity to defend any complaints, present evidence and challenge any evidence against them.

Are these statements true or false?

Select ONE answer:

1. Statement 1 – True and Statement 2 – False
2. Statement 1 – False and Statement 2 – True
3. Statement 1 – True and Statement 2 – True
4. Statement 1 – False and Statement 2 – False

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 2

1. Not correct
2. Correct == > False and True
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.