Tag: Financial Accounting

In addition to its functions in relation to audit and accountancy, the Financial Reporting Council also oversees regulation of?

Select ONE answer:

1. The actuarial profession
2. The insolvency profession
3. The financial advisory profession
4. The investment management profession

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 FRC’s Professional Oversight team in its Conduct Division also oversees regulation of the actuarial profession.
2. Not correct
3. Not correct
4. Not correct

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

In relation to which of the following does the Financial Reporting Council have statutory powers?

Select ONE answer:

1. Supervision of the auditing profession by the recognised supervisory bodies
2. Professional discipline of accountants
3. Registration within the accountancy profession
4. Continuing professional education and development

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 == > In areas other than audit, the FRC does not have statutory powers.
2. Not correct
3. Not correct
4. Not correct

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

ICAEW’s Investigation Committee has recently investigated a complaint brought by a client against Bash and Co, a firm of chartered accountants.

The Investigation Committee has found that there is a case to answer and has offered an unpublicised caution to the firm.

The firm does not, however, agree that there is a case to answer.

In such circumstances, Bash and Co have a right to ask that the case be considered by the ……?

Select ONE answer:

1. Appeal Committee
2. Disciplinary Committee
3. Financial Reporting Council
4. Prudential Regulation Authority

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 == > If members disagree with a decision of the Disciplinary Committee (rather than the Investigation Committee) then cases might be referred to the Appeal Committee. Neither the Financial Reporting Council nor the Prudential Regulation Authority is relevant in this context.
3. Not correct
4. Not correct

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

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

The complaint against Bash and Co about an audit it has performed, which has just been brought to the Department’s attention, is already in the public domain.

It is so serious that it might affect the reputation of the accountancy profession in general.

In such circumstances, the department may refer the matter straight to?

Select ONE answer:

1. The FRC’s professional discipline team within its Conduct Division, running the Accountancy Scheme
2. The FRC’s professional oversight team within its Conduct Division
3. The FRC’s audit quality review team within its Conduct Division
4. The Financial Conduct Authority

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 Department may refer the matter straight to the professional discipline team at FRC under the Accountancy Scheme in these circumstances.
2. Not correct
3. Not correct
4. Not correct

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