Tag: KS3

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.

Part A of the ICAEW Code of Ethics establishes the fundamental principles of professional ethics for professional accountants and provides a conceptual framework for applying those principles.

Which ONE of the following are stated as fundamental principles in the ICAEW Code of Ethics?

Select ONE answer:

1. Professional competence and due care,
2. Independence
3. Persuasiveness
4. Reliability

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 fundamental principles established by the ICAEW Code of Ethics are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
2. Not correct
3. Not correct
4. Not correct

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

Part A of the ICAEW Code of Ethics establishes the fundamental principles of professional ethics for professional accountants and provides a conceptual framework for applying those principles.

Which ONE of the following are stated as fundamental principles in the ICAEW Code of Ethics?

Select ONE answer:

1. Independence
2. Objectivity
3. Persuasiveness
4. Reliability

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 == > The fundamental principles established by the ICAEW Code of Ethics are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
3. Not correct
4. Not correct

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

In relation to the external audit or statutory audit of a limited company in the UK, a colleague has made three statements below.

Statement 1 To act as statutory auditor, the person appointed must be a member of a recognised supervisory body.

Statement 2 To act as statutory auditor, the person appointed must be either a body corporate or a partnership.

Statement 3 To act as statutory auditor, the person appointed must hold a recognised qualification obtained in the UK.

Identify whether the statements are true or false?

Select ONE answer:

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

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 False False – Sole practitioners can be appointed as statutory auditors and certain overseas qualifications may be recognised.
2. Not correct
3. Not correct
4. Not correct

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