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Lecture 9- Ethics & administration

Gelöschter Nutzer 35 Fragen Aktualisiert am 12 Jul 2021

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1Professional accountants have [blank_start]responsibility[blank_end] to act in [blank_start]public interest[blank_end] as well as considering their [blank_start]client[blank_end] or [blank_start]employer[blank_end]. 'Code of Conduct' requires professional accountants to comply with [blank_start]five[blank_end] fundamental principles
1. Aresponsibility
2. Bpublic interest
3. Cclient
4. Demployer
5. Efive
2One ethical principle of 'Code of Conduct' is [blank_start]integrity[blank_end]. This means to be [blank_start]straightforward[blank_end] & [blank_start]honest[blank_end] in all professional & business relationships
1. Aintegrity
2. Bstraightforward
3. Chonest
3Integrity also involves applying [blank_start]fair[blank_end] dealing & [blank_start]truthfulness[blank_end], so should not be associated with information that: contains materially [blank_start]false[blank_end] or [blank_start]misleading[blank_end] statement, contains statements or information furnished [blank_start]recklessly[blank_end] & [blank_start]omits[blank_end] or [blank_start]obscures[blank_end] information required to be included where such [blank_start]omission[blank_end] or [blank_start]obscurity[blank_end] would be misleading
1. Atruthfulness
2. Bfair
3. Cfalse
4. Dmisleading
5. Erecklessly
6. Fomits
7. Gobscures
8. Homission
9. Iobscurity
4Another ethical principle of 'Code of Conduct' is [blank_start]professional behaviour[blank_end]. This means to comply with relevant [blank_start]laws[blank_end] & [blank_start]regulations[blank_end] & avoid any action that [blank_start]discredits[blank_end] profession
1. Aprofessional behaviour
2. Blaws
3. Cregulations
4. Ddiscredits
5Professional behaviour also involves actions which [blank_start]reasonable[blank_end] & [blank_start]informed[blank_end] third party, having knowledge of all [blank_start]relevant[blank_end] information, would conclude [blank_start]negatively[blank_end] affects good reputation of profession. Also, professional accountants shall conduct themselves with [blank_start]politeness[blank_end] & [blank_start]consideration[blank_end] towards all with whom they come into contact & shall not: make [blank_start]exaggerated[blank_end] claims for services they are able to offer, qualifications they possess, or experience they have gained & make [blank_start]disparaging[blank_end] references or [blank_start]unsubstantiated[blank_end] comparisons to work of others
1. Areasonable
2. Binformed
3. Crelevant
4. Dnegatively
5. Epoliteness
6. Fconsideration
7. Gexaggerated
8. Hdisparaging
9. Iunsubstantiated
6Third ethical principle of 'Code of Conduct' is [blank_start]professional competence[blank_end] or [blank_start]due care[blank_end]. This means to maintain professional [blank_start]knowledge[blank_end] & [blank_start]skill[blank_end] at level required to ensure [blank_start]clients[blank_end] or [blank_start]employers[blank_end] receive competent professional services based on current [blank_start]developments[blank_end] in practice, legislation & techniques & act [blank_start]diligently[blank_end] & in accordance with applicable technical & professional [blank_start]standards[blank_end]
1. Aprofessional competence
2. Bdue care
3. Cknowledge
4. Dskill
5. Eclients
6. Femployers
7. Gdevelopments
8. Hdiligently
9. Istandards
7Professional competence or due care also involves continuing professional development (CPD) as it is required to [blank_start]develop[blank_end] & [blank_start]maintain[blank_end] capabilities to perform [blank_start]competently[blank_end] within professional environment. [blank_start]Users[blank_end] of accountant's professional services should be made aware of any [blank_start]limitations[blank_end] in those services
1. Adevelop
2. Bmaintain
3. Ccompetently
4. DUsers
5. Elimitations
8Fourth ethical principle of 'Code of Conduct' is [blank_start]objectivity[blank_end]. This means to not allow [blank_start]bias[blank_end], conflict of [blank_start]interest[blank_end] or undue [blank_start]influence[blank_end] of others. Professional accountant shall not perform professional service if circumstance or relationship [blank_start]biases[blank_end] or unduly [blank_start]influences[blank_end] accountant's professional [blank_start]judgment[blank_end] with respect to that service
1. Aobjectivity
2. Bbias
3. Cinterest
4. Dinfluence
5. Ebiases
6. Finfluences
7. Gjudgment
9Fourth ethical principle of 'Code of Conduct' is [blank_start]confidentiality[blank_end]. This means to respect [blank_start]confidentiality[blank_end] of information acquired as result of professional & business relationships & therefore not [blank_start]disclose[blank_end] any such information to [blank_start]third parties[blank_end] without proper & specific [blank_start]authority[blank_end] unless there is legal or professional right or duty to [blank_start]disclose[blank_end], nor use information for [blank_start]personal[blank_end] advantage of professional accountant or third parties
1. Aconfidentiality
2. Bconfidentiality
3. Cdisclose
4. Dthird parties
5. Eauthority
6. Fdisclose
7. Gpersonal
10Confidentiality includes [blank_start]social[blank_end] environment, eg, close business [blank_start]associate[blank_end] or close or immediate [blank_start]family member[blank_end], confidentiality of information within [blank_start]firm[blank_end], confidentiality of information disclosed by prospective [blank_start]client[blank_end] or [blank_start]employer[blank_end] & confidentiality continues even after end of relationships between [blank_start]professional accountant[blank_end] & [blank_start]client[blank_end] or [blank_start]employer[blank_end]
1. Asocial
2. Bassociate
3. Cfamily member
4. Dfirm
5. Eclient
6. Femployer
7. Gprofessional accountant
8. Hclient
9. Iemployer

11One threat to ethical principle is [blank_start]self-interest threat[blank_end]. This means that [blank_start]financial[blank_end] or other [blank_start]interest[blank_end] will inappropriately influence professional accountant’s [blank_start]judgment[blank_end] or [blank_start]behaviour[blank_end]
1. Aself-interest threat
2. Bfinancial
3. Cinterest
4. Djudgment
5. Ebehaviour
12Another threat to ethical principle is [blank_start]self-review threat[blank_end]. This means that professional accountant will not appropriately [blank_start]evaluate[blank_end] results of previous [blank_start]judgment[blank_end] made or activity or service performed by professional accountant, or by another [blank_start]individual[blank_end] within professional accountant’s [blank_start]firm[blank_end] or employing [blank_start]organisation[blank_end], on which accountant will [blank_start]rely[blank_end] when forming judgment as part of performing current [blank_start]activity[blank_end] or providing current [blank_start]service[blank_end]
1. Aself-review threat
2. Bevaluate
3. Cjudgment
4. Dindividual
5. Efirm
6. Forganisation
7. Grely
8. Hactivity
9. Iservice
13Third threat to ethical principle is [blank_start]advocacy threat[blank_end]. This means that professional accountant will promote [blank_start]client’s[blank_end] or [blank_start]employer’s[blank_end] position to point that professional accountant’s [blank_start]objectivity[blank_end] is compromised
1. Aadvocacy threat
2. Bclient’s
3. Cemployer’s
4. Dobjectivity
14Fourth threat to ethical principle is [blank_start]familiarity threat[blank_end]. This means that due to [blank_start]long[blank_end] or [blank_start]close[blank_end] relationship with [blank_start]client[blank_end] or [blank_start]employer[blank_end], professional accountant will be too sympathetic to their [blank_start]interests[blank_end] or too [blank_start]accepting[blank_end] of their work
1. Afamiliarity threat
2. Blong
3. Cclose
4. Dclient
5. Eemployer
6. Finterests
7. Gaccepting
15Fifth threat to ethical principle is [blank_start]intimidation threat[blank_end]. This means that professional accountant will be [blank_start]deterred[blank_end] from acting [blank_start]objectively[blank_end] because of actual or perceived [blank_start]pressures[blank_end], including attempts to exercise undue [blank_start]influence[blank_end] over professional accountant
1. Aintimidation threat
2. Bdeterred
3. Cobjectively
4. Dpressures
5. Einfluence
16Safeguards are [blank_start]actions[blank_end] or other [blank_start]measures[blank_end] that may eliminate [blank_start]threats[blank_end] or reduce them to an [blank_start]acceptable[blank_end] level
1. Aactions
2. Bmeasures
3. Cthreats
4. Dacceptable
17Two safeguards created by profession, legislation or regulation are: [blank_start]educational[blank_end], [blank_start]training[blank_end] & [blank_start]experience[blank_end] requirements for [blank_start]entry[blank_end] into profession & continuing [blank_start]professional development[blank_end] requirements
1. Aeducational
2. Btraining
3. Cexperience
4. Dentry
5. Eprofessional development
18Another two safeguards created by profession, legislation or regulation are: [blank_start]corporate governance regulations[blank_end] & [blank_start]professional standards[blank_end]
1. Acorporate governance regulations
2. Bprofessional standards
19Final two safeguards created by profession, legislation or regulation are: professional or regulatory [blank_start]monitoring[blank_end] & disciplinary [blank_start]procedures[blank_end] & external [blank_start]review[blank_end] by legally empowered third party of [blank_start]reports[blank_end], [blank_start]returns[blank_end], [blank_start]communications[blank_end] or [blank_start]information[blank_end] produced by professional accountant
1. Amonitoring
2. Bprocedures
3. Creview
4. Dreports
5. Ereturns
6. Fcommunications
7. Ginformation
20Conflict resolution process should take into account: relevant [blank_start]facts[blank_end], relevant [blank_start]parties[blank_end], [blank_start]ethical issues[blank_end] involved, [blank_start]fundamental principles[blank_end] that apply to matter in question, established [blank_start]internal procedures[blank_end] & alternative courses of [blank_start]action[blank_end]
1. Afacts
2. Bparties
3. Cethical issues
4. Dfundamental principles
5. Einternal procedures
6. Faction
21Professional accountant may disclose confidential information if: disclosure is permitted by [blank_start]law[blank_end] & is authorised by [blank_start]client[blank_end] or [blank_start]employer[blank_end], disclosure is required by [blank_start]law[blank_end], e.g. under [blank_start]anti money laundering[blank_end] legislation & there is professional [blank_start]duty[blank_end] or right to disclose, when not prohibited by [blank_start]law[blank_end] e.g. to comply with review by professional [blank_start]body[blank_end] or [blank_start]regulator[blank_end], or to protect professional [blank_start]interests[blank_end] of professional accountant in [blank_start]legal[blank_end] proceedings
1. Alaw
2. Bclient
3. Cemployer
4. Dlaw
5. Eanti money laundering
6. Fduty
7. Glaw
8. Hbody
9. Iregulator
10. Jinterests
11. Klegal
22Two factors professional accountants should consider in deciding whether to disclose confidential information are whether [blank_start]interests[blank_end] of all parties, including third parties whose [blank_start]interests[blank_end] may be affected, could be [blank_start]harmed[blank_end] if client or employer [blank_start]consents[blank_end] to disclosure of information by professional accountant & whether all relevant information is [blank_start]known[blank_end] & [blank_start]substantiated[blank_end], to extent it is practicable to do so
1. Ainterests
2. Binterests
3. Charmed
4. Dconsents
5. Eknown
6. Fsubstantiated
23Another two factors professional accountants should consider in deciding whether to disclose confidential information are type of [blank_start]communication[blank_end] that is expected & to whom it is [blank_start]addressed[blank_end] & whether parties to whom [blank_start]communication[blank_end] is addressed are appropriate [blank_start]recipients[blank_end]
1. Acommunication
2. Baddressed
3. Ccommunication
4. Drecipients
24Final two factors professional accountants should consider in deciding whether to disclose confidential information are whether information is [blank_start]privileged[blank_end], for example under legal professional [blank_start]privilege[blank_end] & legal & regulatory [blank_start]obligations[blank_end] & possible [blank_start]implications[blank_end] of disclosure for professional accountant
1. Aprivileged
2. Bprivilege
3. Cobligations
4. Dimplications
25Money laundering- Conceal, disguise, convert, transfer or remove [blank_start]criminal property[blank_end] or enter into or become concerned in an [blank_start]arrangement[blank_end] which they know or suspect facilitates acquisition, retention, use or control of [blank_start]criminal property[blank_end] by or on behalf of another person or it is acquiring, using or having possession of [blank_start]criminal property[blank_end]
1. Acriminal property
2. Barrangement
3. Ccriminal property
4. Dcriminal property
26Professional accountants are obliged by law to report [blank_start]suspicions[blank_end] of [blank_start]money laundering[blank_end].
Accountancy firms have [blank_start]Money Laundering Reporting Officer[blank_end] (MLRO). MLRO must then decide whether to submit [blank_start]suspicious activity report[blank_end] (SAR) to [blank_start]National Crime Agency[blank_end] (NCA)
1. Asuspicions
2. Bmoney laundering
3. CMoney Laundering Reporting Officer
4. Dsuspicious activity report
5. ENational Crime Agency
27Tax avoidance is [blank_start]legal[blank_end] (but can be considered [blank_start]unethical[blank_end]) while tax evasion is [blank_start]illegal[blank_end]
1. Alegal
2. Bunethical
3. Cillegal
28Tax evasion is seeking to pay [blank_start]less[blank_end] tax than is due by [blank_start]deliberately[blank_end] misleading [blank_start]HMRC[blank_end] or it is [blank_start]suppressing[blank_end] information to which [blank_start]HMRC[blank_end] is entitled or it is providing [blank_start]HMRC[blank_end] with [blank_start]false[blank_end] information
1. Aless
2. Bdeliberately
3. CHMRC
4. Dsuppressing
5. EHMRC
6. FHMRC
7. Gfalse
29Tax avoidance is not [blank_start]defined[blank_end], but it is any [blank_start]legal[blank_end] method to [blank_start]reduce[blank_end] tax burden. It is not always be [blank_start]effective[blank_end] at saving tax. [blank_start]Anti-avoidance[blank_end] legislation is introduced to close legal '[blank_start]loopholes[blank_end]' which taxpayers make use of. They have recently introduced certain [blank_start]tax avoidance[blank_end] schemes must be disclosed to HMRC. [blank_start]Courts[blank_end] have struck down some planning schemes by ignoring elements of [blank_start]transactions[blank_end] which have no [blank_start]commercial[blank_end] purpose. Also, [blank_start]general anti-abuse rule[blank_end] (GAAR) has been introduced to enable [blank_start]abusive[blank_end] tax avoidance arrangements to be challenged
1. Adefined
2. Blegal
3. Creduce
4. Deffective
5. Eloopholes
6. FAnti-avoidance
7. Gtax avoidance
8. HCourts
9. Itransactions
10. Jcommercial
11. Kgeneral anti-abuse rule
12. Labusive
30Penalties depend upon the taxpayer’s [blank_start]behaviour[blank_end] which could be [blank_start]careless[blank_end] (didn't take [blank_start]reasonable care[blank_end]) or [blank_start]deliberate[blank_end] but not [blank_start]concealed[blank_end] ([blank_start]inaccurate[blank_end] return but taxpayer has done [blank_start]nothing positive[blank_end] to [blank_start]conceal[blank_end] it) or [blank_start]deliberate[blank_end] & [blank_start]concealed[blank_end] ([blank_start]inaccurate[blank_end] return & taxpayer has done something to [blank_start]conceal[blank_end] it)
1. Abehaviour
2. Bcareless
3. Creasonable care
4. Ddeliberate
5. Econcealed
6. Finaccurate
7. Gnothing positive
8. Hconceal
9. Ideliberate
10. Jconcealed
11. Kinaccurate
12. Lconceal
31Causes of penalties include: failure to notify [blank_start]HMRC[blank_end] of [blank_start]chargeability[blank_end], failure to [blank_start]submit return[blank_end], [blank_start]incorrect return[blank_end], [blank_start]late return[blank_end], [blank_start]late payment[blank_end] & failure to keep [blank_start]proper records[blank_end]
1. AHMRC
2. Bchargeability
3. Csubmit return
4. Dincorrect return
5. Elate return
6. Flate payment
7. Gproper records
32For penalty to be charged inaccurate return must have led to: an [blank_start]understatement[blank_end] of taxpayer’s tax [blank_start]liability[blank_end] or false or increased [blank_start]loss[blank_end] for taxpayer or false or increased [blank_start]repayment[blank_end] of [blank_start]tax[blank_end] to taxpayer
1. Aunderstatement
2. Bliability
3. Closs
4. Drepayment
5. Etax
33HMRC has certain powers to undertake [blank_start]compliance checks[blank_end]. Therefore, they can [blank_start]check[blank_end] certain income tax [blank_start]returns[blank_end] or corporation tax [blank_start]returns[blank_end] at random or for particular reason. They can check those returns in [blank_start]detail[blank_end]. They can also make [blank_start]determinations[blank_end] of tax due within 3 dates of statutory filing date if taxpayer does not send in [blank_start]returns[blank_end]. This is treated as [blank_start]self-assessment[blank_end]. Also, HMRC can make [blank_start]discovery assessments[blank_end] if they think taxpayer has not declared [blank_start]full[blank_end] amount of income or profit. Reason for discovery assessments is that taxpayer has made an [blank_start]incomplete[blank_end] disclosure resulting in [blank_start]loss[blank_end] of tax. TIme limits are if it wasn't due to carelss or deliberate behaviour, HMRC have [blank_start]4[blank_end] years in order to raise discovery assessment but if it is due to careless behaviour that is extended to [blank_start]6[blank_end] years & if due to deliberate behaviour they can go back for [blank_start]20[blank_end] years to assess tax which has not been declared correctly
1. Acompliance checks
2. Bcheck
3. Creturns
4. Dreturns
5. Edetail
6. Fdeterminations
7. Greturns
8. Hself-assessment
9. Idiscovery assessments
10. Jfull
11. Kincomplete
12. Lloss
13. M4
14. N6
15. O20
34Taxpayers can appeal against [blank_start]discovery assessments[blank_end] & [blank_start]determinations[blank_end]. It has to be made in writing within [blank_start]30[blank_end] days of relevant [blank_start]event[blank_end] & must specify [blank_start]reason[blank_end] for appeal
1. Adiscovery assessments
2. Bdeterminations
3. C30
4. Devent
5. Ereason
35HMRC has [blank_start]information[blank_end] powers as they can request [blank_start]information[blank_end] & [blank_start]documents[blank_end] either informally from taxpayer or formally via written notice. Third party [blank_start]notices[blank_end] must have consent of either [blank_start]taxpayer[blank_end] or [blank_start]first tier tribunal[blank_end]. Also, they have [blank_start]inspection[blank_end] powers as they can enter business [blank_start]premises[blank_end] of taxpayer whose liability is being checked to inspect [blank_start]premises[blank_end]
1. Ainformation
2. Binformation
3. Cdocuments
4. Dnotices
5. Etaxpayer
6. Ffirst tier tribunal
7. Ginspection
8. Hpremises
9. Ipremises

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Beschreibung: Der Nutzer hat seine Fachbereichs-Information gelöscht. Quiz am Lecture 9- Ethics & administration, erstellt von Gelöschter Nutzer am 12/07/2021.
Autor: Gelöschter Nutzer
Sprache: English
Aufrufe: 12
Verlauf: Erstellt am 12 Jul 2021 · aktualisiert am 12 Jul 2021
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Lecture 9- Ethics & administration

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