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ICAEW bpt ethics (chapter 1) questions with correct answers
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ICAEW bpt ethics (chapter 1) questions with correct answers
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ICAEW bpt ethics (chapter 1) questions withcorrect answers
Fundamental principles ethics - Answer Integrity. Objectivity. Professional comeptence and due care. Confidentiality. Professional behaviour
Threats to fundamental principles - Answer Self interest threat. Self review threat.
Advocacy threat. Familiarilty threat. Intimidation threat.
Types of Safeguards to mitigate threats - Answer safeguards Created by the profession, legislation or regulation. Safeguards In the work environment. Safeguards
Safeguards Created by the profession, legislation or regulation. part 1. - Answer Educational, training and experience requirements for entry into the profession. Continuing professional development requirements. Corporate governance regulations. Professional standards.
Safeguards Created by the profession, legislation or regulation. part 2. - Answer Professional or regulatory monitoring and disciplinary procedures. External review
by a legally empowered third party of the reports, returns, communications or information produced by a professional accountant.
Safeguards In the work environment. part 1. - Answer Effective, well publicised complaints systems operated by the employing organisation, the profession or a regulator, which enable colleagues, employers and members of the public to draw attention to unprofessional or unethical behaviour.
Safeguards In the work environment. part 2. - Answer An explicitly stated duty to
report breaches of ethical requirements. Professional Conduct in Relation to Taxation - Answer Standards for tax planning
Professional Conduct in Relation to Taxation - Answer has been produced by various accountancy and taxation bodies including the I.C.A.E.W. It includes practical advice about ethical and legal issues arising in the course of tax work and considers the relationship with both clients and H.M.R.C.
In addition to the Fundamental Principles listed above, PCRT has developed five standards which professional accountants must observe when advising on tax planning. - Answer Client specific. Lawful. Disclosure and transparency. Tax planning arrangements. Professional judgement and appropriate documentation
Client specific standard - Answer tax planning must be specific to a particular client's facts and circumstances. Clients must be alerted to the wider risks and the implications of any courses of action.
Lawful standard part 1 - Answer at all times members must act lawfully and with integrity and expect the same from their clients. Tax planning should be based on realistic assessment of the facts and on a credible view of the law.
Lawful standard part 2 - Answer Members should draw their clients' attention to where the law is materially uncertain, for example because H.M.R.C is known to take a different view of the law. Members should consider taking further advice appropriate to the risks and circumstances of the particular case, for example where
litigation is likely.
Disclosure and transparency standard - Answer tax advice must not rely for its effectiveness on H.M.R.C having less than the relevant facts. Any disclosure must fairly represent all the relevant facts.
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