CPA Ethics & Governance (E&G) High Distinction Keyword Index
Subject: Ethics & Governance (E&G)
Grade: High Distinction (HD)
Period: Semester 2, 2024
Details: Detailed keyword index with page references for the official CPA Australia Study Guide.
Study Guide Edition: CPA Ethics & Gov...
CPA Ethics and Governance (E&G) HD Study Notes for Semester 2, 2024
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Keywords for CPA Ethics and Governance
Keyword Definition Page Reference
Accountability The fact or condition of being accountable Module 1 (p.3)
Public Interest Anything affecting the rights, health or finances of the public at large Module 1 (p.3)
Enlightened self-interest Professionals are motivated by maintaining monopolies and extracting Module 1 (p.3)
unwarranted wealth and influence from being in that position
Governance The responsibilities of the board of directors towards investors and other Module 1 (p.3)
stakeholders and involves setting the objectives and strategy of the
company and is different from management of the firm on a daily basis,
which is the job of full-time executives
Altruism Actions that bring no benefit to an individual and may even be at their own Module 1 (p.3)
expense
Service Ideal The notion that professions should both serve society and act in the public Module 1 (p.3)
interest
Australian Accounting Australian Accounting Standards Board is responsible for developing, Module 1 (p.4)
Standards Board (AASB) issuing and maintaining Australian Accounting
Standards and related pronouncements
Australian Securities The Australian Securities Exchange is a financial market www.asx.com.au Module 1 (p.4)
Exchange (ASX) exchange offering listing, trading, clearing and settlement services across a
wide range of asset classes.
Australian Taxation The Australian Taxation Office is the principal revenue www.ato.gov.au Module 1 (p.4)
Office (ATO) collection agency of the Australian Government.
Their aim is to achieve taxpayer confidence in the Australian tax and
superannuation systems by helping people understand their rights and
obligations, improving ease of compliance and access to benefits, and
managing non-compliance with the law.
Australian Securities The Australian Securities and Investments Commission is Australia’s Module 1 (p.5)
and Investments integrated corporate, markets, financial services
Commission (ASIC) and consumer credit regulator. Most of its work is carried out under the
Corporations Act.
Corporations Act (2001) The Corporations Act is the legislation regulating companies and it also Module 1 (p.5)
regulates aspects of work done by accounting professionals. This includes
the areas of audit, financial report preparation and lodgement and
insolvency. The roles of directors and other company officers are also
covered in this legislation.
Office of the Australian The Office of the Australian Information Commissioner is the regulatory Module 1 (p.5)
Information body that administers the privacy laws in
Commissioner (OAIC) Australia. It coordinates a complaints process that provides an opportunity
for people’s complaints to be heard.
Auditing and Assurance The Auditing and Assurance Standards Board is responsible for developing Module 1 (p.5)
Standards Board high quality standards and related guidance
(AUASB) for auditors and providers of other assurance services.
Competition and This act seeks to protect people by promoting competition, fair trading Module 1 (p.5)
Consumer Act (2010) practices and regulation in the area of consumer
protection.
Chartered Accountants Chartered Accountants Australia and New Zealand is one of the 3 largest Module 1 (p.5)
Australia and New professional accounting organisations
Zealand (CAANZ) in Australia and a member of the International Federation of Accountants
(IFAC).
CPA Australia (CPAA) CPAA CPA Australia is one of Australia’s largest three professional Module 1 (p.5)
accounting organisations and a member of IFAC.
,Privacy Act (1998) The Privacy Act regulates the privacy and the handling of personal Module 1 (p.5)
information.
Tax Practitioners Board The Tax Practitioners Board is responsible for the registration, oversight Module 1 (p.5)
(TPB) and discipline of professionals that are registered to provide varying
degrees of tax-related advice or services. The TPB also recognises
professional bodies (including CPA) whose voting members may then be
assisted to register or maintain their registration(s) with the TPB.
Accounting Professional The Accounting Professional and Ethical Standards Board is an Module 1 (p.5)
and Ethical Standards independent, national body that sets the code of
Board (APESB) ethics and professional standards with which accounting professionals who
are members of CPAA, CAANZ and IPA must comply.
Institute of Public The Institute of Public Accountants is one of the three largest Professional Module 1 (p.5)
Accountants (IPA) Accounting Organisations in Australia and a
member of IFAC.
Professional Accounting A Professional Accounting Organisation is a professional body (such as Module 1 (p.5)
Organisation (PAO CPA) that has oversight of its members.
International Financial The IFRS Foundation is a not-for-profit, public interest organisation Module 1 (p.5)
Reporting Standards established to develop a single set of
Foundation (IFRS high-quality, understandable, enforceable and globally accepted
accounting standards — IFRS Standards — and to promote and facilitate
adoption of the standards.
Professionalisation The process of establishing professional bodies and codes of conduct Module 1 (p.8)
aimed at raising the standards of the occupation, and to invest in training,
education and respecting quality standards
Monopoly control The situation where members of the profession control who can work in Module 1 (p.8)
the industry by establishing licensing rules and regulations which creates
protection against competition
Ethical standards Standards stipulating the behaviour that is acceptable of people in certain Module 1 (p.10
professions.
Self-regulation Measures a profession takes to regulate the conduct of its own members. Module 1 (p.10)
This is in contrast to regulation imposed by parliament and enforced by a
regulator.
Co-regulation Regulation of a profession or other group of people that is undertaken by a Module 1 (p.10)
professional body or association and government organisations. Co-
regulation reflects a shared regulatory responsibility.
Profession An occupational area or vocation that “involves prolonged training and a Module 1 (p.10)
formal qualification”
Professional Individuals that complete their work with dedication and skill Module 1 (p.10)
International Federation The International Federation of Accountants is the global organization for Module 1 (p.12)
of Accountants (IFAC) the accountancy profession.
Accounting Professional The Accounting Professional & Ethical Standards Board is an independent, Module 1 (p.13)
and Ethical Standards national body that sets out the code of ethics and professional standards
Board (APESB) with which accounting professionals who are members of CPA Australia,
Institute of Chartered Accountants or Institute of Public Accountants must
comply.
Pro Bono Latin word meaning “for the good”, which indicates the provision of Module 1 (p.14)
unpaid work for the public good
Assurance and audit Financial statement attestation, in which the firm examines and attests to Module 1 (p.26)
a company’s financial statements. Other assurance services including
assessing procedures and controls relating to privacy and confidentiality,
, performance measurements, systems reliability, information security and
outsourced process controls.
Financial management Covers performance management, corporate governance, stakeholder Module 1 (p.26)
relations, risk, as well as the traditional financial controls.
Taxation services Covers company and individual taxation, fringe benefits tax (FBT), goods Module 1 (p.26)
and services tax (GST), capital gains tax (CGT) and international tax issues.
Forensic accounting Specialised area that involves engagement for legal issues including fraud, Module 1 (p.26)
disputes or litigation.
Insolvency Specialised area that involves engagements in personal insolvencies Module 1 (p.26)
(bankruptcies) and corporate insolvencies (administrations, liquidations
and receiverships).
Internal audit services Systematic, disciplined approach to evaluating and enhancing risk Module 1 (p.26)
management, control and governance processes.
Business advising Assisting business managers to more successfully achieve value. The tasks Module 1 (p.26)
involved are varied, often reflecting that businesses have internally
recognised weaknesses, or have identified that objective external
evaluations and contributions can be valuable. Business advising can also
extend to advice on business re-engineering, restructuring, takeovers and
mergers.
SME Entities to be of a small or medium size relating to quantitative (E.g. Assets, Module 1 (p.26)
turnover/employees) and/or qualitative characteristics (E.g. Concentration
of ownership and management on a small number of individuals) and
varies by country
Professional Part of IFAC which provides leadership and guidance on relevant issues Module 1 (p.27)
Accountants In Business pertaining to professional accountants in business and their environment
(PAIB)
Board of Directors Collective name for the directors of a company Module 1 (p.28)
Board member Elected to the board of directors to oversee the activities of the company Module 1 (p.28)
or organisation.
Finance director or chief Formulation, management and review of the financial and strategic Module 1 (p.28)
financial officer direction of the company or corporate group.
Financial accountant Preparation of general purpose financial reports, the annual report and Module 1 (p.28)
special purpose financial reports as required. May supervise a
team of accountants.
Treasury accountant Management of treasury functions of the organisation in order to ensure Module 1 (p.28)
sufficient cash flow and the effective use of financial
instruments.
Risk manager Quality and risk management responsibility for the business Module 1 (p.28)
Strategic management Preparation of budgets and forecasts, costing, performance measures for Module 1 (p.28)
accountant analysing and improving organisational performance.
Internal auditor Review of internal controls, information and business processes. Module 1 (p.28)
Human resources Remuneration and payroll-related functions. Module 1 (p.28)
accountant
Company secretary Reporting and regulatory compliance and ensuring, with the chair, the Module 1 (p.28)
efficient functioning of the board of directors.
Not For Profit (NFP) Legal or social entities formed for the purpose of producing goods or Module 1 (p.31)
services and whose status doesn’t permit them to be a source of income,
profit or financial gain for the individuals or firms that establish, control or
finance them
Ethos/Culture Consists of values, norms and symbols Module 1 (p.32)
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