Podcast
Questions and Answers
What does the term 'Professional Ethics' encompass?
What does the term 'Professional Ethics' encompass?
- Organizational standards only
- Personal standards only
- Personal, organizational, and corporate standards (correct)
- Corporate standards only
Which group of individuals impose a public interest responsibility on Chartered Accountants?
Which group of individuals impose a public interest responsibility on Chartered Accountants?
- Stakeholders (correct)
- Employees
- Government
- Clients
What is the purpose of the Code of Ethics for Professional Accountants?
What is the purpose of the Code of Ethics for Professional Accountants?
- Manage financial audits
- Regulate tax laws
- Set accounting standards
- Establish ethical requirements (correct)
In what year was the Chartered Accountants Act enacted?
In what year was the Chartered Accountants Act enacted?
What is the primary responsibility of Chartered Accountants when providing assurance engagements?
What is the primary responsibility of Chartered Accountants when providing assurance engagements?
What do fundamental principles of professional ethics guide Chartered Accountants in?
What do fundamental principles of professional ethics guide Chartered Accountants in?
According to the Chartered Accountants Act, 1949, which of the following is true regarding the requirement to hold a Certificate of Practice to practice as a Chartered Accountant?
According to the Chartered Accountants Act, 1949, which of the following is true regarding the requirement to hold a Certificate of Practice to practice as a Chartered Accountant?
What is the consequence of a Chartered Accountant's Certificate of Practice being cancelled by the Council?
What is the consequence of a Chartered Accountant's Certificate of Practice being cancelled by the Council?
What is the annual fee that a Chartered Accountant must pay to the Council to maintain their Certificate of Practice?
What is the annual fee that a Chartered Accountant must pay to the Council to maintain their Certificate of Practice?
Which of the following is true regarding the Chartered Accountants Act, 1949's provisions for practicing as a Chartered Accountant?
Which of the following is true regarding the Chartered Accountants Act, 1949's provisions for practicing as a Chartered Accountant?
What is the main purpose of the Chartered Accountants Act, 1949 in relation to practicing as a Chartered Accountant?
What is the main purpose of the Chartered Accountants Act, 1949 in relation to practicing as a Chartered Accountant?
How does the Chartered Accountants Act, 1949 treat individuals who were practicing as registered accountants or holders of restricted certificates immediately before the commencement of the Act?
How does the Chartered Accountants Act, 1949 treat individuals who were practicing as registered accountants or holders of restricted certificates immediately before the commencement of the Act?
What information can be disclosed in client Companies’ offer documents regarding the Chartered Accountant acting as Advisor to the Issue?
What information can be disclosed in client Companies’ offer documents regarding the Chartered Accountant acting as Advisor to the Issue?
Why are members of the Institute who are Directors in Companies, members of Political parties, or hold positions in clubs not permitted to mention these positions?
Why are members of the Institute who are Directors in Companies, members of Political parties, or hold positions in clubs not permitted to mention these positions?
How can a member of the Institute who is also a Cost Accountant designate themselves?
How can a member of the Institute who is also a Cost Accountant designate themselves?
When are members permitted to mention membership in a foreign Institute of Accountancy?
When are members permitted to mention membership in a foreign Institute of Accountancy?
What is the rationale behind prohibiting Chartered Accountants from prominently displaying their positions in other organizations?
What is the rationale behind prohibiting Chartered Accountants from prominently displaying their positions in other organizations?
In what capacity can a Chartered Accountant be mentioned in client Companies’ offer documents?
In what capacity can a Chartered Accountant be mentioned in client Companies’ offer documents?
Study Notes
- Chartered Accountants acting as Advisors or Consultants in capital issue documents can be listed under "Advisor/Consultant to the Issue", but not prominently.
- Members of the Institute who are Directors in companies, political party members, or hold positions in clubs cannot mention these roles due to Section 7 of the Act.
- Members can use A.C.M.A or F.C.M.A after their name if they are also Cost Accountants.
- Members are allowed to mention membership of foreign Institutes recognized by the Council through MoU/MRA.
- The Code of Ethics for Chartered Accountants includes fundamental principles, conceptual frameworks, independence requirements, and provisions for professional misconduct.
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Description
Explore the exhaustive code of ethics established for public accountants, including fundamental principles, conceptual framework, and independence requirements. Learn about the specific provisions under the Chartered Accountants Act, 1949 that address professional misconduct.
