This Index is Copyright of 'www.acctlearning.com'.
Topic (Headings in Bold and highlighted in green) Page Module 1: Accounting and Society
Accounting and Society Preview 1 Module 1: Accounting and Society
accounting profession’s role in society 1 Module 1: Accounting and Society
PART A: ACCOUNTANTS AS MEMBERS OF A PROFESSION 3 Module 1: Accounting and Society
Public interest or self-interest 3 Module 1: Accounting and Society
efficiency of market economies 3 Module 1: Accounting and Society
accounting profession 3 Module 1: Accounting and Society
How does accountant serve public interest 3 Module 1: Accounting and Society
Professional accountants provide financial and accounting-related advice 3 Module 1: Accounting and Society
Providing the right information: conveys a clear and accurate picture of an entity’s financial
performance, financial position and other relevant issues. 3 Module 1: Accounting and Society
public interest 4 Module 1: Accounting and Society
self-interest 3 Module 1: Accounting and Society
altruism 3 Module 1: Accounting and Society
West (2003), Larson (1977) 3 Module 1: Accounting and Society
Responsible decision making 3 Module 1: Accounting and Society
Accountants make decisions within a systematic framework of principles. 3 Module 1: Accounting and Society
principles include governance, accountability and ethics 3 Module 1: Accounting and Society
The ideal position for balanced decisions is to be at the centre. 4 Module 1: Accounting and Society
TABLE 1.1 Accounting boards, bodies, organisations and legislation 4 Module 1: Accounting and Society
AASB 4 Module 1: Accounting and Society
ASX 4 Module 1: Accounting and Society
ATO 4 Module 1: Accounting and Society
ASIC 5 Module 1: Accounting and Society
Corporations Act (2001) 5 Module 1: Accounting and Society
AUASB 5 Module 1: Accounting and Society
Competition and Consumer Act (2010) 5 Module 1: Accounting and Society
CAANZ 5 Module 1: Accounting and Society
CPAA 5 Module 1: Accounting and Society
APESB 5 Module 1: Accounting and Society
IPA 5 Module 1: Accounting and Society
IFRS 5 Module 1: Accounting and Society
Enlightened self-interest 6 Module 1: Accounting and Society
enlightened self-interest suggests that both purposes may be served together. 6 Module 1: Accounting and Society
doing well by doing good 6 Module 1: Accounting and Society
Lee (1995) 6 Module 1: Accounting and Society
Robson & Cooper 1990 6 Module 1: Accounting and Society
Ideals of accounting — entrepreneurialism and professionalism 6 Module 1: Accounting and Society
Abbott 2014; Johnson 1972 6 Module 1: Accounting and Society
Saravanamuthu 2004 6 Module 1: Accounting and Society
Carnegie and Napier (2010) 6 Module 1: Accounting and Society
the four Es’ of education, ethics, expertise and entrepreneurship 6 Module 1: Accounting and Society
de-professionalisation 6 Module 1: Accounting and Society
accounting entrepreneurialism 6 Module 1: Accounting and Society
entrepreneurship 6 Module 1: Accounting and Society
ethics versus profits dilemma 7 Module 1: Accounting and Society
Lehman Brothers in the Global Financial Crisis (GFC) 7 Module 1: Accounting and Society
What is a profession? 8 Module 1: Accounting and Society
profession's definition 8 Module 1: Accounting and Society
Professions focus on intellectual or administrative skills 8 Module 1: Accounting and Society
Greenwood (1957) 8 Module 1: Accounting and Society
process of professionalisation 8 Module 1: Accounting and Society
Monopoly control 8 Module 1: Accounting and Society
Corporations Act 2001 (Cwlth) 8 Module 1: Accounting and Society
service ideal 9 Module 1: Accounting and Society
Brourard et al. 2017 9 Module 1: Accounting and Society
rewards. 9 Module 1: Accounting and Society
FIGURE 1.2. Social contract between a profession and society 9 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 1
, This Index is Copyright of 'www.acctlearning.com'.
Self-regulation 9 Module 1: Accounting and Society
The independence, or autonomy, to self-regulate … membership rules of a profession 9 Module 1: Accounting and Society
Autonomy 10 Module 1: Accounting and Society
Extra-legal 10 Module 1: Accounting and Society
disciplinary 10 Module 1: Accounting and Society
From self-regulation to a co-regulatory process 10 Module 1: Accounting and Society
Society trusts 10 Module 1: Accounting and Society
self-regulation to co-regulation 10 Module 1: Accounting and Society
Examples of co-regulation: 10 Module 1: Accounting and Society
• the FRC 10 Module 1: Accounting and Society
• the Corporations Act 10 Module 1: Accounting and Society
• the Australian Securities and Investments Commission Act 2001 (Cwlth) 10 Module 1: Accounting and Society
• the Tax Practitioners Board (TPB) 10 Module 1: Accounting and Society
• professional bodies such as CPA Australia. 10 Module 1: Accounting and Society
What is a professional? 10 Module 1: Accounting and Society
Professional's definition 10 Module 1: Accounting and Society
The accounting profession — the ‘traditional’ view and the ‘market control’ view 11 Module 1: Accounting and Society
traditional view 11 Module 1: Accounting and Society
market control view 11 Module 1: Accounting and Society
professional bodies exist principally to maintain membership exclusivity. 11 Module 1: Accounting and Society
EXAMPLE 1.4 Andersen's Self-Interest 11 Module 1: Accounting and Society
Trust and professions 11 Module 1: Accounting and Society
Public trust 11 Module 1: Accounting and Society
If a profession loses credibility - the consequences can be severe for the public, the profession
and the members of the profession 11 Module 1: Accounting and Society
the early 2000s collapses of Enron, WorldCom and HIH Insurance, and the demise of the global
accounting firm Arthur Andersen, 12 Module 1: Accounting and Society
Hayne 2019/Hayne Royal Commission 12 Module 1: Accounting and Society
Attributes of a profession 12 Module 1: Accounting and Society
1. Systematic body of theory and knowledge 12 Module 1: Accounting and Society
International Federation of Accountants (IFAC) issued International Education Standards >
outline the core competencies > All IFAC member bodies (including CPA Australia) must abide. 12 Module 1: Accounting and Society
The main difference between a profession and a non-profession is superior skill. 12 Module 1: Accounting and Society
a framework for professional bodies to assure the quality of their education programs. 12 Module 1: Accounting and Society
2. An extensive education process 13 Module 1: Accounting and Society
the commitment to lifelong learning for the accounting profession 13 Module 1: Accounting and Society
ongoing professional development throughout their careers. 13 Module 1: Accounting and Society
3. An ideal of service to the community 13 Module 1: Accounting and Society
Wilensky (1964, p. 140): the service ideal 13 Module 1: Accounting and Society
Willmott 1990: service ideal 13 Module 1: Accounting and Society
Buckley (1978): society grants the professions monopoly power 13 Module 1: Accounting and Society
Accounting Professional and Ethical Standards Board (APESB) - APESB 110 Code of Ethics for
Professional Accountants 13 Module 1: Accounting and Society
Service ideal's three perspectives: 13 Module 1: Accounting and Society
• the wellbeing of society 13 Module 1: Accounting and Society
• the pursuit of excellence 13 Module 1: Accounting and Society
• community service: ‘for the good’ / pro bono 14 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 2
, This Index is Copyright of 'www.acctlearning.com'.
4. A high degree of autonomy and independence 14 Module 1: Accounting and Society
less free to self-regulate, and now co-regulates with external authorities. 14 Module 1: Accounting and Society
EXAMPLE 1.5 Co-Regulation of the Accounting Profession 14 Module 1: Accounting and Society
AARF 14 Module 1: Accounting and Society
AUASB Auditing and Assurance Standards Board 14 Module 1: Accounting and Society
Auditing and Assurance Standards Board (AUASB) 14 Module 1: Accounting and Society
Australian Accounting Research Foundation (AARF) 14 Module 1: Accounting and Society
Australian Accounting Standards Board (AASB) 14 Module 1: Accounting and Society
Chartered Accountants Australia and New Zealand (CAANZ) 14 Module 1: Accounting and Society
Institute of Public Accountants (IPA) 14 Module 1: Accounting and Society
professional judgment free from the direction or influence of others 15 Module 1: Accounting and Society
detached from the risk of financial gain / loss 15 Module 1: Accounting and Society
free from fear of reprisals. 15 Module 1: Accounting and Society
autonomous in the literal sense of the term 15 Module 1: Accounting and Society
Co-Regulation and Professional Discipline 15 Module 1: Accounting and Society
Co-regulation promotes a consistently high level of professional practice in the public interest 15 Module 1: Accounting and Society
maintaining the profession’s esteem 15 Module 1: Accounting and Society
The regulatory structures of CPA Australia include a: 15 Module 1: Accounting and Society
• system of accreditation for accounting degree programs to ensure that the relevant body of
knowledge is acquired by future members 15 Module 1: Accounting and Society
• membership qualification process by way of examination and required practical experience 15 Module 1: Accounting and Society
• requirement for high levels of continuing professional education 15 Module 1: Accounting and Society
• code of ethics that must be complied with 15 Module 1: Accounting and Society
• disciplinary process to address member misconduct. 15 Module 1: Accounting and Society
5. A code of ethics for members 15 Module 1: Accounting and Society
Professional ethics - consistent with the APESB Code of
Ethics 15 Module 1: Accounting and Society
6. A distinctive ethos or culture 16 Module 1: Accounting and Society
The ethos or culture of a profession consists of its values, norms and symbols. 16 Module 1: Accounting and Society
conventions 16 Module 1: Accounting and Society
representative democracy 16 Module 1: Accounting and Society
The norms 16 Module 1: Accounting and Society
Symbols 16 Module 1: Accounting and Society
jargon 16 Module 1: Accounting and Society
stereotypes 16 Module 1: Accounting and Society
folklore 16 Module 1: Accounting and Society
CPA's ethos is integrity. 16 Module 1: Accounting and Society
7. Application of professional judgment 16 Module 1: Accounting and Society
Becker (1982) 16 Module 1: Accounting and Society
the ability to diagnose and solve complex, unstructured values-based problems 16 Module 1: Accounting and Society
Schön (1983, p. 17):awareness of the uncertainty, complexity, instability, uniqueness, and value
conflict 16 Module 1: Accounting and Society
professional ethical wisdom 16 Module 1: Accounting and Society
Schön: develop competency in professional judgment, artistry and intuition 16 Module 1: Accounting and Society
The emphasis on problem setting rather than on problem solving 17 Module 1: Accounting and Society
make values-based professional judgments 17 Module 1: Accounting and Society
key judgments that auditors must make 17 Module 1: Accounting and Society
West (2003, p. 195): without judgment, accounting becomes nothing more than a book 17 Module 1: Accounting and Society
regulatory fiat 17 Module 1: Accounting and Society
8. The existence of a governing body 17 Module 1: Accounting and Society
The governing body of a profession, therefore, has an important enabling role and should: 17 Module 1: Accounting and Society
• speak for the profession as a whole 17 Module 1: Accounting and Society
• ensure that those who enter the profession have the requisite standard of education and
keep themselves up to date 17 Module 1: Accounting and Society
• encourage the setting and monitoring of high standards of professional conduct 17 Module 1: Accounting and Society
• apply disciplinary sanctions if standards of professional conduct are not observed. 17 Module 1: Accounting and Society
• ensure high standards of performance and conformance by itself 18 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 3
, This Index is Copyright of 'www.acctlearning.com'.
The profession’s regulatory process 18 Module 1: Accounting and Society
Accounting Professional and Ethical Standards Board 18 Module 1: Accounting and Society
CLERP 9 legislation 18 Module 1: Accounting and Society
AUASB reports to the FRC 18 Module 1: Accounting and Society
Auditing standards have the force of law under the Corporations Act 18 Module 1: Accounting and Society
The AUASB’s power to approve legally enforceable standards 18 Module 1: Accounting and Society
APESB is an independent ethical standards board 18 Module 1: Accounting and Society
> transferred the setting of professional / ethical standards from the professional accounting
bodies to an independent body 18 Module 1: Accounting and Society
CPA Australia, CAANZ and the IPA are all members of the APESB. 18 Module 1: Accounting and Society
greater public scrutiny 18 Module 1: Accounting and Society
APESB comprises a technical board and a secretariat 18 Module 1: Accounting and Society
APESB fulfils its role: 18 Module 1: Accounting and Society
• reviewing the professional and ethical standards on a yearly cycle 18 Module 1: Accounting and Society
• monitoring the needs of new or updated professional and ethical standards 18 Module 1: Accounting and Society
• reviewing the implementation of new and amended professional and ethical standards
within six months 18 Module 1: Accounting and Society
• referring matters to the secretariat 18 Module 1: Accounting and Society
• seeking comment on exposure drafts 19 Module 1: Accounting and Society
• monitoring the effectiveness 19 Module 1: Accounting and Society
The quality assurance process 19 Module 1: Accounting and Society
1. Standard Setting 19 Module 1: Accounting and Society
FRC with oversight responsibility 19 Module 1: Accounting and Society
2. Conformity with Standards 19 Module 1: Accounting and Society
APES 205 Conformity with Accounting Standards 19 Module 1: Accounting and Society
APES 210 Conformity with Auditing and Assurance Standards 19 Module 1: Accounting and Society
3. Practice Reviews 19 Module 1: Accounting and Society
a Certificate of Public Practice 19 Module 1: Accounting and Society
quality control standards 19 Module 1: Accounting and Society
undergoing a practice review 19 Module 1: Accounting and Society
Reviewers appointed by CPA Australia visit public accounting firms and meet with Certified
Practising Accountants (CPAs) 19 Module 1: Accounting and Society
instigation of disciplinary procedures 19 Module 1: Accounting and Society
4. Accounting Firm Regulation 19 Module 1: Accounting and Society
APES 320 Quality Control for Firms 19 Module 1: Accounting and Society
A system of quality control: 19 Module 1: Accounting and Society
• Leadership responsibilities for quality within the firm 19 Module 1: Accounting and Society
• Ethical requirements 19 Module 1: Accounting and Society
• Acceptance and continuance of client relationships and specific engagements 19 Module 1: Accounting and Society
• Human resources 19 Module 1: Accounting and Society
• Engagement performance 20 Module 1: Accounting and Society
• Monitoring 20 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 4
Topic (Headings in Bold and highlighted in green) Page Module 1: Accounting and Society
Accounting and Society Preview 1 Module 1: Accounting and Society
accounting profession’s role in society 1 Module 1: Accounting and Society
PART A: ACCOUNTANTS AS MEMBERS OF A PROFESSION 3 Module 1: Accounting and Society
Public interest or self-interest 3 Module 1: Accounting and Society
efficiency of market economies 3 Module 1: Accounting and Society
accounting profession 3 Module 1: Accounting and Society
How does accountant serve public interest 3 Module 1: Accounting and Society
Professional accountants provide financial and accounting-related advice 3 Module 1: Accounting and Society
Providing the right information: conveys a clear and accurate picture of an entity’s financial
performance, financial position and other relevant issues. 3 Module 1: Accounting and Society
public interest 4 Module 1: Accounting and Society
self-interest 3 Module 1: Accounting and Society
altruism 3 Module 1: Accounting and Society
West (2003), Larson (1977) 3 Module 1: Accounting and Society
Responsible decision making 3 Module 1: Accounting and Society
Accountants make decisions within a systematic framework of principles. 3 Module 1: Accounting and Society
principles include governance, accountability and ethics 3 Module 1: Accounting and Society
The ideal position for balanced decisions is to be at the centre. 4 Module 1: Accounting and Society
TABLE 1.1 Accounting boards, bodies, organisations and legislation 4 Module 1: Accounting and Society
AASB 4 Module 1: Accounting and Society
ASX 4 Module 1: Accounting and Society
ATO 4 Module 1: Accounting and Society
ASIC 5 Module 1: Accounting and Society
Corporations Act (2001) 5 Module 1: Accounting and Society
AUASB 5 Module 1: Accounting and Society
Competition and Consumer Act (2010) 5 Module 1: Accounting and Society
CAANZ 5 Module 1: Accounting and Society
CPAA 5 Module 1: Accounting and Society
APESB 5 Module 1: Accounting and Society
IPA 5 Module 1: Accounting and Society
IFRS 5 Module 1: Accounting and Society
Enlightened self-interest 6 Module 1: Accounting and Society
enlightened self-interest suggests that both purposes may be served together. 6 Module 1: Accounting and Society
doing well by doing good 6 Module 1: Accounting and Society
Lee (1995) 6 Module 1: Accounting and Society
Robson & Cooper 1990 6 Module 1: Accounting and Society
Ideals of accounting — entrepreneurialism and professionalism 6 Module 1: Accounting and Society
Abbott 2014; Johnson 1972 6 Module 1: Accounting and Society
Saravanamuthu 2004 6 Module 1: Accounting and Society
Carnegie and Napier (2010) 6 Module 1: Accounting and Society
the four Es’ of education, ethics, expertise and entrepreneurship 6 Module 1: Accounting and Society
de-professionalisation 6 Module 1: Accounting and Society
accounting entrepreneurialism 6 Module 1: Accounting and Society
entrepreneurship 6 Module 1: Accounting and Society
ethics versus profits dilemma 7 Module 1: Accounting and Society
Lehman Brothers in the Global Financial Crisis (GFC) 7 Module 1: Accounting and Society
What is a profession? 8 Module 1: Accounting and Society
profession's definition 8 Module 1: Accounting and Society
Professions focus on intellectual or administrative skills 8 Module 1: Accounting and Society
Greenwood (1957) 8 Module 1: Accounting and Society
process of professionalisation 8 Module 1: Accounting and Society
Monopoly control 8 Module 1: Accounting and Society
Corporations Act 2001 (Cwlth) 8 Module 1: Accounting and Society
service ideal 9 Module 1: Accounting and Society
Brourard et al. 2017 9 Module 1: Accounting and Society
rewards. 9 Module 1: Accounting and Society
FIGURE 1.2. Social contract between a profession and society 9 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 1
, This Index is Copyright of 'www.acctlearning.com'.
Self-regulation 9 Module 1: Accounting and Society
The independence, or autonomy, to self-regulate … membership rules of a profession 9 Module 1: Accounting and Society
Autonomy 10 Module 1: Accounting and Society
Extra-legal 10 Module 1: Accounting and Society
disciplinary 10 Module 1: Accounting and Society
From self-regulation to a co-regulatory process 10 Module 1: Accounting and Society
Society trusts 10 Module 1: Accounting and Society
self-regulation to co-regulation 10 Module 1: Accounting and Society
Examples of co-regulation: 10 Module 1: Accounting and Society
• the FRC 10 Module 1: Accounting and Society
• the Corporations Act 10 Module 1: Accounting and Society
• the Australian Securities and Investments Commission Act 2001 (Cwlth) 10 Module 1: Accounting and Society
• the Tax Practitioners Board (TPB) 10 Module 1: Accounting and Society
• professional bodies such as CPA Australia. 10 Module 1: Accounting and Society
What is a professional? 10 Module 1: Accounting and Society
Professional's definition 10 Module 1: Accounting and Society
The accounting profession — the ‘traditional’ view and the ‘market control’ view 11 Module 1: Accounting and Society
traditional view 11 Module 1: Accounting and Society
market control view 11 Module 1: Accounting and Society
professional bodies exist principally to maintain membership exclusivity. 11 Module 1: Accounting and Society
EXAMPLE 1.4 Andersen's Self-Interest 11 Module 1: Accounting and Society
Trust and professions 11 Module 1: Accounting and Society
Public trust 11 Module 1: Accounting and Society
If a profession loses credibility - the consequences can be severe for the public, the profession
and the members of the profession 11 Module 1: Accounting and Society
the early 2000s collapses of Enron, WorldCom and HIH Insurance, and the demise of the global
accounting firm Arthur Andersen, 12 Module 1: Accounting and Society
Hayne 2019/Hayne Royal Commission 12 Module 1: Accounting and Society
Attributes of a profession 12 Module 1: Accounting and Society
1. Systematic body of theory and knowledge 12 Module 1: Accounting and Society
International Federation of Accountants (IFAC) issued International Education Standards >
outline the core competencies > All IFAC member bodies (including CPA Australia) must abide. 12 Module 1: Accounting and Society
The main difference between a profession and a non-profession is superior skill. 12 Module 1: Accounting and Society
a framework for professional bodies to assure the quality of their education programs. 12 Module 1: Accounting and Society
2. An extensive education process 13 Module 1: Accounting and Society
the commitment to lifelong learning for the accounting profession 13 Module 1: Accounting and Society
ongoing professional development throughout their careers. 13 Module 1: Accounting and Society
3. An ideal of service to the community 13 Module 1: Accounting and Society
Wilensky (1964, p. 140): the service ideal 13 Module 1: Accounting and Society
Willmott 1990: service ideal 13 Module 1: Accounting and Society
Buckley (1978): society grants the professions monopoly power 13 Module 1: Accounting and Society
Accounting Professional and Ethical Standards Board (APESB) - APESB 110 Code of Ethics for
Professional Accountants 13 Module 1: Accounting and Society
Service ideal's three perspectives: 13 Module 1: Accounting and Society
• the wellbeing of society 13 Module 1: Accounting and Society
• the pursuit of excellence 13 Module 1: Accounting and Society
• community service: ‘for the good’ / pro bono 14 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 2
, This Index is Copyright of 'www.acctlearning.com'.
4. A high degree of autonomy and independence 14 Module 1: Accounting and Society
less free to self-regulate, and now co-regulates with external authorities. 14 Module 1: Accounting and Society
EXAMPLE 1.5 Co-Regulation of the Accounting Profession 14 Module 1: Accounting and Society
AARF 14 Module 1: Accounting and Society
AUASB Auditing and Assurance Standards Board 14 Module 1: Accounting and Society
Auditing and Assurance Standards Board (AUASB) 14 Module 1: Accounting and Society
Australian Accounting Research Foundation (AARF) 14 Module 1: Accounting and Society
Australian Accounting Standards Board (AASB) 14 Module 1: Accounting and Society
Chartered Accountants Australia and New Zealand (CAANZ) 14 Module 1: Accounting and Society
Institute of Public Accountants (IPA) 14 Module 1: Accounting and Society
professional judgment free from the direction or influence of others 15 Module 1: Accounting and Society
detached from the risk of financial gain / loss 15 Module 1: Accounting and Society
free from fear of reprisals. 15 Module 1: Accounting and Society
autonomous in the literal sense of the term 15 Module 1: Accounting and Society
Co-Regulation and Professional Discipline 15 Module 1: Accounting and Society
Co-regulation promotes a consistently high level of professional practice in the public interest 15 Module 1: Accounting and Society
maintaining the profession’s esteem 15 Module 1: Accounting and Society
The regulatory structures of CPA Australia include a: 15 Module 1: Accounting and Society
• system of accreditation for accounting degree programs to ensure that the relevant body of
knowledge is acquired by future members 15 Module 1: Accounting and Society
• membership qualification process by way of examination and required practical experience 15 Module 1: Accounting and Society
• requirement for high levels of continuing professional education 15 Module 1: Accounting and Society
• code of ethics that must be complied with 15 Module 1: Accounting and Society
• disciplinary process to address member misconduct. 15 Module 1: Accounting and Society
5. A code of ethics for members 15 Module 1: Accounting and Society
Professional ethics - consistent with the APESB Code of
Ethics 15 Module 1: Accounting and Society
6. A distinctive ethos or culture 16 Module 1: Accounting and Society
The ethos or culture of a profession consists of its values, norms and symbols. 16 Module 1: Accounting and Society
conventions 16 Module 1: Accounting and Society
representative democracy 16 Module 1: Accounting and Society
The norms 16 Module 1: Accounting and Society
Symbols 16 Module 1: Accounting and Society
jargon 16 Module 1: Accounting and Society
stereotypes 16 Module 1: Accounting and Society
folklore 16 Module 1: Accounting and Society
CPA's ethos is integrity. 16 Module 1: Accounting and Society
7. Application of professional judgment 16 Module 1: Accounting and Society
Becker (1982) 16 Module 1: Accounting and Society
the ability to diagnose and solve complex, unstructured values-based problems 16 Module 1: Accounting and Society
Schön (1983, p. 17):awareness of the uncertainty, complexity, instability, uniqueness, and value
conflict 16 Module 1: Accounting and Society
professional ethical wisdom 16 Module 1: Accounting and Society
Schön: develop competency in professional judgment, artistry and intuition 16 Module 1: Accounting and Society
The emphasis on problem setting rather than on problem solving 17 Module 1: Accounting and Society
make values-based professional judgments 17 Module 1: Accounting and Society
key judgments that auditors must make 17 Module 1: Accounting and Society
West (2003, p. 195): without judgment, accounting becomes nothing more than a book 17 Module 1: Accounting and Society
regulatory fiat 17 Module 1: Accounting and Society
8. The existence of a governing body 17 Module 1: Accounting and Society
The governing body of a profession, therefore, has an important enabling role and should: 17 Module 1: Accounting and Society
• speak for the profession as a whole 17 Module 1: Accounting and Society
• ensure that those who enter the profession have the requisite standard of education and
keep themselves up to date 17 Module 1: Accounting and Society
• encourage the setting and monitoring of high standards of professional conduct 17 Module 1: Accounting and Society
• apply disciplinary sanctions if standards of professional conduct are not observed. 17 Module 1: Accounting and Society
• ensure high standards of performance and conformance by itself 18 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 3
, This Index is Copyright of 'www.acctlearning.com'.
The profession’s regulatory process 18 Module 1: Accounting and Society
Accounting Professional and Ethical Standards Board 18 Module 1: Accounting and Society
CLERP 9 legislation 18 Module 1: Accounting and Society
AUASB reports to the FRC 18 Module 1: Accounting and Society
Auditing standards have the force of law under the Corporations Act 18 Module 1: Accounting and Society
The AUASB’s power to approve legally enforceable standards 18 Module 1: Accounting and Society
APESB is an independent ethical standards board 18 Module 1: Accounting and Society
> transferred the setting of professional / ethical standards from the professional accounting
bodies to an independent body 18 Module 1: Accounting and Society
CPA Australia, CAANZ and the IPA are all members of the APESB. 18 Module 1: Accounting and Society
greater public scrutiny 18 Module 1: Accounting and Society
APESB comprises a technical board and a secretariat 18 Module 1: Accounting and Society
APESB fulfils its role: 18 Module 1: Accounting and Society
• reviewing the professional and ethical standards on a yearly cycle 18 Module 1: Accounting and Society
• monitoring the needs of new or updated professional and ethical standards 18 Module 1: Accounting and Society
• reviewing the implementation of new and amended professional and ethical standards
within six months 18 Module 1: Accounting and Society
• referring matters to the secretariat 18 Module 1: Accounting and Society
• seeking comment on exposure drafts 19 Module 1: Accounting and Society
• monitoring the effectiveness 19 Module 1: Accounting and Society
The quality assurance process 19 Module 1: Accounting and Society
1. Standard Setting 19 Module 1: Accounting and Society
FRC with oversight responsibility 19 Module 1: Accounting and Society
2. Conformity with Standards 19 Module 1: Accounting and Society
APES 205 Conformity with Accounting Standards 19 Module 1: Accounting and Society
APES 210 Conformity with Auditing and Assurance Standards 19 Module 1: Accounting and Society
3. Practice Reviews 19 Module 1: Accounting and Society
a Certificate of Public Practice 19 Module 1: Accounting and Society
quality control standards 19 Module 1: Accounting and Society
undergoing a practice review 19 Module 1: Accounting and Society
Reviewers appointed by CPA Australia visit public accounting firms and meet with Certified
Practising Accountants (CPAs) 19 Module 1: Accounting and Society
instigation of disciplinary procedures 19 Module 1: Accounting and Society
4. Accounting Firm Regulation 19 Module 1: Accounting and Society
APES 320 Quality Control for Firms 19 Module 1: Accounting and Society
A system of quality control: 19 Module 1: Accounting and Society
• Leadership responsibilities for quality within the firm 19 Module 1: Accounting and Society
• Ethical requirements 19 Module 1: Accounting and Society
• Acceptance and continuance of client relationships and specific engagements 19 Module 1: Accounting and Society
• Human resources 19 Module 1: Accounting and Society
• Engagement performance 20 Module 1: Accounting and Society
• Monitoring 20 Module 1: Accounting and Society
This Index is Copyright of 'www.acctlearning.com'. Page 4
