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NCA

National Crime Agency

1

What am I describing?

Promotes good financial reporting

Financial Reporting Council
FRC

2

Sponsoring bodies?

CIPFA
ICAEW
CIMA
ICAS

3

What is
The institute for Chartered Accountants in England and Wales

ICAEW

4

The UN's Bruntland Report

Sustainable development is a development that ....

meets the needs of the present without compromising the ability of future generations to meet their own needs

5

Data Protection Act 1998 principles;

• Data should be processed fairly and lawfully
• should only be obtained only for specified and lawful purposes
• should be adequate, relevant and not excessive
• accurate and up to date
• shouldn't be kept longer then necessary
• should be processed in accordance with your rights
• kept secure
• should not be transferred to other countries without adequate protection

6

Difference between Fraud and Error?

Fraud is intentional, Error is mistake

7

2 key areas of fraud management:

1. Fraud Prevention (most important)
2. Fraud detention and deterrence

8

What is Fraud?

Dishonestly obtaining an advantage, avoiding an obligation or causing a loss to another party.

9

The 3 offences of Fraud Act 2006

Fraud by

1. false representation
2. failing to disclose information
3. abuse of position

10

Contractual and legal relationships:

1. Employment contract
2. Employment laws
3. Discrimination laws

11

TBL ?

Triple Bottom Line reporting

Expands the traditional reporting framework to take into account environmental and social performance (in addition to financial performance)

12

The Sustainable Business Network

A sustainable business is a business that....

Offers products and services that fulfil society's needs while placing an equal emphasis on People, Planet and Profits

13

Operational risk:
The risk of _______ resulting from inadequate or failed ______ ________, people and _______, or ______ ______.

Losses
Internal processes
Systems
External events

14

What details needed to register to hold personal data?

1. Name and address of data user
2. Description of purpose for holding the data
3. Description of source data
4. Identification of persons to whom it is disclosed
5. Names and non UK countries to which the info is disclosed
6. Name of person responsible dealing with subject enquiries

15

Method of charging Fees:

• hourly rates
• by the job, fixed rates
• contingency, % of performance arrangements
• flat fee plus expenses
• daily fee plus expenses

16

Fraud risk is governed by?

Probability of Fraud x size of resultant loss

17

5 threats to independence?

1. The self-interest threat
2. The advocacy threat
3. The self-review threat
4. The familiarity or thrust threat
5. Intimidation threat

18

What should the Fees reflect?

• skills and knowledge required
• level of training and experience required
• time required for job
• degree of responsibility it entails

19

Definition of Ethnics

Moral principles that govern the person's behaviour or conducting of an activity

20

Offences under Bribery Act 2010:

• Active bribery - promising or giving financial or other advantage
• Passive bribery - agreeing to receive or accepting financial or other advantage
• Bribery of foreign public officials
• The failure to prevent bribery by an associated person (corporate offence)

21

The 5 fundamental principles

1. Objectivity
2. Professional competence and due care
3. Professional behaviour
4. Integrity
5. Confidentiality

22

What's missing?

1. Objectivity
2. Professional competence and due care
3. Professional behaviour
4.
5. Confidentiality

4. Integrity

23

What's missing?

1. Objectivity
2. Professional competence and due care
3. Professional behaviour
4. Integrity
5.

5. Confidentiality

24

What's missing?

1. Objectivity
2. Professional competence and due care
3. Professional behaviour
4.
5. Confidentiality

4. Integrity

25

What do I describe?

Don't let your own bias or prejudice or pressure from others affect any decision you make

Objectivity

27

What's missing?

1. Objectivity
2.
3. Professional behaviour
4. Integrity
5. Confidentiality

2. Professional competence and due care

29

What's missing?

1. Objectivity
2. Professional behaviour
3.
4. Integrity
5. Confidentiality

3. Professional behaviour

30

1. The self-interest threat
2. The advocacy threat
3.
4. The familiarity or thrust threat
5. Intimidation threat

3. The self-review threat

31

Managing potential liability with new clients (7):

1. Identify terms of engagement
2. Define specific tasks
3. Define responsibilities to be undertaken by client
4. Specify limitations
5. Take out professional indemnity insurance
6. Carry out customer due diligence
7. Check with previous accountant (if any)