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ACCA Applied Knowledge · Business and Technology · The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession

A common criticism of self-regulation in the accountancy profession is that:

The main criticism is a perceived conflict of interest: a body run by members may be lenient on them and protect the profession's interests ahead of the public's. This can reduce public confidence, which is why independent oversight is often added.

  1. Aprofessional bodies are not allowed to set examinations
  2. Bthere may be a conflict of interest, because the body may protect members rather than the publicCorrect
  3. Caccountants are not subject to any ethical code
  4. Dit always results in stricter rules than government regulation would

Explanation

Because the body is run by and for members, it may be seen as reluctant to discipline them harshly, creating a perceived conflict of interest. The other options are false statements about professional bodies.

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