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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

Which of the following best describes self-regulation of the accountancy profession?

Self-regulation means the accountancy profession, through its own professional bodies, sets and enforces ethical and technical standards for its members. It differs from statutory regulation, where the government or a state agency makes and enforces the rules directly.

  1. AThe profession's own bodies set and enforce standards of conduct for their membersCorrect
  2. BGovernment departments set and enforce all standards of conduct directly
  3. CClients decide which standards the accountant must follow

Explanation

Self-regulation means the profession, through its professional bodies such as ACCA, sets and enforces its own standards of conduct. Government setting and enforcing all standards directly would be statutory regulation, and clients do not set professional standards.

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