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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 the main purpose of a professional accountancy body such as ACCA?

A professional accountancy body protects the public interest by setting entry and examination standards, issuing ethical guidance and disciplining members who breach the rules. It does not set tax rates or guarantee employer profitability; its role is maintaining the quality and integrity of the profession.

  1. ATo set the tax rates that its members must apply when advising clients
  2. BTo protect the public interest by setting entry standards, issuing ethical guidance and disciplining membersCorrect
  3. CTo guarantee that every member's employer will make a profit

Explanation

Professional bodies exist to maintain standards: they examine and admit members, publish a code of ethics and CPD requirements, and discipline members who breach them, all in the public interest. Governments, not professional bodies, set tax rates, and no body can guarantee employer profits.

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