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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 is a typical way in which a professional accountancy body promotes high standards among its members?

A professional body typically promotes standards by requiring continuing professional development, alongside exams, ethics codes and discipline. Setting tax rates is a government function, and bodies neither approve clients' financial statements nor guarantee clients against losses.

  1. ARequiring continuing professional developmentCorrect
  2. BSetting company tax rates
  3. CApproving the financial statements of each member's clients
  4. DGuaranteeing members' clients against losses

Explanation

Professional bodies maintain standards through entry examinations, ethics codes, mandatory continuing professional development and discipline. Tax rates are set by governments. Bodies do not approve clients' accounts or guarantee clients against loss.

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