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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 an advantage of self-regulation compared with regulation imposed directly by government?

A key advantage of self-regulation is that rules are written by people with practical expertise and can be updated more quickly than legislation. It does not guarantee compliance, and disciplinary procedures remain necessary to enforce the standards.

  1. ARules can draw on practitioners' expert knowledge and adapt quickly to practice changesCorrect
  2. BIt guarantees that no member will ever breach ethical standards
  3. CIt removes the need for any disciplinary procedures

Explanation

Practitioners understand the technical issues and the body can update rules faster than legislation. Self-regulation cannot guarantee compliance, and it still requires disciplinary procedures to enforce standards.

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