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 for the accountancy profession?
An advantage of self-regulation is that the profession's own members have the technical knowledge to set practical and relevant standards. It does not guarantee ethical compliance and does not exempt accountants from the general law.
- AMembers' technical knowledge is used to set practical, relevant standardsCorrect
- BIt guarantees that no member will ever breach ethical rules
- CIt removes any need for the law to apply to accountants
Explanation
Practising accountants understand the technical issues and can set practical standards. Self-regulation cannot guarantee that breaches never happen, and accountants remain subject to the law like everyone else.
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