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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 the main reason a professional accountancy body such as ACCA issues a code of ethics and disciplinary rules for its members?

A professional accountancy body issues ethics codes and disciplinary rules mainly to protect the public interest. By setting standards of behaviour and competence and acting against members who breach them, it maintains trust in the profession and its members. It does not guarantee income or replace law.

  1. ATo guarantee that every member earns a minimum level of income
  2. BTo protect the public interest by setting standards of behaviour and competence and acting when members fall shortCorrect
  3. CTo prevent members from working outside their home country
  4. DTo replace the need for any national company law

Explanation

Professional bodies exist to maintain trust in the profession. They do this by setting ethical and technical standards and by disciplining members who breach them. Guaranteeing income, restricting where members work, or replacing company law are not their roles.

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