Skip to content

ACCA Applied Knowledge · Business and Technology · The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession

Which statement best describes self-regulation of the accountancy profession?

Self-regulation means the profession's own bodies set and enforce standards for their members, including entry requirements, ethics codes and discipline. It differs from statutory regulation, where the government or a state agency makes and enforces the rules directly.

  1. AThe profession's own bodies set and enforce standards for their members, rather than the government doing so directlyCorrect
  2. BThe government sets all accounting rules and directly disciplines individual accountants
  3. COnly the stock exchange decides who may practise as an accountant
  4. DEach accountant decides personally which ethical standards to follow, with no oversight

Explanation

Self-regulation means professional bodies such as ACCA set entry requirements, ethical codes and disciplinary procedures for their members. Government-led rule setting describes statutory regulation, which is a different model.

Did you get it right without looking?

One question tells you little. A timed set on The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession shows your real accuracy, how long you take and where you lose marks.

Practise The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy professionFree diagnostic mock

More The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession questions