Stack 1

dexazuxo's version from 2017-05-12 18:20


Question Answer
What are the reserved and non reserved activities of ICAEW?Reserved: auditing and assurance, insolvency, investment business, personal finance. Non reserved: Financial reporting, taxation, corporate reporting, business advice.
What are the safeguards against threats to professional standards?1. external review, 2. continuous professional development, 3. complaints system
what do execs feel about non execs?1. not enough time to business, 2. monitoring their behaviour, 3. don't know about business
what do non execs feel about execs?1. hold informal meetings for important matters, 2. withholding key info/reports, 3. fail to provide important info at required time
who is the FRC, their role, and their divisions? This is the UK's independent regulator for corporate reporting and governance. paid for by government money but not directly government actions (semi statutory), their role is to supervise and regulate... their divisions are the conduct division and codes and standards division.
Corporate gov code: Role of non execs?1. to raise profile of the business, 2. to constructively challenge the decisions of the execs, 3. to help monitor and control the business activities, 4. stop sit on the key board of committees 5. to maintain dialogue with shareholders.
name non deposit taking institutionsNDTI:takes long term savings in the form of investments (e.g. equity and pensions)... 1. insurance companies (theft fire, accident) longer term investments but invests in short term assets to meet immediate commitments. e.g.. life insurance.... 2. pension funds - long term securities that is attractive due to its tax reliefs. invests in stock markets, government securities and overseas..... 3. unit trusts - open ended funds, invests I'm a wide range (diversified pot).....4. investment trusts - closed ended funds (fixed number of shares)
REVENUE: ACCOUNTING MANIPULATIONRevenue growing faster than industry average and economic trends........persistant and large annual rises in receivables