Index Page
Module 1 : Accounting & Society
Part A: Accountants as members of a profession
1.1.1 Public interest or self-interest? 19
- Responsible decision making 20
1.1.2 Englightned self-interest 22
Professionalism - 4 Es (education, ethics, expertise &
entrepreneurship)
1.1.3 Ideal of accounting - entrepreneurialism & professional 22
1.1.4 What is a profession? 23
- Self-regulation 24
- From self-regulation to co-regulatory process 25
1.1.5 Professions - the traditional view & the 'market control' view 26
- Arthur Andersen - HIH Insurance failure 26
1.1.6 Trust & professions 27
1.1.7 Attributes of the Accounting Profession (8 attributes) 27
- A systematic body of theory & knowledge 27
- An extensive education process 28
- An ideal of service to the community 28
***** The well being of society, pursuit of excellence & community
service 29
- A high degree of autonomy & independence 30
- A code of ethics for members (Values, norms and symbols) 31
- A distintive ethos or culture 32
- Application of professional judgment 32
- The existence of governing body 33
1.1.8 The profession's regulatory process
- Accounting Professional and Ethical Standards Board (APESB) -
Background, role 34
- The quality assurance process - standard setting, conformity with
standards, practice reviews, accounting firm regulation 35
APES 320 Quality Control for Firm 36
Professional discipline - CPA Regulation, penalities & appeals 37 - 38
Part B: Interaction with Society
1.2.1 Accounting roles, activities and relationships 39
- Accountants' key professional relationships 39
- Factors influence how an individual behaves in workplace 39
- Public practice accounting - big 4, second-tier, small practices and
sole practitioners, roles 40
- Professional accountants' roles in private business 42
- SME & accountants' roles, external accountants 43
- Professional accountants in Business (PAIB) roles [IFAC Research] 45
- Public sector - Government Business Enterprise (GBEs) / State-
Owned Enterprises (SOEs) 47
- Not for profits (NFPs) 47
1.2.2 Social impact of accounting (+ve & -ve) 48
1.2.3 Credibility of the profession 50
Key issues causing reduced credibility (creative accounting, poor audit
quality, lack of auditor independence, financial accounting disortions) 50 - 51
IFAC study 2002 51
Restoring credibility to accounting 53
1.2.4 Capability considerations 49
1.2.4
- Business leadership capabilities 49
- Technical skills, knowledge and experience (TSKE) 50
-Soft skills, knowledge and experience (SSKE) 50
- Career guidance system - technical, business, personal effectiveness
and leadership skills 51
Notes
Q 1.2 (33)
Q1.7 (53)
Index Page Notes
1.1.1 What is a profession 19
Definition & attributes 19
Professionals v Non professionals 19
Service ideal 20
Self-regulation, Antonomy 20
Co-regulatory process 20
1.1.2 What is a professional 21
1.1.3 Professions - the 'market control' view 21
Arthur Andersen - HIH Insurance failure 21
Public interest v self-interest (how accountants serve the public
interest? & Altruism) 22
Enlightened self-interest 22
Professionalism - 4 Es (education, ethics, expertise &
entrepreneurship) 23
Entrepreneurialism and professionalism 23
1.1.4 Trust and professions 23
1.1.5 Attributes of the accounting profession 24
A systemtic body of theory and knowledge 24
An extensive education process 24
An ideal of service to the community - well-being of society, pursuit
of excellence, community service 25
A high degree of autonomy and independence (regulatory
structures of CPA) 26
A code of ethics for members (Values, norms and symbols) 27
A distinctive ehos or culture 28
Application of professional judgement (Auditors' judgement) 28
The existence of a governing body and its role 29
1.1.6 The profession's regulatory process 30
Accounting Professional and Ethical Standards Board (APESB) -
Background, role 30
The quality assurance process - standard setting, conformity with
standards, practice reviews, firm regulation 31
APES320 32
Professional discipline - CPA Regulation, penalities and appeals 33
1.2.1 Accounting roles, activities and relationships 35
Accountants' key professional relationships 35
Factors influence how an individual behaves in workplace 35
Public practice accounting - big 4, second-tier, small practices and
sole practitioners, roles 36
Professional accountants' roles in private business 37
SME & accountants' roles, external accountants 38
Professional accountants in Business (PAIB) roles 39
Public sector - GBEs/SOEs 42
Not for profits (NFPs) 42
Social impact of accounting - positive/negative 43
1.2.3 Credibility of the profession 45
Key issues causing reduced credibility (creative accounting, poor
audit quality, lack of auditor independence, financial accounting
disortions 45
IFAC study 2002 47
Restoring credibility to accounting 48
1.2.4 Capability considerations 49
Business leadership capabilities 49
Technical skills, knowledge and experience (TSKE) 50
Soft skills, knowledge and experience (SSKE) 50
Career guidance system - technical, business, personal
effectiveness and leadership skills 51
