CIMA BA4 Syllabus A. BUSINESS ETHICS AND ETHICAL CONFLICT - Regulatory Bodies - Notes ^{3 / 5}

IFAC

IFAC is the umbrella organisation for accounting standards worldwide and its Code’s principles are shared by accounting bodies globally. 

They are responsible for reviewing the accountancy profession worldwide. 

They aim to enhance the quality of services and to develop high professional standards of accountants. 

The IFAC code is mandatory for all member firms or bodies of IFAC.

CIMA’S Code of Ethics is based on the IFAC Code’s for professional accountants. 

CIMA Students are expected to demonstrate the same level of professional standards as full members.

Other Regulatory Bodies

1. The Financial Reporting Council (FRC) is the UK Regulatory body which promotes good corporate governance and reporting. 

   FRC Code’s and Standards Committee has three separate councils. 

   One of them is the Conduct Committee (previously known as the Professional Oversights Board).

2. The Conduct Committee is made up of the Corporate Reporting Review Committee and the Case Management Committee. 

   The Conduct Committee provides independent oversight of professional disciplinary issues. 

   Their roles are professional conduct and discipline, audit quality reviews and corporate reporting reviews.

3. The Auditing Practises Board is part of IFAC and FRC and is responsible for establishing ethical standards relating to independence, objectivity and integrity of those providing assurance services in the UK.

4. IESBA is the organisation that fosters international debate on ethical issues faced by accountants.