Rulebook - ACCA Global

1 Global Practising Regulations lincoln s Inn FieldsLondonWC2A 3 EETel: +44 (0)141 582 2000 Fax: +44 (0)141 582 2222E-mail: The Association of Chartered Certified Accountants (ACCA) 2012No part of this publication may be reproduced,in any format, without the prior written permission of 978-1-85908-476-2 January 2012 Typeset & Printed in the UK by Etrinsic Ltd, Solihull B90 4 RZiiiRulebookContents PageSection 1 Royal Charter and Royal Charter .. Bye-laws Definitions ..13 Members ..14 Students ..15 Practising certificates ..16 Insolvency licences ..17 Investment business ..17 General ..19 Liability to disciplinary action ..19 Disciplinary process ..20 Obligation to co-operate and inform ..22 Application and interpretation ..22 Appointment of regulatory board ..23 Elections and appointments to Council.

2 23 Council ..29 Committees ..29 Local branches and committees ..29 Proceedings of the Council ..29 Staff ..30 Accounts and audit ..30 Indemnity ..30 Investments ..31 General meetings ..32 Proceedings at general meetings ..33 Common Seal ..35 Notices ..36 Annex 1 The Chartered Certified Accountants Fees Regulations 2011 ..37 Annex 2 The Chartered Certified Accountants Electronic Communications Regulations 2002 ..38 Annex 3 The Chartered Certified Accountants Online Provision of Annual Reports and Notices Regulations 2006 ..40 Contents PageSection 2 Regulations Introduction .. The Chartered Certified Accountants Membership Regulations 1996 Citation, commencement and application ..47 Interpretation ..47 Eligibility for membership ..49 Members obligations and rights.

3 53 Eligibility for affiliate status ..57 Affiliates obligations and rights ..57 Eligibility for registered student status ..58 Registered students obligations and rights ..59 Application procedure to become a member or registered student ..61 Resignation of member, affiliate or registered student status ..64 Removal of member, affiliate or registered student for non-payment ..65 Removal of member for non-compliance with CPD regulations ..66 Bankruptcy ..66 Readmission ..68 General ..68 Appendix 1 ACCA Qualification examination structure ..70 Appendix 2 Practical experience requirement ..71 Appendix 3 Foundations in Accountancy Suite of Qualifications examination structure ..73 Appendix 4 Required experience to obtain Certified Accounting Technician status .. The Chartered Certified Accountants Global Practising Regulations 2003 Citation, commencement and application.

4 77 Interpretation ..77 Restrictions on carrying on public practice ..79 Meaning of public practice ..79 Practising certificate ..80 Eligibility for a practising certificate ..80 Qualifications ..81 Fit and proper persons ..82 Professional indemnity insurance ..83 Continuing professional development ..85 Continuity of practice ..86 Notification ..87 Conduct ..89ivContents Page Monitoring, quality assurance and compliance ..89 Disclosure of information ..89 Appendix 1 Competences of practising certificate holders ..90 Annexes: Annex 1 Additional Practising Regulations for the United Kingdom, Jersey, Guernsey and Dependencies and the Isle of Man ..92 Annex 2 Additional Practising Regulations for the Republic of Ireland ..111 Annex 3 Additional Practising Regulations for Cyprus.

5 126 Annex 4 Additional Practising Regulations for Zimbabwe ..131 Annex 5 Additional Practising Regulations for Australia .. The Chartered Certified Accountants Designated Professional Body Regulations 2001 Citation, commencement and application ..139 Interpretation ..140 Eligibility to carry on regulated activities ..150 Scope ..153 Independence ..158 Relations with clients ..158 Compliance procedures ..162 Enforcement ..164 Waivers and service ..165 Liability .. The Chartered Certified Accountants Irish Investment Business Regulations 1999 Code of Conduct of the Central Bank of Ireland ..167 Citation, commencement and application ..168 Interpretation ..169 Eligibility for an investment business certificate (Ireland) ..173 Scope ..176 Independence.

6 180 Advertising ..180 Relations with clients ..181 Effecting transactions for clients ..184 Advising clients ..185 Additional requirements in certain circumstances ..187 Compliance procedures ..190 Enforcement ..192 Waivers and service ..194 Liability ..194 Appendix 1 Receipt in compliance with section 30 of the Act ..195vContents Page Appendix 2 Advertisements ..196 Appendix 3 Essential details of a transaction ..201 Appendix 4 Schedules 1 to 6 of the Life Assurance (Provision of Information) Regulations 2001 ..202 Appendix 5 Declaration non-standard PRSAs .. The Chartered Certified Accountants Regulatory Board and Committee Regulations 2008 Citation, commencement and effect ..213 Interpretation ..213 Appointment and establishment of Regulatory Board, Appointments Sub-Committee and Regulations Review Sub-Committee and appointment of members.

7 215 Establishment of committees, and appointment of panel of committee members, chairmen, assessors and regulatory assessors ..216 Constitution of Disciplinary, Admissions and Licensing and Appeal Committees and eligibility ..217 Powers and responsibilities of Disciplinary, Admissions and Licensing and Appeal Committees ..217 General ..217 Appendix 1 .. The Chartered Certified Accountants Authorisation Regulations 1998 Citation, commencement and application ..221 Interpretation ..221 Applications for certificates ..223 Validity and renewal ..225 Withdrawal of, suspension of, or imposition of conditions on certificates ..226 Imposition of conditions on certificates by a regulatory assessor ..229 Correction of errors ..230 Appeals, effective date and publicity ..230 Re-application ..232 General.

8 The Chartered Certified Accountants Complaints and Disciplinary Regulations 2010 Citation, commencement and application ..234 Interpretation ..234 Consideration of complaint ..236 Decision of assessor ..238 Disciplinary Committee ..242 Ill health ..253 General ..255viContents Page The Chartered Certified Accountants Appeal Regulations 2006 Citation, commencement and application ..257 Interpretation ..257 Appeal ..259 Applying for permission to appeal ..259 Form of application notice and grounds of appeal ..259 Permission to appeal ..261 The appeal ..263 Preparation for the appeal hearing ..264 Notice, representation and adjournments ..265 Hearing ..266 Orders of Appeal Committee ..267 Costs ..267 Effect on costs of withdrawal of appeal ..268 Notification.

9 268 Correction of errors ..269 Effective date ..269 Publicity ..270 Open hearings ..271 Ill health ..271 General ..273 Section 3 Code of Ethics and Conduct Preface to the ACCA Code of Ethics and Conduct Scope and authority of the Code ..280 How to use the Code ..280 To whom does the Code apply? ..281 Non-compliance with the Code ..281 Part A: General Application of the Code100 Introduction and fundamental principles ..283 Fundamental principles ..283 Conceptual framework approach ..284 Threats and safeguards ..285 Ethical conflict resolution ..286110 Integrity ..288120 Objectivity ..289viiContents Page 130 Professional competence and due care ..290140 Confidentiality ..291150 Professional behavior ..293 Part B: Professional Accountants in Public Practice200 Introduction.

10 295 Threats and safeguards ..295210 Professional appointment ..300 Client acceptance ..300 Engagement acceptance ..300 Changes in a professional appointment ..301 Matters to be communicated to proposed clients ..304 Matters to be communicated to proposed accountants ..304 Unpaid fees of previous accountant ..305 Transfer of books and papers ..305 Transfer of information ..305 Changes in audit appointment ..306 Casual vacancy in auditorship ..306220 Conflicts of interest ..307 Conflicts between professional accountants and clients interests ..308 Commission and other financial gains ..308 Agency work ..309 Conflicts between the interests of different clients ..309 Managing conflicts between clients interests ..310 Conflicts between the interests of professional accountants and firms.