Professional ethics questions feature in all the accountancy qualifications, but many students do not pick up all these relatively easy marks.

There are 2 main reasons for this.

1.  Candidates do not understand the scenario and tend to write generic answers instead of tailoring their answer to the specific issues raised in the question.

2.  Lack of technical knowledge on ethics, threats etc.

To help you, we have done a Kaplan Ethics Masterclass featuring 3 possible ethical scenarios- auditing, management accounting and tax.

With regard to ACCA Advanced Tax, in March 2022 an unexplained tax refund was received by the client, and you needed to advise the client accordingly. If the client keeps the tax refund, I have covered the implications in detail in the video below.

In June 2022, ethics was examined in relation to the procedures for a new client which is also covered in the video.

Other possible areas include Confidentiality where you are asked to explain whether you can use the information gained from one client for another client and the answer is obviously no! The firm requires written permission, but we are allowed to use the general expertise in terms of professional competence without specific reference to the original client.

Another possibility is the General Anti Abuse Regulations (GAAR) where the client uses aggressive tax avoidance such as circular transactions to gain an unfair or unintended tax advantage. Here, HMRC will withdraw the tax advantage and impose a fine of 100% of the tax payable.

Watch our FREE Kaplan video using the link below.

Tax is technical so if you are planning on doing Taxation or Advanced Tax in September/ December 2022, I recommend that  you purchase Tax Condensed or Advanced Tax Condensed which will allow you to learn the technical rules.  If you then practice the key questions I recommend, you too will be ready for anything the examiner throws at you.

 These books will really make the difference. You can purchase them using the links below:

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