Where there are rules, they will be broken. This is a universal truth, but while some rules were made to be broken, others are created to protect the best interest of all relevant parties.
Do you often identify non-compliance with laws and regulations from your tax or accounting clients? What about in the company where you are employed? Are you aware that as a professional accountant that must adhere to the Professional Code of Conduct, you have to respond to these non-compliances?
In this lesson we unpack the responsibility in terms of the NOCLAR section in the code of conduct for Professional accountants.
The following will be covered during this lesson:
• What are the reasons for, and why is it necessary to respond to NOCLAR?
• What is a NOCLAR?
• Who needs to comply with this section in the code?
• Types of laws and regulations and exclusions of the scope
• What does it mean for non-compliance to become known?
• What should be done when non-compliance is identified or becomes known?
o Senior PA’s in business
o Other PA’s in business
o PA’s in public practice who provides services other than audits
• What does it mean to obtain an understanding of the matter?
• Who should you discuss the matter with and what should be discussed?
• When should you take further action and what should these further action be?
• Should the matter be disclosed to an authorised body?
• When are you prohibited from disclosure?
• What needs to be documented