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non-compliance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › non-compliance

  • This topic has 1 reply, 2 voices, and was last updated 12 months ago by Kim Smith.
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  • June 30, 2021 at 5:19 am #626659
    Jiya024
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    Dear Professor,

    “Non-compliance: Acts of omission or commission, either intentional or unintentional, committed by the entity, which are contrary to the prevailing laws or regulations. Non-compliance does not include personal misconduct unrelated to the business activities of the entity.”

    Professor, reducing profits deliberately or claiming false carry forward losses are examples of act of commission?

    My understanding from the web is that an act of commission is a committing an illegal crime or doing something against the law. So here in the company’s management’s case are my aforementioned examples correct?

    June 30, 2021 at 8:01 am #626684
    Kim Smith
    Keymaster
    • Topics: 88
    • Replies: 6090
    • ☆☆☆☆☆

    Yes – omission is failure to act (in this context in compliance with prevailing laws or regulations) and commission is to initiate some action – i.e. the act of committing something. (You can just stay “committing a crime” – by definition crime is contrary to law and therefore illegal.)

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