Dear tutor,
I can see that there are now changes but I am stuggling to understand how we should now discuss safeguards.
references to concepts of broader safeguards (“created by the profession”, “in the work environment”,“implemented by the entity”)
Can you please give an example of an aceptable answer before the change that is no longer acceptable and an acceptable answer following the change.
As I think this will help to solidify my understanding.
Thank you in advance
Ask the Tutor ACCA AAA
Safeguard changes
6y ago#1Candy - if you look at the solution to Example 2 in Chapter 4 in the S20-J21 notes these are all specific actions.
From earlier AA/F8 studies, students may remember some safeguards as "created by the profession, legislation or regulation" (e.g. educational, training and experience requirements for entry into the profession and CPD requirements) or "in the work environment" (e.g. whistle-blowing procedures, external consultation and disciplinary procedures).
These do not meet the new definition of safeguard - instead, they are considered to be "conditions, policies and procedures that may be relevant in evaluating the level of threats to compliance with fundamental principles". For example, because the existence of disciplinary procedures may act as a deterrent, a threat is not as high as if there were no disciplinary procedures.
Sign in to reply to this topic.