Until recently, regulation of accounting practice in the United Kingdom had traditionally been left to:
A)the Parliament.
B)the accounting profession.
C)the securities exchange commission.
D)None of the above

Question

Quizplus · Accepted Answer

Traditionally, regulation of accounting practice in the United Kingdom had been left to the accounting profession. This meant that professional bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) were responsible for setting standards and enforcing them through disciplinary procedures. However, in recent years, there has been increased government involvement in regulating the accounting profession through legislation such as the Companies Act 2006 and the Financial Services Act 2012.

Until Recently, Regulation of Accounting Practice in the United Kingdom