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LEGS7012 - Regulation and Ethics

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Title:Regulation and Ethics
Long Title:Regulation and Ethics
Module Code:LEGS7012
 
Duration:1 Semester
Credits: 5
NFQ Level:Intermediate
Field of Study: Law
Valid From: Semester 1 - 2016/17 ( September 2016 )
Module Delivered in 2 programme(s)
Module Coordinator: Pio Fenton
Module Author: JOSEPHINE O HALLORAN
Module Description: This module will introduce students to the regulatory framework governing the accountancy profession. The key legal rules, ethical guidelines and professional codes of practice which impact on the profession will be examined.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Explain the meaning of Ethics and identify potential ethical issues in the context of accountancy
LO2 Describe and contrast rules based and framework approaches to ethics
LO3 Explain the aims and fundamental principles of professional Codes of Practice in accountancy
LO4 Examine the role of regulatory bodies in the accountancy profession in Ireland
LO5 Describe the range of specific legal rules which regulate aspects of the work of professional accountants
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Ethics and Professional Practice
The meaning of ethics. Ethical theories. The importance of ethics for the Accountancy profession. Examples of ethical dilemmas in practice. The consequences of unethical practices.
Approaches to Ethics
Rules based approaches - legal rules which seek to ensure ethical practice. The advantages and disadvantages of a rules based approach. The framework approach to ethical practice. The development of a principles based approach. The difficulties of compliance.
Codes of Practice
The function of a Code of Practice. The International Federation of Accountants (IFAC) Code of Ethics for Professional Accountants. Codes of Practice of recognised accountancy bodies. Aims and fundamental principals. Implementation of codes through a disciplinary code. Disciplinary panels and tribunals within the professional accountancy bodies.
Regulatory Bodies
The regulatory framework for accountants in Ireland. The Irish Auditing and Accounting Supervisory Authority (IAASA) - membership, aims and functions. The nine recognised professional accountancy bodies - disciplinary procedures and sanctions
Legal Rules
Specific legal rules governing accounting. Legal rules governing incorporation. Operating as a sole trader or partnership. Professional negligence and negligent misstatement. Reporting obligations and money laundering legislation
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Exam based on mini case studies involving ethical issues. Candidates will be required to identify the ethical issue, select and apply aspects of a Code of Practice to resolve the issue. 1,2,3 30.0 Week 10
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam Formal end of semester examination 1,2,3,4,5 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based instruction 3.0 Every Week 3.00
Independent & Directed Learning (Non-contact) Independent research and reading 4.0 Every Week 4.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Independent Learning Independent reasearch and reading 5.0 Every Week 5.00
Lecture Class based instruction 2.0 Every Week 2.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • CIMA, Fundamentals of Ethics, Corporate Governance and Business Law, 1st Ed., Chapters 6,7, Kaplan London [ISBN: 9780857329615]
Supplementary Book Resources
  • Vaeni McDonald 2015, An Introduction to Business Law, 2nd Ed., Chapters 15,16, 17, Institute of Chartered Accountants Ireland Dublin [ISBN: 978191037433]
  • Iris Stuart, Bruce Stuart, Lars J. T. Pedersen 2014, Accounting ethics, Chichester; John Wiley & Sons [ISBN: 9781118542408]
  • Ken McPhail and Diane Walters 2009, Accounting and business ethics, London [England] ; Routledge, 2009. [ISBN: 9780415362368]
  • Gordon Klein 2015, Ethics in Accounting: A decision making approach, Wiley London [ISBN: 9781118928332]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 4 Elective
CR_BACCT_7 Bachelor of Business in Accounting 4 Elective

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie