Page 190 - F1 - AB Integrated Workbook STUDENT 2018-19

Chapter 12

International regulation of the

accountancy profession

4.1 Introduction

Despite the need for companies to follow the requirements of the
Companies Act (or equivalent) and the tax authorities of the country in
which they operate, the accountancy profession is keen to be ‘self-
regulating’. This means that the profession would prefer to issue its
own regulations and deal with problems itself, rather than relying on
legislation.

This has led to companies not only having to follow the requirements of their
country’s company legislation, but also of various standard-setting bodies which were
linked to their country’s accountancy profession.

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