Ethics and Governance

Errata – 16a

Study Guide Errata:

Module 1: Regulation of member conduct, Page 37
Errata published 29/02/16
Please amend the links to:
You should now read these parts of the Constitution and By-laws. You can access these documents via the following
links:
http://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/about/cpa-australia-constitution-
2014.pdf?la=en
http://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/about/by-laws-effective-17-october-
2014.pdf?la=en

Module 1: Restoring credibility to accounting, Question 1.7, Page 69.

Errata published 15/02/16

The solution is correct in how it presents the reasons explaining how the four key issues could reduce the accounting
profession’s credibility. However, to clarify the terminology used and to ensure consistency with terminology in the
IFAC report, the four key issues that are to be addressed are:
• Payment of incentives
• Lack or perceived lack of auditor independence
• Audit ineffectiveness due to lack of skill or due to auditor deliberate actions
• Overly flexible reporting practices
Module 2: Professional competence and due care (s. 130), paragraph 1, page 96
Errata published 11/04/16

Please note that there is a typographical error. S130.1 (b) should read ‘To act diligently in accordance with applicable
technical and professional standards when providing Professional Services’. (The word 'technical' was omitted in the
study guide).

Module 2: Conflicts between two or more clients, Page 107

Errata published 08/02/16
An amendment is required to the 2nd paragraph, 3rd line. Amend to ‘…received from both clients (s. 220.11)’.

Module 3: Appendix 3.1, Page 251

Errata published 08/02/16
The link provided to access the UK FRC Corporate Governance Code may not be accessible for some users. From this
web page, candidates should be able to access a PDF entitled, ‘UK Corporate Governance Code’. If users cannot
access this web page using the link provided in the study guide, an alternative link to this web page is:
https://frc.org.uk/Our-Work/Codes-Standards/Corporate-governance.aspx

Module 3: Suggested Answers, Page 262

Errata published 07/03/16 [Updated 4/04/16]

Question 3.7, action 3

Please disregard action 3 of question 3.7. It concerns OECD Corporate Governance Principle 2 H2 which is not
contained in the study guide. The question has not been amended to reflect this.