Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not- for- profit

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Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not- for- profit museum. Consultation with the appraiser in this case would

a. Be considered as exercising proper due care.

b. Be considered a failure to follow GAAS because Kramer should have known how to value fine art before accepting the engagement.

c. Not be considered a violation of GAAS because GAAS does not apply to not- for- profit entities.

d. None of the above.

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Auditing and Assurance Services

ISBN: 978-0077862343

6th edition

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

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Question Posted: Oct 27, 2014 05:17 AM

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Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not- for- profit

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