Question
Although professionals are not guarantors of the accuracy of their work or that the advice they give to clients will work out well, they are
Although professionals are not guarantors of the accuracy of their work or that the advice they give to clients will work out well, they are bound by a general duty of performance to act with the requisite ____________________.
skill and care
capacity and faculty
intelligence and talent
persistence and consideration
patience and courtesy
A professional's duty of performance requires that every professional demonstrate the level of skill of ____
the most educated member of her profession
the ordinarily prudent person
the ordinarily prudent person in her profession
a reasonably skilled and knowledgeable adult
the least educated member of her profession
To address the concern that auditing firms were not sufficiently independent from the firms they audited, the Sarbanes-Oxley Act created the __________________________ that is charged with adopting rules establishing auditing quality control, ethics, and independence standards.
Supervision and Control Commission
Surveillance Board
Organization Administration
Public Company Accounting Oversight Board
Committee for the Management of Auditing Firms
When clients sue professionals, there are three principal bases of liability: __________, tort, and trust.
contract
fidelity
wills
criminal law
constitutional law
Conrad is performing accounting work for his client Second Bank. If Conrad, acting with scienter, misstates or omits important facts that he discovers in this role, he may be liable to Second Bank for _________.
breach of trust
negligence
verbal assault
fraud
innocent misrepresentation
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