The duty of trust requires a professional to ___________________________. carefully examine current figures

maintain the confidentiality of a client's information

act with scienter

stay up-to-date on all professional standards

always maintain accuracy in his work

The professional's duty to exercise reasonable care is a subset of the _________________ standard of tort law.

negligence

diligence

public plaintiff

presumed damages

strict liability

To audit financial records, an accountant must know the generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP). This is because professionals are required to have the education and knowledge of ________________.

the ordinarily prudent person in their profession

the average person in society

the most well informed person in their profession

a highly educated member of the community

the most minimally informed person in their profession

The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board (PCAOB) because it was concerned that __________________________.

the stock exchange's know-your-customer rule was not being adequately followed

the suitability rules of the NASD were being violated

auditors were violating the duty of trust

accountants were breaching contractual obligations

auditing firms were not sufficiently independent from the firms they audited

If a professional breaches his duty of performance, a client may sue under one of three principal bases of liability: contract, trust, and _______.

constitutional law

fidelity

wills

tort

criminal law