Which of the Following Statements BEST Describes the Need for Global

question 40

Multiple Choice

Which of the following statements BEST describes the need for global accounting standards?

• A) The complexity of the global market increases the risk of unethical accounting behavior by allowing accountants to choose which national GAAP standards are best for their clients.
• B) The rise of the global market increases the risk of money laundering and offshore accounting.
• C) The rise of the global market increases the risk of fraudulent business transactions across borders.
• D) The rise of the global market increases the risk of international dumping and profit-skimming.
• E) The rise of the global market increases the risk of the creation of dummy companies and accounts for the purpose of dumping toxic assets.

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Definitions:

Client Confidentiality

The ethical principle that an organization or individual should not disclose information about their clients to third parties without the consent of the client or a clear legal requirement.

Setting Legal Fees

The process by which legal professionals determine charges for their services, often based on factors like complexity, expertise, and time required.

Researching Legal Issues

The process of investigating existing laws, judicial rulings, and legal precedents relevant to a specific legal question or case.

Interviewing Clients

The process by which lawyers obtain information from potential or existing clients about their cases or legal situations.