In the Lac Minerals V

question 13

Multiple Choice

In the Lac Minerals v.Corona Resources, which was one of the three factors to consider in determining if a fiduciary duty exists?

• A)A contract relationship exists between an accountant acting as a fiduciary and a client.
• B)An accountant acting as fiduciary owed a duty of care to the client.
• C)An accountant acting as fiduciary has scope for the exercise of some discretion or power.
• D)An accountant acting as fiduciary is required to issue a report.

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Definitions:

External Factors

Elements outside an organization or system that can influence its performance or outcomes, such as economic conditions, competition, or legal requirements.

Internal Factors

Elements within an organization or individual that can influence outcomes, such as employee morale, technology, and operational capabilities.

Contrast

The difference or distinction between two or more entities, highlighted by comparing their features or qualities.

External Factor

Refers to any influence, condition, or variable that exists outside of an organization and can affect its performance and strategies.