In Purchasing Professional Services, It Is Not Important for a Standard

question 91

True/False

In purchasing professional services, it is not important for a standard contract template or format to be developed by the organization's legal department because there are so many types of professional services and providers.

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Definitions:

Quality Auditors

Professional auditors recognized for their expertise, integrity, and objectivity in evaluating and ensuring the accuracy of financial records and statements.

Enron

A former American energy company known for its massive accounting fraud that led to its bankruptcy in 2001.

U.S. Accounting Standards

The rules and guidelines set out by governing bodies, like the Financial Accounting Standards Board (FASB), for companies in the United States to follow in their financial reporting.

American Accounting Scandals

Major financial frauds and malpractices involving accounting methods that have occurred in the United States, leading to loss of investor trust and changes in regulations.