Accountants Owe a Fiduciary Duty to Their Clients Based on Elements

question 13

Multiple Choice

Accountants owe a fiduciary duty to their clients based on elements of trust and confidence.Which of the following would also be strongly supported by an accountant's fiduciary duty?

• A) reliance on skill,knowledge,and advice
• B) fulfilling a public function
• C) reliance on honesty and integrity
• D) reliance on professional-client privilege

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Definitions:

Bargaining Outcome

The result of a negotiation process between two or more parties, often involving the terms of a transaction or agreement.

Disagreement Values

The outcomes each party in a negotiation could receive if they fail to reach an agreement.

Bargaining Position

The relative power or leverage that an individual or entity has during negotiation processes.

Outside Options

Alternatives available to negotiators that do not require agreement from the current party they are negotiating with.