An Accountant Normally Will Be Held Liable to the Client

question 46

True/False

An accountant normally will be held liable to the client for incorrect judgment.

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Definitions:

IFAC's Code

The ethical code established by the International Federation of Accountants, which sets standards for professionalism and ethics in accounting.

Ethical Standards

Ethical standards are the principles that guide individuals and organizations in distinguishing between right and wrong behavior, often formalized into a code of conduct.

Professional Conduct

The accepted principles of right and wrong governing the professional activities and behavior of individuals in a specific profession.

Virtual Organisations

Entities that operate primarily through digital interactions, often with team members dispersed geographically.