Which of the Following Would Be Considered a Part of a Consulting

question 39

Multiple Choice

Which of the following would be considered a part of a consulting services (non-assurance) engagement? I. Expressing a conclusion about the reliability of an entity's financial statements.
II) Reviewing and commenting on a client-prepared business plan.

• A)I only.
• B)II only.
• C)Both I and II.
• D)Neither I nor II.

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Definitions:

Implied Contract

A contract formed by the actions, behaviors, or circumstances of the parties involved, rather than by written or spoken agreement.

Promissory Estoppel

A legal principle preventing a party from retracting a promise made, when the other party has reasonably relied on that promise to their detriment.

Express Contract

An agreement with terms explicitly stated by the parties involved, either orally or in writing.

Contract Status

The current legal state or condition of a contract, including whether it is active, pending, or terminated.