According to the IFAC Code of Conduct,if a Professional Accountant

question 5

Multiple Choice

According to the IFAC Code of Conduct,if a professional accountant acting as a money manager discovers that client funds are derived from illegal weapons sales to terrorists,the accountant has:

• A) A duty to inform appropriate governmental authorities
• B) A duty to return all fees received to date that were derived from the illegal proceeds of such sales
• C) A duty to hold the illegal proceeds in trust for potential examination or appropriation by government investigators
• D) Potentially committed a discreditable act that subjects the professional accountant to discipline under the IFAC Code of Conduct

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Definitions:

Intermediary Bank

Any bank, other than a payor or depository bank, that transfers a check during the check collection process.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of a personal account, which guarantees the payee payment.

Certified Check

A check verified by a bank, guaranteeing that the signer has enough funds to cover the amount of the check.

Teller's Check

A check drawn by a bank on its own funds and signed by a teller, typically considered a secure form of payment.