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:

Economic Recovery Tax Act

A law enacted in the United States in 1981, aimed at lowering income taxes to spur economic growth.

Clothes-Changing Time

The duration employees spend changing into work-specific clothes or uniforms, often discussed in context of compensation.

On-Site Physical Facilities

Physical resources and infrastructure located at the business premises, such as buildings and equipment.

Wash-Up Time

The time allowed during a work period for employees to clean themselves and their equipment after performing dirty work.