Seven Consulting Service Standards Are Contained in Statement on Standards

question 36

Essay

Seven consulting service standards are contained in Statement on Standards for Consulting Services No.1,including the four general standards provided by Rule 201 of the AICPA's Rules of Professional Conduct.Briefly explain the other three standards.

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Definitions:

Total Deposits

The sum of all money that is deposited in a bank's accounts by its customers.

Commercial Banks

Depository institutions that historically made short-term loans primarily to businesses.

Loans

Borrowed sums of money that need to be repaid with interest over a predetermined period.

Depository Institution

A financial institution that accepts deposits from the public and provides credit facilities.