- 10 Marks
SCS – Nov 2023 – L3 – Q1a – Professional practice and codes of ethics
Understanding various models of professional accountant-client relationships and the roles of both parties.
Question
NSL outsourced some aspects of the finance function to a professional accounting firm. A misunderstanding about the relationship that does or should exist between a professional accountant and a client led to disagreements between the accounting firm and the management team over some financial reporting issues. An attempt by management to interfere with the work of the accounting firm was firmly resisted.
Required:
State and explain THREE (3) out of the FOUR models that describe a professional accountant-client relationship, clearly indicating whether NSL or the professional accounting firm has most authority and responsibility for final decision-making.
(10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Client Relationship, Decision Making, Professional Accountant, Responsibility
- Level: Level 3
- Topic: Professional practice and codes of ethics
- Series: NOV 2023
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