Practice Quiz

Forensic Accounting

Category - Professional Responsibilities and Management

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Contingency-based engagements are best avoided because:
  1. They do not pay much
  2. Client can manipulate according to their will
  3. Independence and objectivity of the practitioner is lost
  4. Engaging in contingent agreements is absolutely fine
Explanation
Answer: C - When a practitioner works on a contingent contract, the ability to evaluate all the facets of the engagement is diluted. Hence, independence and objectivity, the two fundamental areas to consider for a CPA, are under threat.
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