A professional accountant in public practice is prohibited to rely on safeguards that the client has implemented.Select one:TrueFalse

Answer Explanation

In professional accounting ethics and standards, accountants in public practice must adhere to certain principles and guidelines to maintain their independence and objectivity. One critical aspect is the reliance on safeguards that a client has implemented to mitigate risks related to conflicts of interest or issues that could impair the accountant's judgment.

When assessing the statement, it is important to understand that while clients may have their own safeguards in place, these are not necessarily sufficient to ensure that the accountant can maintain independence. Professional ethics suggest that accountants must evaluate the effectiveness of these safeguards and cannot simply rely on them without performing due diligence. Therefore, relying solely on a client's safeguards is not acceptable and can lead to compromised professional integrity.

Final Answer

True - A professional accountant in public practice is prohibited from relying solely on safeguards that the client has implemented.