Why is public trust in the accountancy profession important?
Answer and explanation
Correct answer: C. Users rely on accountants' work for decisions
- Step 1: Investors, lenders and others depend on the work of accountants.
- Step 2: If trust is lost, confidence in markets suffers.
Answer
Users rely on accountants' work for decisions.
Why not the others: Fees are not determined by trust alone. Accountants must follow the law whatever the level of trust. Trust does not remove the need for regulation.
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