Question

Kramer, CPA, consulted an independent appraiser regarding the valuation of fine art for a not- for- profit museum. Consultation with the appraiser in this case would
a. Be considered as exercising proper due care.
b. Be considered a failure to follow GAAS because Kramer should have known how to value fine art before accepting the engagement.
c. Not be considered a violation of GAAS because GAAS does not apply to not- for- profit entities.
d. None of the above.



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  • CreatedOctober 27, 2014
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