1 Not substantial, hence of little concern if they are lost. 2 Including autonom

Question

  1 Not substantial, hence of little concern if they are lost.
2 Including autonomy in discipline of its members.
3 Setting of accounting standards.
4 Recognition by the public and government that new competing professional organizations need not be created to serve the public.

(TCO 1) The maintaining of a good reputation of the profession is fundamental to the ability of the profession to continue to enjoy its current rights and privileges. The privileges of our profession, as a CPA can be described as all of the following except: (Points : 6)

Explanation / Answer

Answer is 1: Not substantial, hence of little concern if they are lost

Expnantion: The maintenance of good reputation of the preofession is fundamental which includes autonomy in discipline of its members, setting of accounting standards and recognition by the public and government that new competing professional organizations need not be created to serve the public.

All of 2,3 and 4 are privileges except 1.

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