The IFAC code of conduct recognizes the concept of "implied consent." Implied consent,in the context of conflicts of interest,means that:
A) A professional accountant may assume that a client has consented to a conflict of interest based on the surrounding circumstances
B) A professional accountant may insist, before commencing work on a project, that a client consent to a potential conflict of interest
C) Actual consent to a present-day conflict of interest also will be considered to constitute consent to any future conflicts of interest that may arise
D) The likelihood of a conflict arising in the near future can be reasonably inferred from surrounding circumstances

Question

Quizplus · Accepted Answer

Implied consent refers to the assumption made by a professional accountant that a client has consented to a conflict of interest based on the surrounding circumstances. It means that the accountant has not obtained explicit consent but can reasonably infer that the client's actions or lack thereof imply consent. This concept is recognized by the IFAC code of conduct.

The IFAC Code of Conduct Recognizes the Concept of "Implied