Paul Lewis,forensic accountant,has been engaged by a claimant,Ovizone Company to access the financial loss suffered due to acquisition of Skinet Corp and testify it in the form of a report.Ovizone claims that the acquisition occurred only because of the negligent business valuation made by Trufinance Company.Halfway through the engagement,Lewis realized that Ovizone suffered loss due to Trufinance's negligence in valuation.But,Lewis had very limited technical knowledge in business valuation.Which of the following AICPA Rules of Professional Conduct should Lewis focus on while rendering his testifying report?

Question

Quizplus · Accepted Answer

Lewis should focus on Rule 201, General Standards, which requires a member to undertake only those professional services that the member or the member's firm can reasonably expect to be completed with professional competence. Since Lewis has limited technical knowledge in business valuation, he must ensure he meets the competence requirement.

Paul Lewis,forensic Accountant,has Been Engaged by a Claimant,Ovizone Company to Access