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Ask the Tutor ACCA AAA

Custody Of Clients Assets.

ABAkka Bakka5y ago
Hello Tutor, A professional accountant in public practice shall not assume custody of client monies or other assets? Is that correct? Thank you.
KimKimTutor5y ago#1
Correct - because of self-interest threat - unless permitted by law. If permitted by law, there must be safeguards - e.g. client monies must be kept in separate accounts. However, this is not examinable in ACCA.
ABAkka Bakka5y ago#2
Understood. Thank you very much. God bless.
KimKimTutor5y ago#3
You're welcome!
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