All qualified plans must have fiduciaries who must act in the best interests of the plan participants and their beneficiaries. Which of the following is a breach of fiduciary responsibilities? Select one: a. Making a bad investment based on professional advice and conducting appropriate due diligence. b. Making sure the plan investments are diversified. c. Making decisions in the interest of the plan sponsor. d. Paying for educational seminars that are reasonable in cost and substantiate attendance in a high percentage of presentation sessions.
All qualified plans must have fiduciaries who must act in the best interests of the plan participants and their beneficiaries. Which of the following is a breach of fiduciary responsibilities? Select one: a. Making a bad investment based on professional advice and conducting appropriate due diligence. b. Making sure the plan investments are diversified. c. Making decisions in the interest of the plan sponsor. d. Paying for educational seminars that are reasonable in cost and substantiate attendance in a high percentage of presentation sessions.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter4: Professional Liability, Auditor Judgment Frameworks, And Professional Responsibilities
Section: Chapter Questions
Problem 21MCQ
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All qualified plans must have fiduciaries who must act in the best interests of the plan participants and their beneficiaries. Which of the following is a breach of fiduciary responsibilities?
Select one:
a.
Making a bad investment based on professional advice and conducting appropriate due diligence.
b.
Making sure the plan investments are diversified.
c.
Making decisions in the interest of the plan sponsor.
d.
Paying for educational seminars that are reasonable in cost and substantiate attendance in a high percentage of presentation sessions.
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