BUSI 2601 Chapter Notes - Chapter 22: Fiduciary

• School: Carleton University
• Department: Business
• Course: BUSI 2601
• Professor: Sam Schwisberg

Document Summary

Professional services: services that are either supplied in-house or contracted out to private firms. Professionals retaining membership in their profession continue to be bound by the rules of professional conduct and codes of ethics of their professional bodies professionals have additional obligations imposed by their governing bodies as opposed to managers. Deciding whether to acquire professional services on a contract basis from outside rms or to hire full-time professionals as employees is dif cult. If the cost of external professional services for a business becomes signi cant, the business will likely consider the employment option. Responsibilities of professionals to clients and others who rely on their work. Professionals owe a range of responsibilities to their clients, many of which are identical to those of all service providers. Beyond contract and tort duties, professionals owe duciary responsibilities to their clients. Professional responsibilities in any given engagement are de ned, in part, by contract.