Question

Which of the following services is a CPA generally required to perform when conducting a personal financial planning engagement? a. Assisting the client to identify tasks that are essential in order to act on planning decisions. b. Assisting the client to take action on planning decisions. c. Monitoring progress in achieving goals. d. Updating recommendations and revising planning decisions.

Answer 1

A CPA is generally required to assist the client in identifying essential tasks, taking action on planning decisions, and updating recommendations and planning decisions in a personal financial planning engagement.

Step-by-step explanation:

A CPA (Certified Public Accountant) is generally required to perform several services when conducting a personal financial planning engagement. These services include:

1. Assisting the client to identify tasks that are essential in order to act on planning decisions. This involves helping the client understand what steps they need to take in order to implement their financial plan, such as investing in the stock market or developing a retirement plan.
2. Assisting the client to take action on planning decisions. This means supporting the client in actually carrying out the actions outlined in their financial plan, such as starting a savings program or maintaining a checking account.
3. Updating recommendations and revising planning decisions. As the client's financial situation may change over time, a CPA needs to regularly review and update their recommendations and assist the client in adjusting their planning decisions accordingly.