Which of the following is/are not procedural safeguards? (1) Act in a fraudulent manner (2) Providing peer-review of valuation, if necessary (3) Non-Disclosure of any prior association with the client (4) Non-Disclosure of any possible source of conflict of interest
Explanation & Strategy
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The question asks which items are NOT procedural safeguards. Options (1), (3), and (4) describe violations or non-compliance (fraud, non-disclosure) — they represent failures of safeguards, which means their opposites (acting honestly, disclosing associations, disclosing conflicts) ARE safeguards. Option (2) — peer review — is a quality practice and best practice recommendation but is not itself a procedural safeguard against bias or conflict. Therefore, only (2) is not a procedural safeguard.
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