Thorp, CPA, was engaged to audit Ivor Co.'s financial statements. During the audit, Thorp discovered that Ivor's inventory contained stolen goods. Ivor was indicted and Thorp was subpoenaed to testify at the criminal trial in state court. Ivor claimed accountant-client privilege to prevent Thorp from testifying. Which of the following statements is most likely true regarding Ivor's claim?
a. Ivor can claim an accountant-client privilege only in jurisdiction that have enacted a statute creating such a privilege
b. Ivor could claim an accountant-client privilege if a criminal tax case were brought in federal court
c. The accountant-client privilege can be claimed only in civil suits
d. The accountant-client privilege can be claimed only to limit testimony to audit subject matter
Ans: a. Ivor can claim an accountant-client privilege only in jurisdiction that have enacted a statute creating such a privilege
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Program data editing techniques may be applied to
A) fields. B) records. C) files. D) All of these answers are correct.
On August 1, 2016, David purchased manufacturing equipment for use in his business. The equipment cost $14,000 and has an estimated useful life and MACRS class life of 7 years. No election to expense or use bonus depreciation is made
a. Calculate the amount of depreciation on the manufacturing equipment for 2016 using the accelerated MACRS method and no election to expense or use bonus depreciation is made. b. Calculate the amount of depreciation on the manufacturing equipment for 2016 using the accelerated MACRS method and bonus depreciation used but no election to expense. c. Calculate the amount of depreciation on the manufacturing equipment for 2016 using the straight-line MACRS optional method and no election to expense or use bonus depreciation is made. d.Calculate the amount of depreciation on the manufacturing equipment for 2016 for financial accounting purposes using the straight-line method of depreciation.