Miriam is an accountant. Natalie is an attorney. Which professional is most restricted from disclosing her or his client's communication?
Most professionals are restrained by the ethical tenets of their professions from disclosing communications with their clients. In some instances, professional-client communications are even privileged under state and federal law.
Of the two professionals named in this question, the attorney is the most restricted professional. Without a client's permission, an attorney cannot disclose the client's communication. Disclosure is prohibited under federal law, state law, and the ethical tenets of the legal profession.
In a few states, accountant-client communications may not be revealed even in court without the client's permission. But these communications are not protected-and state-provided rights are not recognized-under federal law. In cases involving federal law, in response to a court order, an accountant must provide the information sought.
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Johns owns 400 shares of Abco Corp. cumulative preferred stock. In the absence of any specific contrary provisions in Abco's articles of incorporation, which of the following statements is true?
A. Johns is entitled to convert the 400 shares of preferred stock to a like number of shares of common stock. B. If Abco declares a cash dividend on its preferred stock, Johns becomes an unsecured creditor of Abco. C. If Abco declares a dividend on its common stock, Johns will be entitled to participate with the common shareholders in any dividend distribution made after preferred dividends are paid. D. Johns will be entitled to vote if dividend payments are in arrears.
The riskiness of publicly traded bond issues is rated by independent agencies. According to Moody's rating system, an Aaa bond and a Caa bond are ________ and ________ respectively
A) speculative; investment grade B) prime quality; medium grade C) prime quality; speculative D) medium grade; lowest grade