A Member of the AICPA Must Safeguard the Confidentiality of Client

question 62

Multiple Choice

A member of the AICPA must safeguard the confidentiality of client information. Which of the following is not a valid reason to disclose information to non-clients?

• A) To discuss information relating to inadequate disclosure in an audit report.
• B) To comply with a validly issued and enforceable subpoena or summons.
• C) To accommodate the review of client audit work papers under AICPA, PCAOB, or State Board of Accountancy authority.
• D) To explain to members of the press whether a client is likely to miss payroll in the forthcoming periods.

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Definitions:

Scheduled Payments

Predetermined payments made over a specified period of time as part of the terms of a loan or mortgage.

Maturity Value

The amount payable to an investor at the maturity date of an investment, including principal and interest.

Investment

Allocation of resources, usually money, in the expectation of generating an income or profit.

Maturity Value

The amount payable to the holder of a financial instrument at the end of its term, including both the principal and interest.