Explain Accountant-Client Privilege

question 14

Essay

Explain accountant-client privilege. What are the similarities and differences between it and attorney-client privilege?

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Definitions:

Collecting

The process of obtaining payments for debts owed by individuals or businesses.

Accumulating

The process of gathering or building up a quantity over time.

Reporting

The process of preparing and conveying financial and operational information to relevant stakeholders to facilitate decision-making.

Subsidiary Ledger

A group of accounts that provide detail for accounts in the general ledger that summarize large numbers of transactions.