A CPA Serves Two Clients in the Same Industry

question 5

Essay

A CPA serves two clients in the same industry. One of these clients has an email address called ? HYPERLINK "mailto:[e-mail]," ?[e-mail],? and the other client has an email address called ? HYPERLINK "mailto:[e-mail]." ?[e-mail].
By mistake, this CPA firm just emailed the tax return prepared for one of these clients to the other client.
a. Did the CPA violate professional standards by providing professional services to two clients in the same industry?

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Definitions:

Total Assets

The sum of all resources owned by a company, expressed in monetary terms, including both current and non-current assets.

Stockholders' Equity

The owners' claim on the company's assets, calculated as total assets minus total liabilities.

Treasury Stock

Shares of a company's own stock that have been reacquired by the company and held in its treasury.

Issued

When a company distributes or sells new securities, shares, or other financial instruments to investors.