17 Jun WOULD DISCLOSURE OF THIS CLIENT’S FINANCIAL CONDITION VIOLATE YOUR DUTY OF CONFIDENTIALITY?
. A manufacturing client hired you to prepare a property tax report. During the course of your discussions, the client told you that it made certain improvements to its production facilities without obtaining required construction permits. In valuing the client’s property, you disclosed in your report that the property deserved a lower valuation for tax purposes because “substantial sums would have to be spent to bring the property in compliance with local Construction Code requirements.” Did you violate the duty of confidentiality?
2. Your audit client recently suffered a huge loss when a large customer discontinued doing business with your client after receiving defective merchandise. Due to this loss, your client is struggling to survive. Your client does not want other customers to find out about its production and financial difficulties. However, in accordance with accounting standards, you are required to disclose that you have a substantial doubt about this client remaining a viable going concern. Your client has threatened to hold you responsible if you base your “going concern” disclosure on confidential information about its liquidity that you learned during the course of the audit. Would disclosure of this client’s financial condition violate your duty of confidentiality?
3. What steps would you recommend that the auditing profession take to minimize the impact of moral seduction?
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