Asked by: Gisbert Eberleinbusiness and finance legal services industry
Do accountants have confidentiality obligations?
Last Updated: 12th August, 2021
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Simply so, what is confidentiality in accounting?
Confidential Accounting Protects Business Interests Barring a legal obligation to share their knowledge, accounting professionals must protect financial information from third parties, taking the utmost protection against unauthorized disclosures.
Subsequently, question is, what are the basic principles of confidentiality? The 6 Principles of Confidentiality
- Justify the purpose(s)
- Don't use patient identifiable information unless it is absolutely necessary.
- Use the minimum necessary patient-identifiable information.
- Access to patient identifiable information should be on a strict need-to-know basis.
Also, can a CPA disclose confidential information?
The rule states that a member in public practice shall not disclose any confidential client information without the specific consent of the client. Even where the intent has been to warn others of pending financial harm, the courts have held that CPAs must not divulge client information.
Are accountants bound by client confidentiality UK?
All professionals have a duty of confidentiality but only communications between clients and lawyers, solicitors and barristers are subject to legal professional privilege. If however, the client seeks the same advice from another professional such as a chartered accountant.