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Identify the specific circumstances under which auditors

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Reference no: EM132464177

According to the Casebook we need answers for 3 questions:

Question i) Identify the specific circumstances under which auditors are allowed to provide confidential client information to third parties.

Question ii) Suppose that you and a close friend are employed by the same accounting firm. You are assigned to the firm's audit staff, while your friend is a consultant who works on M&A engagements.

What would you do under the following circumstances:

(1) your friend discloses to you highly confidential "market-moving" information regarding a soon-to-be announced merger;

(2) your friend not only discloses such information to you but also informs you that he or she plans to use it to make a "quick" profit in the stock market? In your responses, comment on your ethical responsibilities in each scenario.

Question iii) E&Y was providing a consulting service to The Blackstone Group in connection with its planned acquisition of Freescale Semiconductor. Explain how CPA's professional responsibilities differ between consulting engagements and audit engagements

Reference no: EM132464177

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