David, a member, is a sole practitioner CPA who provides bookkeeping, financial statement, and tax preparation services to Chiro Practical, Inc., a corporation with two equal shareholders, Kathy and Leeah. David has provided services to Chiro Practical, Inc. for approximately five years, during which time he has dealt exclusively with Kathy on all matters relating to David's engagement with the corporation. A dispute has developed between Kathy and Leeah over various business matters. Pursuant to this dispute, Leeah has requested financial reports and records that were previously provided to Kathy, who has held herself out as the client's representative during the entire term of David's engagement with the company. Is David obligated to provide the same records to Leeah that he has already provided to Kathy?

A) Yes because Leeah is also an equal shareholder in the corporation.

B) No because David has already provided the records to Kathy.

C) If Leah was a majority shareholder, David would be obligated to provide the records to her.

D) The AICPA Code of Professional Conduct does not address this issue.

Question

06-12-2022
Business

Answered

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David, a member, is a sole practitioner CPA who provides bookkeeping, financial statement, and tax preparation services to Chiro Practical, Inc., a corporation with two equal shareholders, Kathy and Leeah. David has provided services to Chiro Practical, Inc. for approximately five years, during which time he has dealt exclusively with Kathy on all matters relating to David's engagement with the corporation. A dispute has developed between Kathy and Leeah over various business matters. Pursuant to this dispute, Leeah has requested financial reports and records that were previously provided to Kathy, who has held herself out as the client's representative during the entire term of David's engagement with the company. Is David obligated to provide the same records to Leeah that he has already provided to Kathy?

A) Yes because Leeah is also an equal shareholder in the corporation.

B) No because David has already provided the records to Kathy.

C) If Leah was a majority shareholder, David would be obligated to provide the records to her.

D) The AICPA Code of Professional Conduct does not address this issue.

Sagot :

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SidHussain SidHussain · Answer 1 · 2022-12-12T11:18:03-05:00

A) Yes because Leeah is also an equal shareholder in the corporation.

Each shareholder of a business has an equal say in the business.

A shareholder of a corporation is an individual or legal entity that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation.

Hence, Both Leeah and Kathy are obligated to know about the corporation and the details as both are the shareholders in the organization.

To learn more about shareholders, click here:

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