New bill promotes CPA/client testimonial privilege: whether you work in public accounting or the corporate sector, there is pending, OSCPA-backed legislation that will be of great interest--and benefit--to you: the creation of a CPA/client testimonial privilege.
Author | Benton, Barbara |
Position | Inside THE STATE HOUSE |
Senate Bill 80, sponsored by Sen. Bill Seitz (R-Cincinnati), was introduced in March. One of OSCPA's highest legislative priorities, SB 80 seeks to improve the ability of Ohio businesses and individuals to receive the best possible advice from their CPAs by ensuring the CPA can be privy to details necessary to fully understand the situation at hand. The same holds true for shareholders of a company: the more information the company shares with the CPA firm conducting an audit, the clearer and more reliable the audit result will be. In today's challenging investment climate, it's something we all need.
Though it rarely happens, a client's CPA can be forced by subpoena to reveal deliberative, confidential discussions that occurred between them. That potential exposure is often enough to keep clients from sharing key information. Maybe they are worried about a competitor filing a frivolous lawsuit to engage in a fishing expedition. Perhaps an angry, soon-to-be ex-spouse might seek revenge. It could just be that the client's attorney advised that he could be legally exposed if he explored his concerns or opportunities with his CPA. No matter the reason, it is clear that Ohioans deserve unfettered access to critical financial and business guidance.
Realize that Ohio law already extends privilege not just to the obvious attorney, clergy and doctor relationships, but to nine other professionals, including school guidance counselors and communications assistants. I think most people would agree that a businesses' need to explore confidential financial concerns with their CPA is at least as important as high schoolers' desire to talk privately with their guidance counselor.
Though this legislation makes great sense, it isn't a slam dunk. The Ohio House provided overwhelming support in two separate floor votes, but both times...
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