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Consulting Case Interview Practice Questions

Category - Accounting

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Which is more important to a public accountant-the duty to the public or the duty to the client?
  1. The client
  2. The public
  3. Neither. They have an obligation to hold their profession above all other duties
  4. Their paycheck trumps their duty to both the public and the client
  5. The duty to the SEC actually trumps any and all duties accountants may have
Explanation
Answer - B - A public accountant holds his or her duty to the public above their duty to the client, themselves, and their profession.

Key Takeaway: The public depends on the ethical behavior of a public accountant. This reliance is of the utmost importance when the public depends on financial data to make significant financial decisions. The Enron case brought to light the importance of the public accountant’s duty to the public, rather than to the client.
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