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Question
Little LLP, a CPA firm, has been doing financial statement auditing for Honesty Corp. for the last 10 years. While auditing last year's financial statements of Honesty, Little finds out that Honesty has overstated assets by 12 percent and revenues by 19 percent to make up for the huge losses it incurred. When Little informed the management of Honesty about this illegal act, Honesty's management threatened to cancel Little's contract with Honesty and demanded back the personal records and working papers from Little. Should Little give them back? Who owns them? Who has right of access to them? If Little is forced by Honesty to destroy those papers, under which Act can Little be punished?
Answer
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