Confidentiality

Following are excerpts from the IFAC Code regarding "Confidentiality"

Confidentiality 

140.1 The principle of confidentiality imposes an obligation on  all  professional accountants to refrain from: 

(a) Disclosing outside the firm or employing organization confidential information acquired as a result of professional and business relationships without proper and specific authority or unless there is a legal or professional right or duty to disclose; and 

(b) Using confidential information acquired as a result of professional and business relationships to their personal advantage or the advantage of third parties. 

140.2 A professional accountant shall maintain confidentiality, including in a social environment, being alert to the possibility of inadvertent disclosure, particularly to a close business associate or a close or immediate family member. 

140.3 A professional accountant  shall  maintain confidentiality  of information disclosed by a prospective client or employer. 

140.4 A professional accountant  shall  maintain confidentiality of information within the firm or employing organization. 

140.5 A professional accountant shall  take reasonable steps to ensure that staff under the professional accountant’s control and persons from whom advice and assistance is obtained respect the professional accountant’s duty of confidentiality. 

140.6 The need to comply with the principle of confidentiality continues even after the
end of relationships between a professional accountant and a client or employer.
When a professional accountant changes employment or acquires a new client,
the professional accountant is entitled to use prior experience. The professional
accountant  shall  not, however, use or disclose any confidential information
either acquired or received as a result of a professional or business relationship. 

140.7 The following are circumstances where professional accountants are or may be required to disclose confidential information or when such disclosure may be appropriate: 

(a) Disclosure is permitted by law and is authorized by the client or the employer; 

(b) Disclosure is required by law, for example: 

(i) Production of documents or other provision of evidence in the course of legal proceedings; or 

(ii) Disclosure to the appropriate public authorities of infringements
of the law that come to light; and 

(c) There is a professional duty or right to disclose, when not prohibited
by law: 

(i) To comply with the quality review of a member body or professional body; 

(ii) To respond to an inquiry or investigation by a member body or regulatory body; 

(iii) To protect the professional interests of a professional accountant in legal proceedings; or 

(iv) To comply with technical standards and ethics requirements. 

140.8 In deciding whether to disclose confidential information, relevant factors to consider include: 

• Whether the interests of all parties, including third parties whose interests may be affected, could be harmed if the client or employer consents to the disclosure of information by the professional accountant. 

• Whether all the relevant information is known and substantiated, to the extent it is practicable; when the situation involves unsubstantiated facts, incomplete information or unsubstantiated conclusions, professional judgment shall be used in determining the type of disclosure to be made, if any. 

• The type of communication that is expected and to whom it is addressed. 

• Whether  the parties to whom the communication is addressed are appropriate recipients.

Source : http://www.ifac.org/publications-resources/2012-handbook-code-ethics-professional-accountants