What may occur regarding the accountant-client privilege?

The concept of accountant-client privilege refers to the right of clients to prevent accountants from disclosing confidential information obtained during their professional relationship. The correct response indicates that the client may choose to waive this privilege, meaning that they have the authority to allow disclosure of certain information, often in particular circumstances where it may be beneficial, such as during legal proceedings or investigations.

This privilege is not absolute, and while accountants have ethical obligations to maintain confidentiality, clients have the discretion to waive this right. This can happen, for instance, if the client decides to reveal certain details to third parties or in the context of litigation. Thus, the privilege is contingent upon the client's wishes, reinforcing the idea that it is protective but not inviolable.

The other options present misunderstandings about the nature of the privilege. It is not absolute nor can it be wholly retained against a client's wishes. Additionally, the privilege is not limited to written statements; it covers all forms of communication between the accountant and the client, unless waived. Lastly, the accountant-client privilege generally does not have the same level of recognition as the attorney-client privilege, which is broader and more firmly established in legal contexts.