Briefly identify and explain the ethical considerations and legislative requirements you as a registered tax agent would have to take into account when preparing clients tax returns, including:

a) Pete has decided to sell his business which is a mobile pie van Petes Perfect Pies. As his accountant you have assisted him in the preparation of financial statements for the sale of the business. Another client of yours Helen has seen the advertisement of the business for sale. She contacted the selling agent and has been provided with the specially prepared Profit and Loss Statements for the past 2 years.

Helen is not aware that you are Petes accountant and she approaches you to review the figures she has been given and to advise her on whether Petes Perfect Pies is a good business investment for her.

Explain why this situation would represent a conflict of interest under the code of professional conduct for you as the accountant for both parties. What action would you take to ensure that you remained compliant with the legislative requirements?