Is the potential client privately held or publicly held?

Privately held, because

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$(2)$ Evaluate the possible liability to the client that Abernethy and Chapman might incur, if the engagement is accepted.

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$(3)$ List the third parties that presently have a financial association with the potential client and could be expected to see the financial statements. These parties are also called primary and foreseen beneficiaries.

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$(4)$ Discuss the possibility that other third parties will be brought into a position where they would be expected to see the financial statements of the potential client. These parties are also called foreseeable beneficiaries.

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$(5)$ Evaluate the possible legal liability to third parties, both present and potential, that Abernethy and Chapman might incur if the engagement is accepted.

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