All of the following are examples of a business associate except:

• A. Auditor
• B. Shareholder
• C. Customer
• D. Supplier

Answer: (B)

Verified step by step guidance

1. Understand the concept of a business associate: A business associate is an entity or individual that has a direct business relationship with the company, often involving transactions or services provided to or by the company.
2. Review the examples provided in the question: Auditor, Shareholder, Customer, and Supplier. Determine which of these entities typically has a direct business relationship with the company.
3. Analyze the role of each entity: An auditor provides auditing services, a customer purchases goods or services, and a supplier provides goods or services to the company. These roles involve direct business interactions.
4. Consider the role of a shareholder: A shareholder owns shares in the company but does not typically engage in direct business transactions or services with the company. Their relationship is more financial and investment-oriented rather than operational.
5. Conclude that the correct answer is 'Shareholder,' as they are not considered a business associate in the context of direct business relationships.