Which of the Following Instances Would Impair a CPA's Independence

Multiple Choice

Which of the following instances would impair a CPA's independence when they have been retained as the auditor?
I. A charitable organization where the CPA serves as treasurer
II. A municipality where the CPA owns $250,000 of the $25 million outstanding bonds
Of the municipality
III. A company that the CPA's investment club owns a 10% investment interest

A) I and II
B) I and III
C) II and III
D) I, II, and III