Multiple Choice
A CPA audits Amberset Corporation.This CPA has been named to serve as the trustee of a trust fund that a client set up for the benefit of her grandchildren.The client is the majority shareholder of Amberset Corporation,and Amberset stock is one of the trust's assets.The CPA potentially retains the independence to continue to audit Amberset Corporation only if:
A) The CPA is a co-trustee and there are at least three co-trustees
B) Amberset is a publicly-traded corporation
C) The CPA does not directly own any Amberset stock
D) The CPA refuses to serve as this client's trustee
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Tyus Jackson recently established two trusts.Meryl,a CPA,is
Q21: An accountant is most likely to be
Q22: Why would a person create a split-interest
Q23: Sherry Hartwog is the managing partner of
Q24: Can a split-interest trust also be a
Q25: An auditor that properly satisfies the Independence
Q26: A CPA acting as an executor of
Q27: A CPA recently inherited $400,000 of stock
Q29: A CPA is most likely to be
Q30: Why types of ethical dilemmas concerning independence