Which of the following is a signal that a company may be using SPEs to overstate its earnings or understate its debt?

(a) When references in the notes to the financial statements regarding unconsolidated affiliates are vague as to the reason for using the SPE, the name of the SPE, or the nature of the transactions with the SPE.

(b) When unconsolidated affiliates—especially constructed entities such as partnerships—are used to generate a significant portion of the company’s profit.

(c) When a note to the financial statements on “Related Party Transactions” refers to transactions with unconsolidated, specially constructed entities such as partnerships or trusts.

(d) All of the above.