Answered step by step
Verified Expert Solution
Question
1 Approved Answer
After the Alert was sent out, several Meridien professionals, who have interests or relationships with Bond, contacted the Independence Office with questions about how the
After the Alert was sent out, several Meridien professionals, who have interests or relationships with Bond, contacted the Independence Office with questions about how the news affects their independence. Rod Mitchell, a consultant in the Meridien Independence Office, evaluates each situation and determines if an independence issue exists. If an independence issue does exist, Rod advises the individual of any followup actions they should take. To date, Rod has received inquiries about the following independence matters: Lucy Daneo is an audit partner in the Boston office. Her spouse, Randy, has 120 shares of Class B common stock in Bond, which he holds through a brokerage account. The account is in her spouse's name only (i.e., it is not a joint account) and Randy does not consult Lucy about his investment decisions. The value of the shares is currently not material to the couple's net worth. Denise Littleton is a consulting senior manager in the Boston office and is currently being considered for admission to the partnership. She does not provide any services to Bond. Recently, she started contributing to a "529" educational savings plan to save for her son's education. She wants to know if she needs to determine whether the 529 Plan holds any Bond funds. Sanjay Sunthari is a tax partner in the Stamford, Connecticut office. He provides no services to Bond. Two years ago, he purchased a vacation home in Vail, Colorado with Dennis Moscati, Bond's Chief Operations Officer (COO). He and Mr. Moscati each own 50% of the vacation home; the investment is not material to either party's net worth. Linda Kim is an audit partner in the Boston office. Her aunt MinJung holds Bond securities, which she does not wish to sell because the market value of the shares has declined about 10% since she purchased them. Linda has an especially close relationship with her aunt, who raised her from the age of nine. Hannah Pinkney, a consulting associate in the Washington, D.C. office, reports that her uncle serves on the board of directors of Bond Investment Services, a Bond affiliate in the United Kingdom. She does not provide any services to Bond. determine if each ofnthe persons scenario impair independence
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started