Question
FINANCIAL INTEREST George is an audit partner. Georges wife owns stock in MMC which is a San Luis Obispo audit client. Describe conditions under which
FINANCIAL INTEREST George is an audit partner. Georges wife owns stock in MMC which is a San Luis Obispo audit client. Describe conditions under which the accounting firm's independence would be impaired (no group of professional employees or their immediate families own 5% of the clients equity).
a independence is impaired without any additional considerations
b if George works in the San Luis Obispo office
c if the investment is material to George's wife d If George's wife is dependent e independence is not impaired under any of these conditions
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