Jones, an audit partner at Miller \& Co., CPAs, is considering entering into a business relationship with Smith, the CFO of one of his audit clients. Which statement best describes the application of the AICPA independence rules to this situation? Jones may obtain a waiver from the company's creditors to make the investment. Jones may not have a joint closely held investment with Smith if the investment is material to Jones. Jones may enter into a business relationship with Smith but not the audit client itself. Jones may not have a cooperative arrangement with Smith under any circumstances