Question 37 Swerdlow, a member, is a tax manager with the firm Cheskes & Memel, CPA's. The firm performs an audit for a publicly traded manufacturing company and will be auditing the financial statements for the year ended December 31, 20X4. Swerdlow will be providing at least fifty hours of tax services to the audit client before and after the December 31, 20X4 year end. Swerdlow's spouse inherited a small holding in the audit client's stock on November 2, 20X3 and does not want to dispose of the stock. Which of the following statements is true with regard to the firm's independence with the aforementioned audit client? The firm's independence with respect to the audit client is impaired. Swerdlow's spouse is not a covered member and as such the firm's independence is not impaired. As long as Swerdlow does not do any audit work for the client, independence is not impaired. Since the stock is owned by Swerdlow's spouse, the firm's independence is not impaired