Rocky Point Brewery (RPB) plans to file an initial public offering (IPO) in December 20X4. The IPO filing will include calendar year-end financial statements for 20X1, 20X2, and 20X3. Olsen & Alain, CPAs (O&A) has performed calendar year end audits of RPB since 20X0 and also helped RPB prepare monthly financial statements in accordance with AICPA independence rules. O&A terminated the accounting services in December 20X2. Which statement best describes why O&A may continue to perform RPB's audit when it files its IPO under SEC independence rules?

a. O&A's fee for auditing the combined company will be less than 5% of its revenues. b O&A performed only permissible accounting services during the period covered by the financial statements.

c. O&A will pay for an independent firm to reperform the accounting services for all periods in the filing.

d. O&A will be independent under SEC independence rules for the most recent year included in the IPO filing.