The clientele of Black & Company's audit practice consists primarily of privately-owned small and middle market companies. Recently, the firm won two audits of public companies, including one issuer. From an independence perspective, what effect will these new client engagements have on Black & Company?

a) Black & Co. will have to comply with SEC and PCAOB independence rules.

b) Black & Co. will have to comply with DOL and GAO independence rules.

c) Black & Co. will have to apply the IESBA's conceptual framework approach.

d) Black & Co. will need an annual peer review and PCAOB inspection.