When a public accounting firm audits FUND$-$A in a mutual fund complex that has sister funds FUND$-$B and FUND$-$C$,$ independence for the audit of FUND$-$A is not impaired when:

Multiple Choice

managerial$-$level professionals located in the office where the engagement audit partner is located but who are not on the engagement team own shares in FUND$-$B$,$ which is not an audit client.

the wife of the FUND$-$A audit engagement partner owns shares in FUND$-$C $($an audit client of another of the firm$$s offices$)$ and these shares are held through the wife$$s employee benefit plan funded by her employer, the AllSteelFence Company.

Both of the choices are correct.

Neither of the two choices are correct.