Which of the following ownership situations is permissible for a public accounting firm?

Multiple Choice

Because the firm now specializes in fraud auditing and fraud investigation, the managing partner of the firm has a background in law enforcement and fraud investigation but is not a CPA.

A partner of the firm is responsible for fraud issues related to audits and audit clients. He owns $20$ percent of the firm and is not a CPA.

A partner of the firm who owns $50$ shares of stock in an audit client of the firm is responsible for fraud issues related to audits and audit clients.

A partner of the firm who has $20$ years of experience in law enforcement and fraud investigation is responsible for fraud issues related to audits and audit clients. The partner$$s career began as a police officer after receiving a law enforcement degree from a local community college.