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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
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 percent of the firm and is not a CPA.
A partner of the firm who owns 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 years of experience in law enforcement and fraud investigation is responsible for fraud issues related to audits and audit clients. The partners career began as a police officer after receiving a law enforcement degree from a local community college.
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