Your firm is proposing to assist Company X (a tax client) with plans to acquire your audit client. Which best describes an important consideration when determining whether this service would create a potential conflict of interest?

Whether the PCAOB consented to your firm performing the services. Whether you have already drawn up an engagement letter to perform the services. Whether a reasonable and informed third party would conclude that a conflict of interest exists. Whether violation of the code would subject your firm to substantial penalties