A Staff Member in a National CPA Firm Is Not

question 138

True/False

A staff member in a national CPA firm is not allowed to own stock in a client corporation even if the staff member is not involved in the client corporation's audit engagement under the AICPA's independence rule.

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Definitions:

Rhode Island

A U.S. state located in the New England region, known for its sandy shores and coastal towns. It is the smallest state in terms of land area.

Roger Williams

A Puritan minister who founded the colony of Rhode Island in 1636, advocating for separation of church and state and religious freedom.

Half-Way Covenant

A 1662 religious compromise that allowed baptism and partial church membership to colonial New Englanders whose parents were not among the Puritan elect.

Generational Church Membership

Generational church membership refers to the practice of families maintaining membership and active participation in the same local church across several generations.