A CPA Audits Amberset Corporation

question 28

Multiple Choice

A CPA audits Amberset Corporation.This CPA has been named to serve as the trustee of a trust fund that a client set up for the benefit of her grandchildren.The client is the majority shareholder of Amberset Corporation,and Amberset stock is one of the trust's assets.The CPA potentially retains the independence to continue to audit Amberset Corporation only if:

• A) The CPA is a co-trustee and there are at least three co-trustees
• B) Amberset is a publicly-traded corporation
• C) The CPA does not directly own any Amberset stock
• D) The CPA refuses to serve as this client's trustee

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Definitions:

Exit & Repair Button

A feature in some software applications intended to close the current session and initiate a diagnostic or repair process.

Save Button

A graphical user interface element that allows the user to save changes made to a document or file.

Access Report

A feature in Microsoft Access that allows users to create a formatted printout or summary of the data from various queries or tables.

Fields

In databases and forms, specific areas designated for the input or display of particular pieces of data.