Sherry Hartwog Is the Managing Partner of Hartwog and Associates,CPAs

question 23

Multiple Choice

Sherry Hartwog is the managing partner of Hartwog and Associates,CPAs.This CPA firm operates out of a single office in Greenwich,Connecticut.Bantam Boxers,Inc.is an audit client of Hartwog and Associates,CPAs.The CEO of Bantam Boxers,Inc.recently told Hartwog that he had named Hartwog to serve as an executor of his estate after his death.The CEO owns 40% of the stock outstanding in Bantam Boxers,Inc.Does Hartwog and Associates,CPAs retain the independence to complete its current-year audit Bantam Boxers,Inc.?

• A) Yes, because the CEO is still alive
• B) Yes, as long as Hartwog is only a co-executor
• C) Yes, as long as none of the CEO's estate beneficiaries own stock in Bantam Boxers
• D) No

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Definitions:

Contract

A binding legal arrangement agreed upon by two or more parties, enforceable through legal action.

Prestigious

Held in high esteem or regard; indicative of or conferring prestige or distinction.

Legal Age

The age at which an individual is recognized by law as being capable of assuming certain rights and responsibilities.

Insolvent

A financial state in which an individual or entity cannot meet their debt obligations or pay their bills as they become due.