Description
A CPA firm has numerous partners, all of whom work out of the firm’s sole office in New York City. Jeanne is the lead attest partner on the audit of Bell Bank, a small financial institution located in mid- town Manhattan. The audit team is comprised of five professional staff members and two administra- tive staff members. Tony is the managing partner of the firm, who also serves on the firm’s Compensation Committee.Casey is the partner in charge of quality con- trol monitoring for the firm, and Carina is the CPA firm’s technical expert on derivatives valuation and auditing. Carina was consulted by the audit engage- ment team to help resolve a difference of opinion between the client and the firm on how a securiti- zation transaction should be reported. Liam is a tax manager who spent four hours addressing a client matter with the state sales tax authorities.Which of these individuals is a covered mem- ber regarding the audit of Bell Bank?
Indicate if independence is required for an accoun- tant to perform the following tasks:
Rendertaxadvicetoanonauditclient
Issueanauditopinionconcerningagovernment-run airport
Issue a review opinion concerning quarterlyreports of a privately held company
Makerecommendationsasaninternalauditortoyour employer
Determineproperaccountclassificationspriortorecording journal entries that will appear on your employer’s books and affect the content of its year-end audited financial statements
Issue an audit opinion concerning the financial statements of an employer-funded pension plan
Provide litigation-related advice to a nonaudit client?
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