An accountant audits Quickiron, LLC. This accountant also serves as a trustee of a trust that has an ownership interest in Quickiron, LLC. As the trustee, she is expressly empowered to make all investments for the trust. Ownership interests in Quickiron, LLC, are traded infrequently and are illiquid.
a. Should this accountant be concerned about violating the Independence Rule?
b. If the accountant-trustee sells the Quicksilver, LLC ownership interests on behalf of the trust, will that fix the accountant's independence problem?
c. If the accountant-trustee sells the Quicksilver, LLC ownership interests, could this constitute a breach of fiduciary duty?