Under Rule 101 (Independence), a CPA (or CPA firm) is not independent if one or more financial relationships exist with a client during the period of professional engagement or at the issuing of the opinion. Discuss situations in which the CPA’s independence might be impaired.
Answer to relevant QuestionsA CPA must meet certain qualitative standards under Rule 201 (General Standards). Discuss the four general standards of this rule. What threshold does SSTS No. 1 provide for a tax practitioner regarding tax return positions? Could disclosure of the position influence that threshold? Who sets ethical rules for attorneys in the various states? Summarize what is discussed in each of the following sections of Circular 230: a. Subpart A, § 10.2(e) b. Subpart A, § 10.7(c) c. Subpart B, § 10.24 d. Subpart B, § 10.34 What is the precedent-setting value of each of the following cases? a. Lowell Bar Association v. Loeb b. Bercu c. Sperry v. Florida
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