Ruth Shafer, CPA, is auditing the financial statements of the Nelson Company. Her son, age 16, owns
Question:
Ruth Shafer, CPA, is auditing the financial statements of the Nelson Company. Her son, age 16, owns 100 shares of the 50,000 shares of the Nelson Company common stock outstanding at the balance sheet date.
Required:
Discuss the effect, if any, the son's stock ownership would have on the auditor's opinion.
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