Question: Which statement best explains why the SEC has concerns about the independence of a CPA firm that has a business relationship with its audit client?

Which statement best explains why the SEC has concerns about the independence of a CPA firm that has a business relationship with its audit client?
The firm may depend too heavily on audit fees generated by the client.
The firm may have a mutuality of interests with the audit client.
The firm may be overly skeptical about the client's financial position.
The firm may have a conflicting interest with the audit client.

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