Gracy, A Member, Is An Audit Manager With The Firm Of Gracy &Amp; Sogard, CPA's. The Firm Is Engaged To

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Question: Gracy, A Member, Is An Audit Manager With The Firm Of Gracy &Amp; Sogard, CPA's. The Firm Is Engaged To Prepare Audited Financial Statements For Haber Machines For The Year Ended December 31, 20X4. Gracy's Wife Sandra Works As The Executive Assistant To The CEO Of Haber Machines. As A Result Of The Employment With Haber Machines, Sandra Participates In

Gracy, a member, is an audit manager with the firm of Gracy & Sogard, CPA's. The firm is engaged to prepare audited financial statements for Haber Machines for the year ended December 31, 20X4. Gracy's wife Sandra works as the executive assistant to the CEO of Haber Machines. As a result of the employment with Haber Machines, Sandra participates in the company's defined contribution pension plan. Through this participation in the Haber Machines defined contribution pension plan, Sandra has a direct financial interest in the company. Which of the following statement is true with regard to Gracy & Sogard, CPA's independence on the Haber Machines audit engagement?

A) Independence is impaired in all cases

B) If Gracy does not participate in the attest engagement and is not in a position to influence the attest engagement, in dependence is not impaired.

C) If Sandra's investment is an unavoidable consequence of her participation to the plan, independence is not impaired

D) None of the above

E) Both b and c are required for independence to be maintained

 


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