Determine what section of the independence rule

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Reference no: EM132479567

The firm of Bell & Greer, CPAs, has been asked to perform attest services for Trek Corporation (a nonpublic company) for the year ended December 31, Year 5. Bell & Greer has two offices: one in Los Angeles and the other in Newport Beach. Trek Corporation would be audited by the Los Angeles office. For each of the following cases, indicate whether Bell & Greer's independence is definitely impaired. If it is not definitely impaired, but might be under some circumstances, discuss those circumstances.

Point 1: A partner in the Los Angeles office of Bell & Greer has been a long-time personal friend of the chief executive officer of Trek Corporation.

Point 2: The former controller of Trek Corporation became a partner in the Newport Beach office of Bell & Greer on March 15, Year 5, resigning from Trek Corporation on that date.

Point 3: A manager in the Newport Beach office of Bell & Greer is the son of the treasurer of Trek Corporation.

Point 4: A partner in the Los Angeles office of Bell & Greer jointly owns a cattle ranch in Montana with one of the directors of Trek Corporation. The value of the investment is material to both parties.

Point 5: Trek Corporation has not yet paid Bell & Greer for professional services rendered in Year 4. This fee is substantial in amount and is now 15 months past due.

Question 1: Use the Code of Professional Conduct to research each of the circumstances presented and address whether Bell & Greer's independence is impaired. Determine What section of the Independence Rule and any detailed related sections that address the issue and your resolution of the issue

Reference no: EM132479567

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