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What is the basic ethical issue

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Question - Eldridge Elderly retired from the active practice of public accounting last year. As part of his retirement, he received a buyout package from his former CPA firm that pays him $300,000 per year for 10 years. The payout is not contingent on firm profits and is guaranteed by a well-established insurer. After retiring, Eldridge used some of his retirement money to buy stock in Wojo Warehouse Stores, a wholesaler that had been a firm client when he was active. Wojo has remained a firm audit client since Eldridge's departure. Eldridge never was a covered member with respect to Wojo, and he has severed all operational ties to his former CPA firm. His photo and biography, however, remain proudly displayed on his former firm's website.

Required -

1. What is the basic ethical issue?

2. What is the relevant duty?

Reference no: EM133140789

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