For many years,a partner in a CPA firm worked on the audit of Grossnomics,Inc.This partner now has retired from the CPA firm and serves as a consultant to Grossnomic's Audit Committee.This partner's former CPA firm:
A) No longer maintains the independence to audit Grossnomics, unless the CPA firm demonstrates to the AICPA that it remains independent in fact and in attitude
B) No longer maintains the independence to audit Grossnomics under any circumstance
C) Maintains the independence to audit Grossnomics as long as this former partner no longer has any actual or apparent financial ties to his former CPA firm
D) Maintains the independence to audit Grossnomics as long as the former partner does not participate in the preparation of Grossnomics' financial statements
Correct Answer:
Verified
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A) A
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