Which statement best describes how audit firms should apply the general standard in the SEC independence rule? a. Firm should ensure that all services and relationships comply with specific proscriptions in the rule only. b. Firms should apply the general standard only when the specific rules do not address a service or relationship. c. Firms should examine all services and relationships in light of the rule's general standard. d. Firms should consider the general standard as an optional provision in the SEC independence rule.
Which statement best describes how audit firms should apply the general standard in the SEC independence rule? a. Firm should ensure that all services and relationships comply with specific proscriptions in the rule only. b. Firms should apply the general standard only when the specific rules do not address a service or relationship. c. Firms should examine all services and relationships in light of the rule's general standard. d. Firms should consider the general standard as an optional provision in the SEC independence rule.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which statement best describes how audit firms should apply the general standard in the SEC independence rule?
a. Firm should ensure that all services and relationships comply with specific proscriptions in the rule only.
b. Firms should apply the general standard only when the specific rules do not address a service or relationship.
c. Firms should examine all services and relationships in light of the rule's general standard.
d. Firms should consider the general standard as an optional provision in the SEC independence rule.
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