Yolanda is the executive in charge of the Santa Fe office of Best & Co, an international publicaccounting firm. She is responsible for the practice in all areas of audit, tax, and consulting, butshe does not serve as a field audit partner or a reviewer. Javier is the partner in charge of theBesame Inc. audit (an SEC filing). Is Best & Co independent if (a) Yolanda owns common stock ofBesame or (b) her brother owns 10 shares of the common stock of Besame?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Yolanda is the executive in charge of the Santa Fe office of Best & Co, an international public
accounting firm. She is responsible for the practice in all areas of audit, tax, and consulting, but
she does not serve as a field audit partner or a reviewer. Javier is the partner in charge of the
Besame Inc. audit (an SEC filing). Is Best & Co independent if (a) Yolanda owns common stock of
Besame or (b) her brother owns 10 shares of the common stock of Besame?

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