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ACC-614 Assignment Submission ACC-614 Topic 3: Gleim Simulation
In each statement below, Beta Manufacturing is assumed to be an audit client of a local CPA
firm, Green & Martin. Select from the option list provided whether the party is independent or
not independent in either appearance or mind in the following situations based on the
AICPA's Code of Professional Conduct. Each choice may be used once, more than once, or not at
all.
Statement
1. Peter Green, a partner of Green & Martin,
owns the building in which Beta
Manufacturing's corporate offices are located.
The lease is classified as a sales-type lease by
the lessor-partner.
Answer



Answer :

GinnyAnswer

Final answer:

The importance of independence in auditing is highlighted in the scenario of Peter Green's ownership of Beta Manufacturing's building.


Explanation:

Independence in auditing is crucial to ensure objectivity and integrity. In this scenario, Peter Green's ownership of the building where Beta Manufacturing is located poses a threat to independence. The lease classification as a sales-type lease could further compromise independence.


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