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Which one of the following circumstances represents an unacceptable breach of professional guidelines on independence? A. Arthur Old & Co, the auditors of NatMid Bank, a listed company, maintain the practice's current account and deposit account at a branch of the bank. B. Puccini & Co are the auditors of Manon, a listed company. A student who has recently joined the firm has a beneficial holding of 50 ordinary shares in the company; he is assigned to an audit group which is not responsible for the audit of Manon. C. Verdi & Co. are the auditors of Aida, a listed company. Joe Verdi is a partner in the practice; his wife is the beneficial owner of 5,000 ordinary shares in Aida, acquired before the firm became auditors of the company some ten years ago. D. Bill, Benn & Co are the auditors of Weed, a listed company. Mr Benn is a partner in the firm but is not partner in charge of the Weed audit. He is the trustee of a trust holding 5% of the issued ordinary shares of Weed. |