For the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF...

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Accounting

For the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO ProfessionalRules of Conduct and/or Independence Standard, and explain yourreasoning.
a. Emily, CPA, owns a material amount of units in a mutual fundthat owns stock in Emily’s largest audit client. Reading the mutualfund’s most recent financial report, Emily learned that the mutualfund significantly increased its holdings in her client.
thank you

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Independence has been defined under Rule 204 of chartered professional accountants of Ontario rule of professional conduct 2041 Assurance and Specified Auditing Procedures Engagements A member or firm who engages or participates in an engagement a to issue a written communication under the terms of an assurance engagement or b to issue a report on the results of applying specified auditing procedures shall be and remain independent such that the member firm and members of the firm shall be and remain free of any influence interest or relationship which in respect of See Answer

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In: AccountingFor the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO...For the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO ProfessionalRules of Conduct and/or Independence Standard, and explain yourreasoning.a. Emily, CPA, owns a material amount of units in a mutual fundthat owns stock in Emily’s largest audit client. Reading the mutualfund’s most recent financial report, Emily learned that the mutualfund significantly increased its holdings in her client.thank you