logan, controller of lone mfg., wanted to leave that company and join the fi rm’s auditors, gregpopper, cpas, a one-offi ce public accounting fi rm. the accounting fi rm agreed to take him in as apartner provided they did not lose their independence with lone mfg. because of his employment. inorder to insure that they remain independent of lone mfg. several things would be required. which ifany, of the following is not one of the requirements?

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02-09-2022
Business

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logan, controller of lone mfg., wanted to leave that company and join the fi rm’s auditors, gregpopper, cpas, a one-offi ce public accounting fi rm. the accounting fi rm agreed to take him in as apartner provided they did not lose their independence with lone mfg. because of his employment. inorder to insure that they remain independent of lone mfg. several things would be required. which ifany, of the following is not one of the requirements?

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-09-05T21:09:48+02:00

Logan, the controller of lone mfg., wanted to leave that company and join the fi rm’s auditors, gregpopper, CPAs, a one-office public accounting firm. the accounting firm agreed to take him in as a partner provided they did not lose their independence with lone mfg. because of his employment. In order to ensure that they remain independent of lone mfg. several things would be required. Below is not one of the requirements:

Logan must dispose of all immaterial indirect financial interests in Lone Mfg.

Public accounting firms (PAFs) can be corporations, partnerships, or single proprietorships. These firms employ certified public accountants (CPA) to provide accounting services as a third party. They assist their clients in remaining compliant with GAAP (generally accepted accounting standards) and legal business obligations.

The majority of CPAs concur that the field of public accounting is quite stressful. According to 1958 studies, accountants' cholesterol levels dramatically rose during the busy season and then fell off. The current state of the economy may make stress for CPAs even more severe.

A company that offers accounting services to other businesses is referred to as public accounting. Public accountants offer their clients tax, auditing, and accounting skills.

Learn more about public accounting here:

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