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Mary Reynolds is a partner at kumar and associates inc. mary Reynolds sister, olivia Reynolds, received...

Mary Reynolds is a partner at kumar and associates inc. mary Reynolds sister, olivia Reynolds, received a large inheritance that included stock of turf incorporated. Mary does not personally audit turf incorporated, but it is one of kumars clients. What section of the professional standards provides guidance for mary to determine if her independence is or is not impaired by this situation?

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Independence, Integrity, and Objectivity are defined and more fully described in the AICPA Code of Professional Conduct (the Code) and AS 1005, Independence. Rules 101 and 102 of the Code, and the related Interpretations and Rulings (ET sections 101, 102, and 191) contain examples of instances wherein a member's independence, integrity, and objectivity will be considered to be impaired. Independence encompasses impartiality that recognizes an obligation for fairness not only to management and owners of a business but also to those who may otherwise use the firm's report like Mary Reynolds in said case. The firm and its personnel must be free from any obligation to or interest in the client, its management, or its owners.

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