Rivers, a California CPA, is a partner in the firm of Rivers & Griffin, CPAs. The firm was found to have knowingly prepared materially misleading financial statements for the second time. What is the maximum administrative penalty the firm can receive for this second offense?
- $50,000
- $100,000
- $1,000,000
- $5,000,000
Which of the following services is not considered to be a hosting service and, as such, will not impair independence if performed for an attest client?
- Acting as the sole host of a financial or non-financial information system of an attest client
- Having possession of a depreciation schedule prepared by the member, provided the depreciation schedule and calculation are given to the attest client so that the attest client's books and records are complete.
- Providing electronic security or backup services for an attest client's data or records
- All of the above are not considered to be a hosting service.