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Auditor Independence Facts: Assume that Santa Claus's recently deceased grandfather let him an inheritance ....

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Accounting

Auditor Independence

Facts: Assume that Santa Claus's recently deceased grandfather let him an inheritance . which includes a direct investment in shares of Toys r Us. his audit client. Santa Claus is partner on the Toys r Us engagement. Toys r Us is a privately held company. Santa Claus anticipates, if necessary, the shares could be sold immediately,

Required: Determine

1) Whether Santa Claus is a covered member with respect to this client, and

2) Whether is appropriate for Santa Claus to keep the inheritance shares of Toys r Us. stock.

Respond in the form of an issue memo. Clearly explain your conclusion and support your position with authoritative guidance.

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