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In which of the following circumstances would a CPA who audits XZ Corporation lack independence?...

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Accounting

In which of the following circumstances would a CPA who audits XZ Corporation lack independence?
Multiple Choice
The CPA and XZs president are both on the board of directors of COD Corporation.
The CPA and XZs president each own 25 percent of FOB Corporation, a closely held company.
The CPA has an automobile loan from XZ, a financial institution. The loan is collateralized by the automobile.
The CPA reduced XZs usual audit fee by 40 percent prior to the audit because XZs financial condition was unfavorable.

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