Problem:
One think I notice is that section 100 of the Rules of the Code of Conduct discusses independence, objectivity, and integrity. The independence rule does not apply to all services performed by the CPA. The independence rule applies to auditing as well as other attestation services such as examinations, reviews, and agreed-upon procedures. For example, if a partner in a firm has a direct or material indirect financial investment and practices in the office performing the attest engagement, the firm is not considered independent. If a professional employee has a direct or material indirect financial investment and does NOT serve on the attest engagement, the firm may be independent. There are a few exception to this. If the employee is considered a "covered member" as specified in the code, he will not retain independence.
How do rules for public companies differ from nonpublic companies with respect to independence?