According to AICPA's notion of independence, a situation would threaten independence from the viewpoint of Reasonable and Informed third party.
With more than 428,000 members in 130 nations, the American Institute of Certified Public Accountants (AICPA) is the main professional association for CPAs in the United States. The auditor must be objectively honest in order to be considered independent, and he must be unbound by any ties to the client, its owners, management, or management organisation. In several fields, the AICPA establishes commonly agreed professional and technical standards for CPAs. The AICPA had a near-monopoly in this industry until the 1970s. But in the 1970s, it gave the newly established Financial Accounting Standards Board control over establishing generally accepted accounting principles (GAAP) (FASB).
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