Final answer:
A CPA performing audit engagements will not be independent under certain circumstances, such as having a financial interest in the client or providing non-audit services to the client.
Step-by-step explanation:
According to the standards of the profession, a CPA performing audit engagements will not be independent under the following circumstances:
- If the CPA has a direct financial interest or a material indirect financial interest in the client being audited.
- If the CPA has a significant relationship, such as a close family member, with an officer or director of the client.
- If the CPA provides certain non-audit services to the client, such as bookkeeping or financial statement preparation.
These circumstances could compromise the objectivity and integrity of the audit process, as the CPA may have a vested interest in the outcome or be influenced by personal relationships.