AICPA Quiz 4/4

Generally a member of your immediate family may be employed by an attest client without impairing your independence as long as he/she does not hold a _____ poisition.

an individual who has primary responsibility for significant accounting functions that support material components of the financial statements; has primary responsibility for preparing the financial statements; or can exercise influence over the content of the financial statements LOOK AT RESPONSIBILITIES

Employment of your close relatices is subject to some restrictions if you are a covered member because you are

Close relatives include

the only covered members excluded from the close relative issues are those who are covered members because they provide

Independence is required when you perform

Independence is not required if you perform only:

Periods during which independence is required

Independence is considered impaired if a covered member has a _____ _____ ____ in an attest client

There is no ______ threshold. Any amount of direct investment impairs independence.

Independence is considered impaired if a covered member has a ______ ____ financial interest in an attest client. --must be material to the covered member's net worth before it is considered to impair independence. --no qualitative benchmark --requires judgment and includes both quantitative and qualitative factors

Investment would be considered a direct financial interest if:

Owning shares in a mutual fund is

If you acquire a financial interest unexpectedly through gift or inheritance, independence is not considered impaired as long as