AICPA 4-6

What is involved with disassociation?
- Disposing of any financial interest in the client
- Collecting/repaying loans to/from the client
- Ceasing to participate in client's benefit plans
- Liquidating/transfering all vested benefits in the client's plans
Inter-Entity Investment

Covered member has an investment in a non-client that has a significant relationship with an attest client.
Can a covered member invest in a company that the client has a controlling interest in?

No.
Can a covered member invest in a company that the client has a material investment in?
Independence of a covered member is impaired by loans from...
- An attest client
- Any officer or director of an attest client
- A stockholder owning 10%+ interest in an attest client
What loans are permitted from financial institutions that are attest clients?
- Car loans fully collateralize by the vehicle
- Credit cards where the balance is reduced each cycle to <10,000
- Loans fully collateralize by cash
All partners and professional employees are prohibited from having how much of a financial interest in an attest client?

>5%

Author

Anonymous

77865

Card Set

AICPA 4-6

Description

AICPA

Updated

2011-04-06T21:52:18Z

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