Which of the following is a permitted loan to a CPA from an audit client financial institution?
A) Car loan collateralized by the car
B) Credit cards with a limit greater than $25,000
C) Home mortgage
D) Personal loan of less than $10,000

Question

Quizplus · Accepted Answer

A car loan collateralized by the car is a permitted loan to a CPA from an audit client financial institution. The other options (credit cards with a limit greater than $25,000, home mortgage, and personal loan of less than $10,000) are not permitted loans as they violate the independence requirement of the AICPA Code of Professional Conduct.

Which of the Following Is a Permitted Loan to a CPA