AICPA 4-6

Card Set Information

Author:
Anonymous
ID:
77865
Filename:
AICPA 4-6
Updated:
2011-04-06 17:52:18
Tags:
AICPA
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Description:
AICPA
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  1. 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
  2. Inter-Entity Investment
    Covered member has an investment in a non-client that has a significant relationship with an attest client.
  3. Can a covered member invest in a company that the client has a controlling interest in?
    No.
  4. Can a covered member invest in a company that the client has a material investment in?
  5. 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
  6. 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
  7. All partners and professional employees are prohibited from having how much of a financial interest in an attest client?
    >5%

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