on June 1, 2008, ACPA obtained a $100,000 personal loan from a financial institution client from the CPA provided compilation services. The loan was fully secured in considered material to the CPA's net worth. The CPA paid the loan in full on December 31, 2009. On April 3, 2009, the client asked the CPA to audit the clients financial statements for the year ended December 31, 2009. Is the CPA considered independent with respect to the audit of the clients December 31, 2009 financial statements?
yes, because the CPA was not required to be independent at the time the loan was granted