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perniva
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| Posted: 05 Sep 2011 at 10:23 | IP Logged
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A CPA has a pre-existing secured personal loan with a "new" audit client before the engagement is accepted, does this impair independence? What about a mortgage loan?
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FAR 05/29/2011 #82
AUD 08/31/2011 #86
REG 11/29/2011 #72
REG 01/17/2012 #89
BEC 02/29/2012 #75
Becker 2011
TEXAS
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CanadianCPA
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| Posted: 05 Sep 2011 at 10:37 | IP Logged
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Can't have a mortgage, personal loan, like credit card ok up to i think 10K? student loans are not allowed either
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REG - [89]07/02/10
FAR - [93]07/12/10
BEC - [88]08/06/10
AUD - [91]08/16/10
ETH - [98]08/17/10
CPA 10/18/11
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jl0329
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| Posted: 07 Sep 2011 at 09:31 | IP Logged
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Independence is not impaired in a financial institution
client by:
All of these needs to occur under normal lending
circumstances.
1. Fully collateralized car loans/leases with a financial
institution client.
2. Cash advance or credit card balances not exceeding
$10K
3. A bank account that is fully insured by the gov.
(FDIC)
3. A passbook loan. (<-- What is this?)
Mortgage loans on a PRIMARY RESIDENCE obtained before
the
covered person was a covered person is OK.
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Topic: New audit client, pre-existing loans?
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