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Jane, a partner in a CPA firm, borrows $100,000 on a secured note from one...

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Accounting

Jane, a partner in a CPA firm, borrows $100,000 on a secured note from one of the firm's bank audit clients to build a new dormer on her house. The amount of the loan is material to Jane. Jane will not provide any services to the bank and she is unable to influence the engagement. Jane practices in the same office as the lead partner on the bank's audit. Is Jane's independence impaired under the AICPA code?

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