Julie Webb, CPA, takes out an automobile loan with First National Bank of Wellville (FNBW)...
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Julie Webb, CPA, takes out an automobile loan with First National Bank of Wellville FNBW while attending the University of Wellville. Julie graduates one year later and is hired as an auditor by Best and Driftwood, LLP Her first assigned audit engagement is with First National Bank of Wellville, a client of Best and Driftwood. As a new audit assistant, Julie continues to pay her automobile loan payments each month. Which of the following best describes Julies independence status? a Impaired because Julie has a material indirect financial interest in FNBW b Not impaired because Julie is permitted to take normal loans from FNBW c Not impaired because Julie has an immaterial indirect financial interest in FNBW d Impaired because Julie has a direct financial interest in FNBW
Julie Webb, CPA, takes out an automobile loan with First National Bank of Wellville FNBW while attending the University of Wellville. Julie graduates one year later and is hired as an auditor by Best and Driftwood, LLP Her first assigned audit engagement is with First National Bank of Wellville, a client of Best and Driftwood. As a new audit assistant, Julie continues to pay her automobile loan payments each month. Which of the following best describes Julies independence status?
a Impaired because Julie has a material indirect financial interest in FNBW
b Not impaired because Julie is permitted to take normal loans from FNBW
c Not impaired because Julie has an immaterial indirect financial interest in FNBW
d Impaired because Julie has a direct financial interest in FNBW
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