AUD Prep: Is independence impaired if a covered member has or is committed to acquiring any direct (whether material or not) or any material indirect financial interest in an attest client?

Question

Is independence impaired if a covered member has or is committed to acquiring any direct (whether material or not) or any material indirect financial interest in an attest client?

Monique Tyler · Accepted Answer

Yes, independence is impaired!

Only if interests are both indirect AND immaterial is independence not impaired.

AUD Prep

Is independence impaired if a covered member has or is committed to acquiring any direct (whether material or not) or any material indirect financial interest in an attest client?

Yes, independence is impaired! Only if interests are both indirect AND immaterial is independence not impaired.

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