AUD Prep: Name three conditions that allow covered members to maintain a depository account at a bank that is an attest client?

Question

Name three conditions that allow covered members to maintain a depository account at a bank that is an attest client?

Monique Tyler · Accepted Answer

1. The balance in the depository account is fully insured
2. Any immaterial amounts are not material to the covered members net worth
3. If an uninsured account is material, it must be reduced to immaterial within 30 days

AUD Prep

Name three conditions that allow covered members to maintain a depository account at a bank that is an attest client?

1. The balance in the depository account is fully insured 2. Any immaterial amounts are not material to the covered members net worth 3. If an uninsured account is material, it must be reduced to immaterial within 30 days

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