AICPA每日一练之AUD【2016-2-6】

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Under the ethical standards of the profession, which of the following is a "permitted loan" regardless of the date it was obtained?

A. Personal loan.

B. Home mortgage loan.

C. Student loan.

D. Secured automobile loan.

Answer:D

Choice "D" is correct. According to Rule 101-Independence of the AICPA code, a fully secured automobile loan with a financial institution client is permitted (regardless of the date obtained) and does not impair the independence rule.

Choices "b", "c", and "a" are incorrect. Each of these loans from the client would be considered an impairment of independence under Rule 101.

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