CPA AUD Practice Questions - AICPA CPA Exam - Auditing & Attestation (AUD) Core Section Exam

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Under the AICPA Independence Rule, a covered member's spouse owns 100 shares (immaterial) of an audit client's stock. What is the effect on independence?

Independence is unimpaired because the holding is immaterial Independence is impaired regardless of materiality because direct financial interests of immediate family are attributed to the covered member Independence is impaired only if the spouse is an officer of the client Independence is unimpaired if the shares are held in a blind trust

Correct Answer:

Independence is impaired regardless of materiality because direct financial interests of immediate family are attributed to the covered member

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