Julie Webb,CPA,takes Out an Automobile Loan with First National Bank

question 77

Multiple Choice

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 Julie's independence status?

• A)Impaired because Julie has a direct financial interest in FNBW.
• B)Impaired because Julie has a material indirect financial interest in FNBW.
• C)Not impaired because Julie has an immaterial indirect financial interest in FNBW.
• D)Not impaired because Julie is permitted to take normal loans from FNBW.

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Definitions:

Proximity-Seeking

Behavior aimed at reducing distance from a preferred individual or object, often observed in attachment contexts.

Contact-Maintaining

The act of keeping in touch or staying connected with others, especially in maintaining relationships over distance or time.

Insecure Attachment

A type of attachment style identified in psychology where individuals have difficulty forming secure and stable relationships due to early experiences of inconsistent or neglectful care from primary caregivers.

Nerve Cells

Also known as neurons, these are the basic building blocks of the nervous system responsible for transmitting information throughout the body.