Julie Webb, CPA Takes Out an Automobile Loan with First

question 47

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. According to the AICPA, why is Julie is considered a covered member for FNBW independence purposes?

• A) She will be working on the engagement.
• B) She has a direct financial interest in FNBW.
• C) She graduated in the same area as the client is operating.
• D) She has an immaterial direct financial interest in FNBW.

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Definitions:

Expensive Charges

Costs for services or products that are considered high or above average.

Sexual Harassment

Unwanted sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature, typically in the workplace or an academic setting.

Canadians

Citizens of Canada or individuals living in Canada, known for their diverse culture and inclusive society.

Work

A task or series of tasks performed to meet a goal or purpose, often to produce goods or services in exchange for payment.