If a CPA Owns an Insurance Policy Issued by an Attest

question 49

True/False

If a CPA owns an insurance policy issued by an attest client, independence would be considered impaired, even if the policy was purchased under the insurance company's normal terms and procedures and does not offer an investment option.

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Definitions:

Temporal Bone

A pair of bones that form parts of the side of the skull and house the structures of the ears.

Mandible

The lower jawbone, which is the largest and strongest bone in the human face, involved in chewing and forming the lower part of the facial skeleton.

Foramen

A natural opening or passage, especially in a bone, through which nerves or blood vessels pass.

Tubercle

Lump on a bone.