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.

---

Definitions:

Saving And Spending

Economic activities that involve setting aside income (saving) for future use and using income for current needs or desires (spending).

Alianza Hispano Americana

A fraternal aid society founded in 1894 to provide mutual aid and legal help to Hispanic Americans, advocating for their rights and welfare.

Tucson

A city in the U.S. state of Arizona, known for its rich history and cultural heritage, including Native American, Spanish, Mexican, and American influences.

Los Angeles

A sprawling Southern California city and the center of the nation’s film and television industry, known for its iconic Hollywood sign.