SEC Flashcards
1
Q
Who are covered persons?
A
1 Audit engagement team
2 Chain of command
3 Firm
2
Q
Who cannot have direct investments in an audit client according to the SEC?
A
1 Firms
2 Covered persons
3 Immediate family members
3
Q
A credit card owned by a lender is impairs independence when…
A
When the credit card balance is more than $10,000
4
Q
Which non-audit services impair independence to audit clients according to the SEC?
A
Bookkeeping, Design financial information systems, Appraisals, Actuarial services, Internal audit, Management functions, HR duties, Investment banking, Legal services and Expert services
