2026 Professional Ethics for Louisiana CPAs in Public Practice (Answer)
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Discussion Question #12
An example of a permitted loan with an attest client is:
a. A loan that the member makes on an unsecured basis from an existing attest client
b. A loan that was acquired under normal terms and conditions before the member was required to be independent that is kept current and the collateral equals or exceeds the loan balance <– Correct Answer
c. A loan whose terms were changed after the date the member was required to be independent
d. A loan that is collateralized by real estate
Watch the video below to see an explanation for the answer.