[NeedsA75]

Can someone help explain if the following loans would impair a firm’s independence?

If a partner has loaned a client money but the partner doesn’t work in the office that does any work for this client?

What about a staff level person who works in the office that does the all the client work but doesn’t work on the engagement personally? Is it OK for them to have a loan with the client w/out impairing the firm’s independence?

My interpretation is that both the partner and staff level members would NOT be covered members and therefore neither loan would impair the firm’s independence. Can anyone else confirm?

AUD - 96
BEC - 86
FAR - 76
REG - 92

PETH - 92
Licensed in California