Lesson: Independence Standards and Impairments

In this lesson, Nick Palazzolo discusses the importance of maintaining independence in audit engagements and covers various factors that can impair independence when dealing with PCAOB and SEC requirements. He goes over situations such as direct financial interest, loans to or from clients, employment at the client in key positions, and seeking or discussing potential employment with the client. The lesson also highlights the concept of a "covered person" and their obligation to maintain independence both in mind and appearance. Lastly, the lesson briefly addresses disallowed services, emphasizing the strictest requirements for public companies.