Incorrect. A covered person is allowed to have savings and checking accounts at an attest client as long as the balances do

not exceed the FDIC insured amount.

Which of the following impairs independence under SEC independence rules?

A covered person obtained a mortgage loan from an attest client $($a financial institution$)$ before becoming a covered person.

A newly hired staff accountant $($and covered person$)$ holds checking and savings accounts at a bank that is an attest client.

A covered member served as a board member for an affiliate of the attest client.

Several partners in the firm hold shares in an attest client.