Which of the following statement is TRUE in regard to the independence rules under PCAOB guidelines.

- Both the lead and review partner on an engagement may stay in the role for 2 years and then must "roll off" the job for a 7 year rest period.

- Unpaid audit fees from 1 year prior to the audit report date are considered a loan to the audit client and violate independence.

- A covered person can't have a family member employeed with an audit client in any accounting position.

- A covered person may have a direct financial interest in the audit client as long as the amount or value of stock owned is less than $10,000.