Question

An example of a spousal equivalent as defined in AICPA independence rules isA.) A cousin who lives with and is supported by the covered member.B.) A person in a domestic partnership with a covered member.C.) A roommate and long-time platonic friend of a covered member.D.) A former spouse of a covered member who is financially independent of the covered member.

Answer 1

Answer:

B

Explanation:

Spousal equivalent is living with someone under the same roof in on a long term sexual relationship. They don't necessarily have to be married. More of a domestic partnership. AICPA regards people in such arrangements as covered member as they come under the attest engagement team. I.e. individuals who are capable of influencing an engagement team under auditing rules.