Choice "A" is correct. Membership in a social club in which membership requirements involve acquisition of a pro rata share of equity does not impair independence because such equity is not considered to be a direct financial interest. The member, however, should not serve in any management capacity.
Choice "c" is incorrect. Leasing property to a client results in an indirect financial interest that impairs a CPA's independence.
Choice "d" is incorrect. Any direct or material indirect financial interest impairs a CPA's independence with respect to a client, whether or not the financial interest is placed in a blind trust.
Choice "b" is incorrect. A CPA's independence is considered impaired if the CPA has any loan to or from the client. A loan includes a guarantee of a loan.
