30 MAC Pt. 1, R. 6.2.1

A CPA or firm of which he is partner, member, or shareholder shall not express an opinion or issue a review report on financial statements of a client unless he is and, if applicable, his firm are independent in fact and appearance with respect to such client. Examples of such impairment of independence include but are not limited to: (a) During the period of the professional engagement or at the time of expressing an opinion or issuing a review report, he or the CPA firm: (1) had or was committed to acquire any direct or material indirect financial interest in the client; or (2) had any joint closely held business investment with the client or any officer, director, partner, or principal stockholder thereof which was material in relation to the CPA or firm permit holder’s net worth; (3) had any loan to or from the client or any officer, director partner, or principal stockholder thereof. This latter proscription does not apply to the following loans from a financial institution when made under normal lending procedures, terms and requirements: a. loans obtained by a CPA or the firm which are not material in relation to the net worth of such borrower; b. home mortgages; c. other secured loans, except loans guaranteed by a CPA’s firm which are otherwise unsecured; (4) was a trustee of any trust or executor or administrator of any estate that had or was committed to acquire any direct or material indirect financial interest in the client; (b) During the period covered by the financial statements, during the period of the professional engagement or at the time of expressing an opinion or issuing a review report, the CPA or the CPA firm: (1) was connected with the client as a promoter, underwriter or voting trustee, a director or officer or in any capacity equivalent to that of a member of management of an employee; (2) was a trustee of any trust or executor or administrator of any estate if such trust or estate had a direct or material indirect financial interest in the client; or was a trustee for any pension or profit-sharing trust of the client; (3) had a commitment from the client for a commission or contingent fee in violation of Rules 6.6. or 6.7.