Section Ac 502.01 - Opinion on Financial Statements(a) An accountant or a firm of which he or she is a partner, shareholder or member shall not express an opinion on financial statements of an enterprise unless the accountant and the accountant's firm are independent with respect to such enterprise.(b) Independence shall be considered to be impaired if, for example: (1) During the period of his or her professional engagement, or at the time of expressing his or her opinion, the accountant or the accountant's firm:a.Had or was committed to acquire any direct or material indirect financial interest in the enterprise;b.Was a trustee of any trust or executor or administrator of any estate if such trust or estate had or was committed to acquire any direct or material indirect financial interest in the enterprise;c.Had any joint closely-held business investment with the enterprise or any officer, director or principal stockholder thereof which was material in relation to his/her or his/her firm's net worth; ord.Had any loan to or from the enterprise or any officer, director or principal stockholder thereof, except for the following loans from a financial institution when made under normal lending procedures, terms and requirements:1.Loans obtained by an accountant or his firm which are not material in relation to the net worth of such borrower;3.Other secured loans, except loans guaranteed by an accountant's firm which are otherwise unsecured; and (2) During the period covered by the financial statements, during the period of the professional engagement, or at the time of expressing an opinion, he/she or his/her firm: a.Was connected with the enterprise as a promoter, underwriter or voting trustee, a director or officer, or in any capacity equivalent to that of an accountant of management or of an employee; orb.Was a trustee for any pension or profit-sharing trust of the enterprise.N.H. Admin. Code § Ac 502.01
#1663, eff 12-17-80; ss by #2475, eff 9-13-83; ss by #3061, eff 7-18-85, EXPIRED: 7-18-91
New. #5366, eff 3-27-92; ss by #6721, INTERIM, eff 3-27-98, EXPIRED: 7-25-98
New. #6905, eff 12-4-98, EXPIRED: 12-4-06
New. #8810, INTERIM, eff 1-25-07, EXPIRED: 7-25-07
New. #9051, eff 12-27-07
Amended by Volume XXXV Number 01, Filed January 8, 2015, Proposed by #10746, Effective 1/1/2015, Expires1/1/2025.