On June $1,20$X$8,$ a CPA obtained a $$100,000$ personal loan from a financial institution client for whom the CPA provided compilation services. The loan was fully secured and considered material to the CPA's net worth. The CPA paid the loan in full on December $31,20$X$9.$ On April $3,20$X$9,$ the client asked the CPA to audit the client's financial statements for the year ended December $31,20$X$9.$ Is the CPA considered independent with respect to the audit of the client's December $31,20$X$9$ financial statements? No$,$ because the CPA had a loan with the client during the period of a professional engagement. No$,$ because the CPA had a loan with the client during the period covered by the financial statements. Yes, because the CPA was not required to be independent at the time the loan was granted. Yes, because the loan was fully secured.