Question: The SEC observed in AAER No. 3554 that any loan . . . to or from an audit client is inconsistent with auditor independence. Despite

The SEC observed in AAER No. 3554 that "any loan . . . to or from an audit client" is "inconsistent" with auditor independence. Despite that statement, are there any circumstances in which an auditor can have an outstanding loan from an audit client? Explain.

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