18. On June 1, 2006, a CPA obtained a 100K 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 12/31/07. On 4/3/07, the client asked the CPA to audit the client's F/S for the year ended Dec 31 07. Is the CPA independent with respect to the audit of the clien'ts 12/31/07 F/S?
a. Yes, because the loan was fully secured
b. Yes, because the CPA was not required to be independent when the loan was granted
c. No, because the CPA had a loan with the client during the period of a professional engagement
d. No, because the CPA had a loan with the client during the period covered by the financial statements