@ GonnaBeACPA, you're welcome!
@ag08c, I formed that mnemonic in reference to the table summary of independence standards found at A6 pages 26-27 of Becker/AUD-A book.
Again, FANATICS-LOVE-APE are items that DO NOT impair independence ONLY under US-DOL [Dept of Labor].
But if you were referring to all – AICPA/SOX/PCAOB/SEC & IFAC, yes more than half of this mnemonic impairs independence.
The rules pertaining CPA independence under various government bodies & AICPA are a lot to remember.
There are even items that are permitted with appropriate safeguards which makes them more complicated to sort out correctly.
I would like to add here additional mnemonic for items that UNIFORMLY impair independence
(under AICPA/SOX/PCAOB/SEC/DOL/IFAC)
[HBMDFM] His Bestfriend Marries Donald For Money!
H – HR services
B – Bookkeeping
M – Material indirect financial interest
D – Direct financial interest
F – Former employment (of the client participates on the engagement team)
M – Mgt. services
.