8. A central bank fines a commercial bank it supervises for not following statutory regulations regarding nonperforming loan provisions on three large loans as a result of the bank's loan provisioning policy.
Louis Marie Buffet, CFA, sits on the board of directors of the commercial bank as a non-executive
director, representing minority shareholders. He also chairs the bank's internal audit committee that
determines the loan provisioning policy of the bank. Mercy Gatabaki, CFA, is the bank's external
auditor and follows international auditing standards whereby she tests the loan portfolio by randomly
selecting loans to check for compliance in all aspects of central bank regulations. Which
charterholder is most likely in violation of the Code and Standards?
A. Gatabaki
B. Buffet
C. Both
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