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Hello dear tutor
In Dec 2014-Q4b there was a long association with senior audit personnel(more than 7 years)…
The answer is:
“According to IESBA code, familiarity and self interest threats are created…..”Why and how long term association of senior audit personnel creates self interest threat?(it is obvious that iy creates close realtionship and familiarity threat but i have problem with self interest…)
In the answer it states why it creates familiarity threat but said nothing about how it creates self interest threat…Thank you in advance
I imagine that the answer that includes ‘self-interest’ threat is there because no auditor is happy to lose an audit – put very simply, it’s annual income that will not be earned next year!
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