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Sir, I am a bit confused how to differentiate when we will use the ethical principles like integrity, confidentiality, objectivity, professional behaviour and professional competence and due care AND when we will use something like familarity threat, self review threat?
For example, if the question is asking for why supply of non audit services will be seen as problem? why it is recommend the auditor should not provide such services?
In this respect, I need to use the 5 ethical principles or threats to indepedence OR both also can?
thanksUse whatever you can: so self-interest is there, so could self-review in some cases, so could independence.
For example, if the question is asking for why supply of non audit services will be seen as problem? why it is recommend the auditor should not provide such services?
so in this case, I can use self-interest threat, familiarity threat, independence, sel-review threat, objectivity?
am I right?Self interest if fees roo high.
Familiariy, not quite so obvious.
Self review if auditors chwck work by their own tax dept.
Independence and obectivity are not threats. They are two of the principles.
You would npt get many marks just by mentioning, say, self review. You need to explain how it could arise in the scenario.
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