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First question. some of the ethical threats are like
1. reviewed by senior person with appropriate expertise who has not been involved in the team
2. independent review of significant judgement made by the individual
3. external review of work done
just to confirm, when an audit firm provides both audit and non audit services, those 3 safeguards (above) are performed either on audit and non audit service right ?
Second question, if external review is done, assuming outside the XYZ audit firm, then just to safeguard from the ethical threat, XYZ audit firm pays money to another specialist to review the work (if there’s only one audit partner with actuarial competence in XYZ audit firm) ? assuming there aren’t anyone with actuarial expertise in XYZ other than the one who performed the service.
I confirmed already that they would not necessarily have to be carried out on both https://opentuition.com/topic/eqcr-safeguards-for-ethical-threat/ – surely you can see that it would depend on what the non-audit is.
If that is the only safeguard that would reduce the threat to an acceptable level, the only alternative to paying for is to decline the work – you can’t just ignore the need for safeguards.
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