Conflict of Interest

This topic has 1 reply, 2 voices, and was last updated 11 years ago by elsie2009.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
September 30, 2014 at 2:15 pm #202316
begum
Member
- Topics: 9
- Replies: 20
In the notes, under Conflict of Interest> Conflict between Interests of diff clients, the last point states that “where the acceptance or continuance of an engagement would, even with safeguards, materially prejudice the interests of any clients, the appointment should not be accepted or continued”
So are we supposed to take from this that if it is not “material” then we can accept/continue with engagement? If so what is the measurement of materiality in this context?
Thank you for your help in advance.
Begum
October 5, 2014 at 9:08 am #203534
elsie2009
Member
- Topics: 34
- Replies: 61
Its not a measure of materiality per say, its a matter of judgement.
This relates to when you have two clients who are in direct competition and have insufficient resources, if Audit firm cannot implement appropriate safeguards then it should discontinue or not accept client.
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.