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
You are correct in that we CAN accept if there is no material affect on other clients
“Material” is left to the judgement of the firm’s partners. There’s no percentage basis such as “half – 1% of revenue”
It’s all a matter of subjectivity
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