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employment with audit client in a position of significant influence

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › employment with audit client in a position of significant influence

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • November 23, 2021 at 4:52 am #641349
    Noah098
    Member
    • Topics: 935
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    • ☆☆☆☆☆

    Partners joining listed clients as a director or employee in a position to exert influence over the financial statements- safeguards:

    “-Independence is compromised unless, subsequent to the partner ceasing to be a key audit partner or senior partner, the client had issued audited financial statements covering a period of not less than 12 months, and the partner was not a member of the audit team with respect to the audit of those financial statements. [R524.6]

    -If a senior or managing partner of the firm joins a listed audit client, independence is compromised unless twelve months have passed since the individual was the senior or managing partner. ”

    maam am one safeguard makes refrence to FSs and other makes no such refrence. I mean if safeguard 2 is implemented then 1 should not be needed? I find them contrasting.

    November 23, 2021 at 8:17 am #641358
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6786
    • ☆☆☆☆☆

    The first relates to a partner/senior member of the audit team – the 2nd is some other partner/senior member of the firm (not involved in the auditor).

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