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Hi Sir,
When answering ethics questions,
1- When the threat can’t be reduced to an acceptable level should we just decline ( eg; self review threat – listed entity non-audit services) and put no safeguards?
2- If the threat is too high that cannot be reduced to an acceptable level should we just decline straight or put safeguards and decline?
3- If there are safeguards does that mean we should not decline? Should we accept or consider when there are safeguards put in place?
Thank You Sir
ps; sorry for the tounge twister sir hope it clears for you
See page 24 of the notes:
Where such threats exist, the auditor must:
? Eliminate the circumstance that creates the threat(s); OR
? Apply safeguards, where available, to reduce the threats to an acceptable level (see s.4); OR
? Decline or end the specific professional activity.
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