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if the loans and guarantees made to the audit firm by the assurance client that is a Bank or similar institution but which is not on NORMAL commercial terms. What will happen in that case? Should the engagement be declined? Does this situation have any safeguards?
The audit firm should not have asked for special terms – yes, it’s ok to have a loan from a client bank. But there shall be no special terms that are not generally available to the public
It’s not a question of declining the engagement – it’s more a matter of the fact that the audit firm should never have allowed itself to get into this position!
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