- This topic has 1 reply, 2 voices, and was last updated 10 months ago by
Kim Smith.
Kim Smith.-
Posts
-
Noah098
- Topics: 936
- Replies: 352
- ☆☆☆☆☆
A firm, network firm or audit team member should not have a close business relationship with an audit…
A direct, or material indirect, financial interest in the audit client must not be held by the firm or a network firm…
maam in all these cases what is Network firm? subsidiary/JV/associate of audit firm?
Kim Smith
- Topics: 88
- Replies: 6098
- ☆☆☆☆☆
NOT subsidiary/associate relations as in shareholdings – an audit FIRM, like most LAW firms, are partnerships.
Network firm – A firm or entity that belongs to a network.
Network – A larger structure:
(a) That is aimed at co-operation; and
(b) That is clearly aimed at profit or cost sharing or shares
common ownership, control or management, common
quality control policies and procedures, common
business strategy, the use of a common brand-name,
or a significant part of professional resources.
Noah098
Kim Smith- You must be logged in to reply to this topic.