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network firm

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › network firm

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by Kim Smith.
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  • August 24, 2021 at 3:00 am #632687
    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?

    August 24, 2021 at 7:33 am #632707
    Kim Smith
    Keymaster
    • 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.

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