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Compensation & evaluation policies, Financial int, Actual / threatened…
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Financial int
Other circumstances
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Other indv
- partners, prof employees of the firm / network firm
Factors in evaluating lvl of such threat
- firm's organisational, operating & reporting structure (monitoring & declaration department)
- nature of relationship btwn indv & audit team member
Held by firm, network firm, audit team members & others
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- materiality, combined net worth of indv & indv's immediate family members
invst amt / (wealth of the auditor + immediate family member) x 100%
Factors in evaluating lvl of such threat
- role of indv holding the financial int (seniority)
- whether financial int is direct / indirect (ctrl)
- materiality of financial int
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Safeguard
- dispose of the all / partial financial int, remaining int no longer be material
- remove the audit team member
- appropriate reviewer review the work of audit team member
- exclude audit team member from any significant decision making concerning the audit engagement
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