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Loan & guarantees, Recent service with an audit client, Business…
Loan & guarantees
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:red_cross:make / guarantee loan to audit client, unless is immaterial to:
- the firm, network firm, indv
- the client
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Business relationship
Firm, network firm, audit team member / immediate family biz relationships
- :red_cross:close relationship unless:
- financial interest immaterial
- biz relationship insignificant
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Buying goods / services
- usually :red_cross:create threat to independence, if trans is in normal course of biz & at arm's length
Close biz relationship:
- joint venture with client
- combine with client to market the package
- distribution / marketing client's / firm's product respectively
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eg. preparing minutes, maintaining statutory returns