Question
Anthony is a member of the engagement team performing an audit of XYZ. During the engagement, the president of XYZ approaches Anthony and offers him
Anthony is a member of the engagement team performing an audit of XYZ. During the engagement, the president of XYZ approaches Anthony and offers him the position of CFO at the company. Anthony is considering the offer. What safeguards do the independence rules require Anthony to apply?
1. Remove himself from the engagement team until the offer is rejected or he is no longer seeking employment with XYZ.
2. Obtain the permission of the XYZ audit committee to remain on the engagement team.
3. Decline the offer.
4. Resign from the firm.
Please explain in detail
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