b) The audit engagement partner for ABC Company Ltd. has been in place for approximately six years and his son has just accepted a job offer from ABC Company Lid. as a sales manager, this role would entitle him to shares in ABC Company Ltd. as part of his remuneration package. Ackah and Associates have been appointed as internal as well as external saditors. ABC Company Lid. has suggested that the external sadit fee should be renegotiated with at least 20% of the fee being based on the profit after tax of the company as they feel that this will align the interests of ABC Company Lid and Achah and Associates DC ACDOX-1004 Required: 1. Explain any FIVE ethical threats which may affect the independence of Ada and Associates in respect of the audit of ABC Company Ltd, and for each that explain how it may be reduced (5 marks) il Explain any FIVE factors that should be considered by an cemal saditor before reliance can be placed on the work performed by a company's intemaldit department 15 marks)