CashPut & Co., an audit and assurance firm, has been engaged as auditors for the BfT Bank Ltd, a public limited liability company for some time now. BfT Bank has sixty branches throughout the country and branches in Mali, Burkina Faso and Nigeria. The Bank is one of the Banks in the country which can boast of large landed properties. CashPut & Co. receives about 20% of its income from this particular client. Before last years audit, the bank engaged the audit firm to value its Land and Buildings in all its branches and headquarters. This work was executed by the audit firm and a report has been issued to management. The report has been incorporated in this years financial statements to be audited soon. CashPut & Co. sees BfT Bank Ltd. as a very important client whose works are always executed with dispatch.

Required:

(i) Identify and evaluate the significance of any threats to the Code of Ethics for Professional Accountants raised in the case.

(ii) Recommend safeguards to eliminate the threats (mentioned in (i) above) or reduce them to an acceptable level.