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Case Study 3: Question: Discuss the categories of threats that may be involved in each of the following mutually exclusive situations and advise the partners of the concerned firms with regard to the possible course of action that may be adopted in each case: (a) Muneer is a Chartered Accountant and employed as a manager in a firm of Chartered Accountants. He has informed the engagement partner that his close relative holds 50,000 shares of a listed company whose audit is to be supervised by Muneer. (b) Danial is employed in a firm of Chartered Accountants. He has been a member of the audit team of Malakand Limited for the last few years. (10) (ICAP, CAF 08 Level - Spring 2013, Q#8) Solution