REQUIREMENT: Arising from the concerns raised by the Ethics Partner, you are required to draft a report to the Audit Partner of SHARP detailing the following aspects, with reference to the appropriate authoritative standard(s): (i) Identify and analyse the five fundamental principles, that professional accountants are required to comply with, as discussed in the IESBAs Code of Ethics for Professional Accountants, providing an example of each principle.

(ii) From the information provided above, describe six potential ethical issues raised in relation to SHARP. State the measures that should be implemented by your firm in order to mitigate any threats which might arise.