Section 290 of the Code of Professional Conduct states that independence is an essential quality, concomitant with integrity and objectivity, in a member or associate in public practice undertaking a reporting assignment. The Code further states that a fiduciary or financial involvement with, or in the affairs of, clients may affect independence and may lead a reasonable observer to conclude that it has been impaired.

(ii) Set out examples of situations that would not ordinarily be considered to impair a members or associates independence when there is a fiduciary or financial involvement with, or in, the affairs of clients.