Suggested time allocation: 30 minutes Sophia, a senior technical manager at Darwin Chartered Accountants (Darwin) is reviewing the firm's independence for some of its audit clients. She identified the following: 1. Darwin seconded Herbert, a senior auditor, to Chair Ltd where he assisted in the preparation of financial statements. Herbert is part of the audit team of Chair Ltd. 2. James, a partner of Darwin resigned and joined one of Darwin's biggest clients, Table Pty Ltd, as a Director, where he is in a position to exert significant influence over the preparation of Table's accounting records and financial statements. 3. In providing tax services to Stool Ltd, Darwin performed a valuation to assist it with its reporting obligations and for tax purposes only. The result of the valuation did not have a direct effect on the financial statements. 4. Darwin provided IT systems services to Armchair Pty Ltd, and these related to the design and implementation of IT systems that were unrelated to internal control over financial reporting. 5. Darwin acted as an expert witness, calculating estimated damages that became payable as a result of litigation for one of its main clients, Sofa Pty Ltd.REQUIRED: a) Identify and explain the importance of the five fundamental principles of the Code of Ethics for Professional Accountants. (5 marks) b) What threat to independence does EACH of the above poses to Darwin Chartered Accountants, if any? Justify your