The ethical rules state that independence of the external audit firm is considered to be impaired if:
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Question:
The ethical rules state that independence of the external audit firm is considered to be impaired if:
- the audit firm provides management advisory services to the client.
- the audit partner purchases the client's product at normal retail prices.
- the audit firm has served as the external auditor for many years.
- an immediate relative of one of the partners is the beneficial owner of shares forming a material part of the share capital of the client.
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