Write answers to each of the five (5) situations described below addressing the required criteria (ie. 1 & 2) in each independent case. You may use a tabulated format if helpful having "Threats", "Safeguards" and "Objective Assessment" as column headings. Stephen Taylor has been appointed as a junior auditor of Black & Blue Accounting Limited (BBAL). One of his first tasks is to review the firm's audit clients to ensure that independence requirements of APES 110 (Code of Ethics for Professional Accountants) are being met. His reviewhas revealed the following: (a) BBAL has recently been approached by Big Mining Limited (BML) to conduct its audit. Liam Neeson CA is one of the audit partners at BBAL Liam's wife Natasha Richardson recently received significant financial interest in BML by way of an inheritance from her grandfather. Liam will not be involved in the BMI, audit. (b) BBAL has also been recently approached by Health Limited (HL) to conduct its audit. The accountant at HL, Monica Edwards is the daughter of Sarah Edwards, who is an audit partner at BBAL Sarah will not be involved with the HL audit. (c) BBAL has been performing the audit of Nebraska Sports Limited (NSL) since five years. For each of the past two years BBAL's total fees from NSL has represented 25% of all its fees. BBAL hasn't received any payment from NSL for last year's audit and is about to commence the current year's audit for NSL. Directors of NSL have promised to pay BBAL 50% of last year's audit fees prior to the issuance of their current year's audit report and explain that NSL has had a bad financial year due to the ongoing pandemic induced disruptions. BBAL is reluctant to push the matter further in fear of losing such a significantclient. (d) Rick Rude CPA is a partner in BBAL and has been recently assigned as the engagement partner on the audit of Willetton Grocers Limited (WGL). Sylvester Stallone CA is another partner in BBAL who works in the same office as Rick. Sylvester is not working on the WGL audit. Sylvester's wife Jennifer is planning on purchasing significant shares in WGL. (e) Amity James CA is an assurance manager with BBAL and it has just been decided to allocate her to the audit of High Tech Limited (HTL). Her husband Greg James has recently received some inheritance from his grandfather with which he previously planned to buy a large parcel of shares in HTL. Amity has recently informed Stephen that she has been able to finally convince Greg to only buy a small parcel of shares in HTL Required For each of the independent situations above, and using the conceptual framework in APES 110 (Code of Ethics for Professional Accountants), answer the following questions: 1. Identify potential threat(s) to independence & recommend safeguards (if any) to reduce the independence threat(s) identified (10 marks) 2. Provide an objective assessment of whether audit independence can be achieved