You are an audit manager at Morellos and Christie (M&C) LLP, a firm of auditors and management consultants. M&C LLP has offices throughout the United Kingdom. You lead on the statutory audit for several clients in the financial services sector. One of your clients is Forster plc, a boutique investment bank in London, UK. Recently, several staff at M&C LLP left the firm after accepting offers to work for Forster plc. These individuals were directly involved in the statutory audit of Forster plc during their time as auditors at M&C LLP; they are now responsible for aspects of internal control at Forster plc. They also have the authority to award consultancy work to third parties, including M&C LLP. Due to the recent departure of staff and to a general shortage of qualified staff in the sector, you audit team not comprises several junior and inexperienced staff. You are responsible for ensuring that these staff are appropriately trained prior to undertaking the audit of Forster plc.

Required: Critically discuss the ethical and professional issues raised by the situation described above. Your critical discussion should address the measures that should be implemented by M&C LLP in order to mitigate any threats to objectivity which might arise.