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You are the audit senior on the audit of ABC Ltd for the year ended 31 January 2020. A former member of the audit engagement

You are the audit senior on the audit of ABC Ltd for the year ended 31 January 2020. A former member of the audit engagement team for ABC Ltd left your firm two years ago to take up employment with this client.

Identify and explain the potential threats to your firm's objectivity and independence when auditing ABC Ltd and list two factors you would consider when assessing the significance of these threats. (10 marks)

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