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You identify a conflict of interest while performing tax services but determine that safeguards can reduce the threats to your compliance with the AICPA code

You identify a conflict of interest while performing tax services but determine that safeguards can reduce the threats to your compliance with the AICPA code to an acceptable level. What other action does the "Conflicts of Interest" interpretation require you to do?

Terminate the engagement immediately.

  • Obtain the relevant parties' consent to continue to perform the service. Disclose the nature of the conflict of interest in the tax return.
  • Complete the engagement as soon as possible.

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