Page 35 - AAA Integrated Workbook STUDENT S18-J19

Code of ethics and conduct

Examples of safeguards: Examples of safeguards:
Threat
Listed clients Non-listed clients

Overdue fees  Cease audit work until  Cease audit work until
arrangement for payment arrangement for payment
has been agreed has been agreed

Familiarity

Long association INT Syllabus: INT Syllabus:

 Rotate the audit partner  Rotate senior personnel
after 7 years
UK Syllabus:
UK Syllabus:
 Rotate the audit partner
 Rotate the audit partner after 10 years or apply
after 5 years additional safeguards

Personal  Remove the person from  Remove the person from
relationships the team the team

Movement of staff  Review the composition of  Review the composition of
between the firm the team the team
and client
 EQCR  EQCR

Self-review

Accounts  Accounts preparation, INT Syllabus:
preparation bookkeeping and payroll
services are prohibited  For non-listed clients the
services must be routine
and mechanical

 Separate teams must be
used.

UK Syllabus:

 Consider whether
objectivity will be impaired

 Consider whether informed
management is in place

 Separate teams must be
used.

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