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Chapter 10

4.2 Safeguards

The IFAC Code identifies two categories of general safeguards that may be used to
eliminate or reduce the threats to independence.

Safeguards created by the profession, legislation or regulation:

 Education and training

 Continuing Professional Development requirements

 Corporate governance regulations

 Professional standards

 Monitoring of professional work including disciplinary proceedings

 External reviews.

Safeguards within the work environment:

 Review procedures

 Consultations with independent third parties

 Rotation of senior staff

 Discussions with those charged with governance.

 Disclosing fees and services to those charged with governance.

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