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Applying the Conceptual Framework for Independence
- Identify threats to Independence that arise from the circumstances.
- Consider whether there are safeguards that could reduce/eliminate the threats
- If you can't reduce/eliminate the threat, independence is impaired.
Anyone in the firm who must avoid certain financial and business relationships with a client to maintain independence.
Who are covered members?
- Anyone on the engagement team
- Partner or manager who provides over 10 hours of non-attest services
- Partners who practice in the same office as the lead engagement partner
- Anyone who evaluates/recommends compensation of the attest partner.
- Anyone who supervises the attest partner and everyone above them
- Anyone who consults with the engagement
- Anyone who participates in quality control for the engagement and anyone above them.
Exceptions to the family member rule
If the covered member is only a covered member because: of the 10 hour rule or the same office rule.
What would you like to do?
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