Threats to fundamental principles
- Advocacy
- Self interest
- Self review
- Intimidation
- Familiarity
Fundamental principles
- Integrity
- Professional competence and due care
- Professional behaviour
- Confidentiality
- Objectivity
Code of conduct for PA in business
- Conflict of interest
- Preparation and presentation of information
- Acting with sufficient enterprise
- Financial interest
- Inducements
- Pressure to breach
Code of conduct of PA in public practice
- Conflict of interest
- Professional appointments
- Second opinions
- Fees and other types of remuneration
- Inducements
- Custody of client assets
Independent audit and review engagements
- Fees
- Compensation and evaluation
- Gifts and hospitality
- Litigation
- Financial interest
- Loans and guarantees
- Business relationships
- Family and personal relationships
- Recent services with audit client
- Serving as director of audit client
- Employment with an audit client
- temporary personnel assignment
- long association with an audit client
Conflict of interest
fundamentals
- confidentiality
- objectivity
Threats
-self-interest
Factors-
- nature of the relationship between parties
safeguards-
- withdraw
- segregation of responsibilities
- supervision and review
Preparation and presentation of information
Fundamentals:
- Integrity, objectivity and professional competence and due care
Threats
- self-interest
-Intimidation
Factors
- misleading or influencing contractual or regulatory outcomes inappropriately - Information omitted
- Undue influence or undue reliance on individuals, organisations or tech safeguards:
- Supervision
- Refusal to remain associated/resign
- Independent review
- policies and procedures
Acting without sufficient enterprise
Fundamentals.
- professional competence and due care
Threats -
- self-interest
Factors -
- sufficient Time
- Training resources
- seniority of the individual
- Extent of working with others
- level of seniority and review
safeguards-
- Training
- supervision
- time
- Review
- Deline to perform
Financial interest
Fundementals-
- Confidentiality
- objectivity
Threats -
- self-interest
- familiarity
Factors -
- significance of interest
- policies and procedures set independently
Safeguards -
- Reduce or dispose of interest
-Disclose
- Independent oversight
- Reduce significance in audit
Gifts and Inducement
Fundamental -
- Integrity
- objectivity
- professional competence and due care
Threats -
- self-interest
- Intimidation
Factors
- Nature, frequency and value
- Timing
- customary/cultural
- Reputations
- Transparency
Safeguards -
- Policies
- Disclosure
- Declined offer
- terminate business relationship
Pressure to breach
Fundamentals -
- Integrity
- professional competence and due care
Threats
- self-interest
- Intimidation
Factors -
- Individual intention
- laws, regulations and professional standards
- culture, leadership
- policies and procedures
Safeguards-
- Policies
- Discuss with supervisor, SAICA and higher personnel
