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Choice "b" is incorrect. Under DOL rules, independence is not impaired when a former employee of the plan works for the audit firm, as long as the employee has completely disassociated from the plan and does not participate in auditing the plan's financial statements forany period of the individual's employment with the plan. Which of the following items impairs independence under U.S. ethics standards, but does not necessarily impair independence under the IFAC Code of Ethics for Professional Accountants?a. The auditor also provides internal audit outsourcing services.b.Contingent fee arrangements for audit engagements.c. An immaterial direct financial interest in an audit client.d.Employment at a client of an immediate family member of the engagement partner in a key accounting position.ExplanationChoice "a" is correct. Under the IFAC Code of Ethics, an auditor may provide internal audit services if appropriate safeguards are put in place to limit or eliminate any threats to independence. Internal audit outsourcing services may not be provided to audit clients under U.S.ethics standards.Choice "c" is incorrect. Any direct financial interest impairs independence under both U.S. ethicsstandards and the IFAC Code of Ethics.Choice "d" is incorrect. Employment at a client of an immediate family member of any audit team member in a key position impairs independence under both U.S. ethics standards and the IFAC Code of Ethics.Choice "b" is incorrect. Contingent fee arrangements impair independence under both U.S. ethicsstandards and the IFAC Code of Ethics. Which of the following statements best describes the ethical standard of the profession pertainingto advertising and solicitation?