B removing the member of the assurance team from the

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b. Removing the member of the assurance team from the assurance engagement. c. Either a or b. d. Neither a nor b. 70. When a member of the assurance team knows that his or her close family member has a direct financial interest or a material indirect financial interest in the assurance client, a self-interest threat may be created. Safeguards least likely include: a. The close family member disposing of all or a sufficient portion of the financial interest at the earliest practical date. b. Discussing the matter with those charged with governance, such as the audit committee. c. Involving a professional accountant who took part in the assurance engagement to review the work done by the member of the assurance team with the close family relationship or otherwise advise as necessary. d. Removing the individual from the assurance engagement. 71. When a firm or a member of the assurance team holds a direct financial interest or a material indirect financial interest in the assurance client as a trustee, a self-interest threat may be created by the possible influence of the trust over the assurance client. Accordingly, such an interest cannot be held when: 72. An inadvertent violation of the Independence rules as it relates to a financial interest in an assurance client would not impair the independence of the firm, the network firm or a member of the assurance team when:
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Page 12 of 21 Financial Interests – Provisions applicable to audit clients
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