Another threat is the self interest threat which is the threat that a member

Another threat is the self interest threat which is

This preview shows page 1 - 2 out of 2 pages.

Another threat is the self-interest threat, which is the threat that a member could benefit from an interest in or relationship with a client or persons associated with the client. Examples are the member has a financial interest in a client, or the member’s spouse enters into employment negotiations with the client.
Image of page 1

Subscribe to view the full document.

Safeguards can eliminate a threat or reduce the chances of a threat happening. A safeguard that could help mitigate the advocacy threat would be firm leadership that stresses the importance of complying with the rules and the expectation that engagement teams will act in the public interest. A safeguard that could help mitigate the familiarity threat would be the removal of an individual from an attest engagement team when that individual’s financial interests or relationships pose a threat to independence or objectivity. A safeguard that could help mitigate the self-interest threat would be client acceptance and continuation policies that are designed to prevent association with clients that pose a threat that is not at an acceptable level to the member’s compliance with the rules.
Image of page 2
  • Fall '11
  • Pizza
  • Interpersonal relationship, Certified Public Accountant, American Institute of Certified Public Accountants, Brenna Tierney

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes