Independence threats
The threat that a professional accountant will not appropriately evaluate the results of a previous judgment made, or an activity performed by the accountant or by another individual within the accountant's firm or employing organization, on which the accountant will rely when forming a judgment as part of performing a current activity
The EC Firm Independence Leader
Who is Robert Wilkinson
The first place in LEAP where engagement risk is assessed
What is Acceptance?
The threat that a financial or other interest will inappropriately influence a professional accountant's judgment or behavior
What is self interest threat?
An IRC is especially required for clients (and their related entities) that have ___________ operations
What is International?
The terms of the audit engagement must be agreed in writing in accordance with firm policies here.
What is Engagement Letter?
The threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures, including attempts to exercise undue influence over the accountant.
What is intimidation threat?
A scenario when an Internation Relationship Check (IRC) is required?
What is when
–Service to a new/prospective client or
–New service to an existing client?
A KAA is required for Audit engagements for any for deposit taking entities where the proposed audit team does not have appropriate experience or has not audited any entity in that area in the past ________ months.
What is twelve (12)?
The threat that due to a long or close relationship with a client, or employing organization, a professional accountant will be too sympathetic to their interests or too accepting of their work
What is familiarity threat?
Within our EC Firm, 6 jurisdictions that we service
What is Antigua, Anguilla, St. Kitts and Nevis, St. Lucia, St. Vincent, Dominica, Grenada, Montserrat, Barbados
Is designed to identify and assess certain assurance assignments, including audit engagements, that could present significant risk to GTIL and its member firms.
What is Key Assurance Assignment (KAA)?
The threat that a professional accountant will promote a client's or employing organization's position to the point that the accountant's objectivity is compromised.
What is advocacy threat?
Contains the names of publicly traded audit or review clients of GTIL member firms and/or the publicly traded related entities of such clients where independence is required.
What is Global Restricted List (GRL)?
Two documents that must be submitted along with the Client Information Form (CIF)
What is
–Valid government issued IDs
–Proof of address
–Incorporation documents
–Ownership documentation
–Previous Financial Statements
–Other legal or financial relationships