| 291.139 |
Familiarity and self-interest threats are created by using the same senior personnel on an assurance engagement over a long period of time. The significance of the threats will depend on factors such as: |
| • |
How long the individual has been a member of the assurance team; |
| • |
The role of the individual on the assurance team; |
| • |
The structure of the firm; |
| • |
The nature of the assurance engagement; |
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Whether the client's management team has changed; and |
| • |
Whether the nature or complexity of the subject matter information has changed. |
The significance of the threats shall be evaluated and safeguards applied when necessary to eliminate the threats or reduce them to an acceptable level. Examples of such safeguards include:
| • |
Rotating the senior personnel off the assurance team; |
| • |
Having a registered auditor who was not a member of the assurance team review the work of the senior personnel; or |
| • |
Regular independent internal or external quality reviews of the engagement. |
Electronic Communications Act, 2005
