The following discussion explores threats to independence, integrity and objectivity, due professional care, compliance with professional standards and available safeguards to ensure appropriate ethical conduct. Many of the safeguards represent activities auditors routinely apply. Nevertheless, the Committee concluded that existing professional standards do not sufficiently address the issues raised. From a public protection standpoint our focus is on the extreme cases: 1) where fees are clearly less than that required to do a job in accordance with applicable professional standards, and 2) when fees represent a significant portion of firm revenues.
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