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making on behalf of, the Audit Client, any of its Affiliates or the management
of such an entity.
Any advice or assistance related to any service provided by the Statutory
Auditor or the Audit Firm should give the Audit Client, a client’s Affiliate or
the management of such an entity the opportunity to decide between reasonable
alternatives. This does not prevent the Statutory Auditor, Audit
Firm or one of its Network members from making recommendations to the
Audit Client. However, such advice should be justified by objective and
transparent analyses in the expectation that the Audit Client will review the
recommendations before reaching any decision. If the Audit Client is seeking
advice where, due to legal or regulatory provisions, only one solution is
available, the Statutory Auditor should ensure that his documentation refers
to these provisions (e.g. quotes the relevant law, includes advice from external
professionals).
7.2 Examples – Analysis of Specific Situations
Business and financial markets are evolving continuously and information
technologies are changing rapidly. These developments have significant
consequences for management and control. With this state of change, it is
not possible to draw up a comprehensive list of all those situations where
the provision of non-audit services to an Audit Client would create a significant
threat to statutory auditors’ independence. Neither is it possible to list
the different safeguards which may exist to mitigate such threats. The examples
which follow describe specific situations that could compromise a
Statutory Auditor’s independence. They also discuss the safeguards which
may be appropriate to reduce the independence risk to an acceptable level in
each circumstance. In practice, the Statutory Auditor will need to assess the
implications of similar, but different circumstances, and to consider what
safeguards would satisfactorily address the independence risk in the judgement
of an informed third party.
7.2.1 Preparing Accounting Records and Financial Statements
(1) A self-review threat exists whenever a Statutory Auditor, an Audit
Firm, an entity within a Network of firms or a Partner, manager
or employee thereof participates in the preparation of the Audit
Client’s accounting records or financial statements. The significance
of the threat depends upon the spectrum of these persons’