(b) Long association of senior audit personnel
Generally up to 1½ marks for each point discussed:
– Loss of professional scepticism
– Familiarity and self-interest threats to objectivity
– Assessing the significance of the threat
– Appropriate safeguards (1 mark each where well explained to max of 3 marks)
– Specific rule applicable to public interest entities
– Conclusion on whether partner can perform EQCR role
Maximum marks 6