Provision of non-audit services

Generally 1 mark per comment discussed and 1 mark for conclusion:

– Simple way to eliminate threats to objectivity
– Examples of threats e.g. lucrative nature of non-audit services
– Benefit to audit market of outright prohibition
– Benefits to client of auditor providing non-audit services
– Benefits to audit firm of providing non-audit services
– Safeguards should be used to reduce threats arising
– Principles-based approach versus prescriptive approach

Maximum marks 6