Relevant Ethical Requirements

Question 1

Relevant ethical requirements

Answer 1

Here’s a simplified explanation:

Relevant Ethical Requirements
The engagement partner must:

1. Understand ethical requirements: Know the relevant ethical rules, including those related to independence.
2. Supervise the team: Take responsibility for other team members.
3. Stay alert: Remain vigilant throughout the audit for potential ethical issues.
4. Evaluate and act on threats: If an ethical threat is identified, evaluate it and take necessary action.
5. Confirm compliance: Before issuing the auditor’s report, ensure that all relevant ethical requirements have been met.