Santosh ChoudharySantosh Choudhary asked 1 year ago
1 Answers
RaviRavi Staff answered 1 year ago

Examples of Close business Relationships giving rise to conflict of interest are:-
(a) Material financial interest in Joint venture
(b) Arrangements to combine one or more services or products of the firm with one or more services or products of the assurance client and to market the package with reference to both parties.
(c) Business relationships involving an interest held by the firm, a network firm or a member of the assurance team or their relative(s) in a closely held entity when the audit client or a director or officer of the audit client, or any group thereof, also has an interest in that entity,
(d) The purchase of goods and services from an assurance client by the firm (or from a financial statement audit client by a network firm) or a member of the assurance team, etc.

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