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Independence

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Section B of the Interpretation of Rule 101-1 states that independence is impaired when “a partner or professional employee of the firm, his or her immediate family, or any group of such persons acting together own[s] more than 5 percent of a client's outstanding equity securities or other ownership interests” (ET 101.02). The Code of Conduct further defines an immediate family member as “a spouse, spousal equivalent, or dependent (whether or not related)” (ET 92.13). As far as issues of independence are concerned, married couples (or the equivalent) are of one mind, and something that is favorable to one spouse will be favorable to the other. Not only must the auditor meet all of the required guidelines to maintain independence, but his or her spouse must as well. This prevents auditors from purchasing stock in a client company under his or her child’s name, or encouraging his or her spouse to do so. Due to the fact that the family works as one unit, the entire family is required to be independent of any audit clients.
The final section of the Interpretation of Rule 101-1, Section C, prohibits auditors on the engagement team from previously or currently being employed by the audit client. The requirement is that the attest engagement team member must not have served as director, officer, promoter, underwriter, or held any management position with the client company during the period of time the financial statements cover. Anyone with such an experience would know exactly how the client operated financially and could also be inclined to aid the former company. No individual working on the attest engagement may also have been a voting trustee, or a trustee of any pension or profit sharing trust of the client, during the same period of time, since he or she would be subject to future financial benefits from the company. These issues all pose threats to the

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