What are prohibitions in the updated Independence Standard?
Rule 204.4 describes circumstances and activities, which members and firms must avoid when performing an assurance engagement because adequate safeguards do not exist that will, in the view of a reasonable observer, eliminate a threat or reduce it to an acceptable level. The requirements to avoid these circumstances and activities are referred to as “prohibitions”. Prohibitions are not new per se. The council interpretation to the prior Rule 204.1 contains numerous examples of circumstances where a member was not permitted to perform an assurance engagement. The prohibitions are now listed in the Rules of Professional Conduct (Rule 204.4). Members will find further guidance and examples with respect to the prohibitions in the Council Interpretation that follows the rules. Some prohibitions will apply to all assurance clients while others will only apply to audits of public companies. Many of the prohibitions applicable to all assurance clients were addressed in the earlier council inte
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