Threats and Safeguards

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Threats and Safeguards by Mind Map: Threats and Safeguards

1. Adverse Interest

1.1. Internal Controls

1.2. Peer Review

1.3. Rotate auditor

2. Advocacy

2.1. Set fee structure

2.2. Internal controls

3. Familiarity

3.1. Rotate Auditors

3.2. Quality Control Review

3.3. Have set fees

4. Management Participation

4.1. Effective internal controls

4.2. Whistle blower protections

5. Self-Interest

5.1. Set fee structure

5.2. Compensation not tied to performance

5.3. No interest in any clients

5.4. Rotate audit partners

6. Self-Review

6.1. Internal Controls

6.2. 2nd Review of work

6.3. Use specialist if needed

7. Undue Influence

7.1. Internal Controls

7.2. Whistle blower protections