A firm performing an audit or review engagement must be independent in mind and in appearance of the audit client, which includes the client's related entities, and must apply the conceptual framework to threats from financial, business, employment and family relationships, from fees, from long association and from non-assurance services. The firm identifies which audit clients are public interest entities using the Code's definition (publicly traded entities and entities designated by law such as authorised deposit-taking institutions and insurers) and, under AUST R400.24, decides whether to treat further entities as PIEs; firms publicly disclose when a client has been treated as a PIE. Under AUST R400.19.1 threats that are individually minor are evaluated in aggregate. Breaches of independence are evaluated, addressed, communicated to those charged with governance and documented, and may require withdrawal. The Corporations Act independence provisions apply in addition where the Act is stricter.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.