Your firm of Chartered Accountants has been in practice for many years

and has a number of clients. The following issues have emerged in relation
to some of your clients: a) Boboobo Ltd., a major client, is listed on the
Stock Exchange. The audit team for this year’s audit consists of five
members, of whom Jeff is the most junior. It has come to your knowledge
as an audit manager for the client that Jeff has just invested in a personal
pension plan that invests in all listed companies on the Stock Exchange. b)
You are the head of a team carrying out due diligence work on Papaye
Ltd., a limited liability company which your client, Good Days Ltd., is
considering taking over. Your second in command on the team, Jay, has
confided in you that in the course of his work he has met the daughter of
the Chief Executive Officer of Papaye Ltd., and he is keen to invite her on a
date. c) Your longest standing audit client is Adeyepena Ltd., which you
have been involved for ten years, the last four of which as the engagement
partner. During the last Christmas, you went on holidays to Northern Ghana
with the Managing Director on his private jet plane. d) During the audit of
Carefree Ltd., the audit manager reports to you, as the engagement
partner, that the financial statements have not been completed. He
suggests to you that the audit team helps to prepare the financial
statements quickly so as to complete the audit in good time.
Required: Comment on the ethical and other professional issues raised by
the above matters. Your answer should outline the threat arising, the
significance of the threat, any facts you have taken into account, and, if
relevant, any safeguards you could apply to eliminate or mitigate the threat.