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apply safeguards
to ensure that the 
risk is reduced to an acceptable level. Matters to consider when applying safeguards are the extent of 
the audit client's knowledge of the relevant matters in making the valuation and the degree of judgement 
involved, how much use is made of established methodologies and the degree of uncertainty in the 
valuation. Safeguards include: 

Second partner review 

Confirming that the client understands the valuation and the assumptions used 

Ensuring the client acknowledges responsibility for the valuation 

Using separate personnel for the valuation and the audit 
6.6.5 Taxation services 
The 
provision of taxation services
is generally not seen to impair independence. 
6.6.6 Internal audit services 
A firm may provide internal audit services to an audit client in most jurisdictions. However, it should 
ensure that the client 
acknowledges its responsibility
for 
establishing,
maintaining and monitoring the 
system
of internal controls. It may be appropriate to use safeguards, such as ensuring that an employee 
of the client is designated as responsible for internal audit activities and that the board or audit 
committee approve all the work that internal audit does. 
6.6.7 Corporate finance 
Certain aspects of corporate finance will create self-review threats that cannot be reduced to an 
acceptable level by safeguards. Therefore, assurance firms are 
not allowed to promote, deal in or 
underwrite 
an assurance client's shares. They are also not allowed to commit an assurance client to the 
terms of a transaction or consummate a transaction on the client's behalf.
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CHAPTER 19
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ETHICAL CONSIDERATIONS