(B) CashPut & Co., an audit and assurance firm, has been engaged as auditors for the BfT Bank Ltd, a public limited liab

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(B)
CashPut & Co., an audit and assurance firm, has been engaged
as auditors for the BfT Bank Ltd, a public limited liability
company for some time now. BfT Bank has sixty branches throughout
the country and branches in Mali, Burkina Faso and Nigeria. The
Bank is one of the Banks in the country which can boast of large
landed properties. CashPut & Co. receives about 20% of its
income from this particular client. Before last year’s audit, the
bank engaged the audit firm to value its Land and Buildings in all
its branches and headquarters. This work was executed by the audit
firm and a report has been issued to management. The report has
been incorporated in this year’s financial statements to be audited
soon. CashPut & Co. sees BfT Bank Ltd. as a very important
client whose works are always executed with dispatch.
Required:
(i) Identify and evaluate the significance of any threats to the
Code of Ethics for Professional Accountants raised in the case.
(ii) Recommend safeguards to eliminate the threats (mentioned in
(i) above) or reduce them to an acceptable level.