SCHEDULE 1Requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting

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1

Standards must ensure that, when A is a firm, A—

a

designates at least one key audit partner, and

b

applies as its main criteria in selecting a key audit partner—

i

the need to secure the quality of the audit,

ii

the need to secure A's independence and competence in carrying out the audit,

c

ensures the key audit partner is actively involved in carrying out the audit,

d

provides any key audit partner with sufficient resources and with personnel that have the necessary competence and capabilities to carry out their duties appropriately.

2

Standards must ensure that A devotes sufficient time to the engagement and assigns sufficient resources to enable A to carry out A's duties appropriately.