SCHEDULE 1Requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting
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Standards must ensure that if, during the period covered by the financial statements to be audited, the audited person is acquired by, merges with or acquires another person, A shall—
a
identify and evaluate any current or recent interests or relationships which could compromise A's independence and ability to continue carrying out the statutory audit after the effective date of the merger or acquisition, and
b
as soon as possible, and in any event within three months—
i
take such steps as may be necessary to terminate any current interests or relationships which would compromise A's independence, and
ii
where possible, adopt safeguards that minimise any threats to A's independence arising from prior and current interests and relationships.