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Part 20pen ended problems (70 points) audit of Phoenix Ca a list You are the audit manager of Accounting & Audit Co and you are uring the planning stage of the audit you have obtained the folowing infomative During the year Problem 1 company, which has been an audit client for 3 years and specialises in prodaction of agno the inancria ontroller of Phoenix Co was ill and hence unable to work As per the audit client's request the qualified ait senior of Accounting& Audit was seconded to the client for two months. The audit partner has the same audit senior works on the upcoming audit as he has good knowledige of the client remmemdin ha The fee income from Phoenix will now account for 19% of the firm's total fees (thequarter oft al Phema ie relates to tax consultation and other non-audit services) The audit manager is aware of friendship between the partner and the client's CEO since they stadied sngether on30% of the last year's fee is still overdue. the university. Their families have spent Christmas holidays together for the last two years The finance director has informed the audt team that after the successful completion of the audit he would ike invite the audit team to attend a VIP party members of audit team. y with his finance team where valuable gifts would be presenned so al his The audit partner has just announced that he is leaving Accounting& Audit to joirn Phoenix as the financial controller Required (i) Explain the five ethical threats which may affect the independence of Accounting & AutSmit cfPhemx . (i) For each threat explain how it might be avoided. marks) (15 marks) (1s year end is 30 June 2017. You