Under IFAC and IESBA Section $540,$ what is necessary if an engagement team member has been an engagement partner for a client for seven years?

a$.$

If the engagement partner has accumulated a financial interest exceeding $5$ percent, the partner must rotate off of the engagement team.

b$.$

The engagement partner must rotate off the engagement team.

c$.$

The firm must apply safeguards to reduce the familiarity threat to an acceptable level.

d$.$

The firm should apply the conceptual framework to determine if a potential threat to independence exists.