If audit partners are not independent or they lack integrity it does not matter if non-audit business is taken away from the firm because he will always be vulnerable to outside influence. No fair reporting, no public interest! Do we now have to choose between being Mr. Awkward or being Mr. "Goody Goody". I would definitely go for being Mr. Awkward, at least there is professional satisfaction and peace of mind.
Whose independence are we talking about - the audit firm or the audit partner. Is he easily influenced by the consultancy arm of the firm or does he maintain his independence? I think putting a time bar on the audit partner to do consultancy work or vice versa seems more appropriate because denying the firm non-audit business would not go down well in the professional community.
My answers
If audit partners are not independent or they lack integrity it does not matter if non-audit business is taken away from the firm because he will always be vulnerable to outside influence. No fair reporting, no public interest! Do we now have to choose between being Mr. Awkward or being Mr. "Goody Goody". I would definitely go for being Mr. Awkward, at least there is professional satisfaction and peace of mind.
Whose independence are we talking about - the audit firm or the audit partner. Is he easily influenced by the consultancy arm of the firm or does he maintain his independence? I think putting a time bar on the audit partner to do consultancy work or vice versa seems more appropriate because denying the firm non-audit business would not go down well in the professional community.