[COM 431] Conflict of interest situation431 

431

For the purposes of this Part, a conflict of interest situation exists in relation to an audited company or managed investment scheme at a particular time if, because of circumstances that exist at that time—

• (a)the auditor is not capable of exercising objective and impartial judgement in relation to the conduct of the audit of the audited company or managed investment scheme; or
• (b)a reasonable person, with full knowledge of all relevant facts and circumstances, would conclude that the auditor is not capable of exercising objective and impartial judgement in relation to the conduct of the audit of the audited company or managed investment scheme.