Assignment:
James is the Key Audit Partner for XYZ Limited a Company listed on the Australian Stock Exchange. James has been Key Audit Partner for 5 years. His wife Kathy is a Board member of XYZ Limited James also provides Taxation advice to XYZ which includes advice regarding the Taxation treatment of Deferred Taxation Losses. The total fees paid by XYZ to the Firm of which James is a Partner have been 15% of the total revenue of the Firm is each of the past 2 years. Required: How can any issues arising be solved?