Which of the following is NOT a threat arising from long association with engagements?

In the context of long-term associations with clients, the potential threats to auditor independence often include self-interest, self-review, and familiarity.

Independence, on the other hand, is a fundamental principle of auditing and assurance services. It is not a threat itself but rather the desired state that auditors must maintain to effectively perform their duties. A long association with a client can lead to various threats to independence, such as developing close relationships that might impair objectivity. However, independence itself is the benchmark that auditors aim to achieve and uphold, rather than a threat that arises from their engagement duration.

Understanding the importance of maintaining independence underpins the necessity for audit firms to implement policies related to rotation of auditors or engagement teams, as well as other safeguards to mitigate identified threats stemming from relationship longevity with clients. Each of the other options represents a specific type of threat that can compromise the auditor's ability to remain unbiased and impartial, which is critical to the integrity of the audit process.