You are an audit manager in NAB & Co, a large audit firm which specialises in the audit of retailers. The firm currently audits Goofy Co (Goofy), a food retailer, but Goofy’s main competitor, Mickey Co (Mickey), has approached the audit firm to act as auditors. Both Goofy and Mickey are listed companies. Goofy is concerned that if NAB & Co audits both companies then confidential information could pass across to Mickey. The ACCA Code of Ethics and Conduct requires that an external auditor implement appropriate safeguards to ensure that a conflict of interest is properly managed. Which of the following actions should NAB & Co take in the above situation? (1) Inform the audit committees of both Goofy and Mickey of the potential conflict of interest and obtain their consent to act for both parties (2) Use separate audit teams for each audit with a common independent review partner to determine whether confidentiality has been maintained (3) Draw up confidentiality agreements to be signed by the Board of Directors of Goofy and Mickey (4) Prevent unauthorised physical access to the information relating to the both company audits