Independence. Discuss What Audit Independence Is and Why It Is Important

question 63

Essay

Independence.
Discuss what audit independence is and why it is important to the audit firm and the profession. What are some major threats to audit firm independence and what are some of the steps that audit firms and the profession have taken in addressing those threats?

---

Definitions:

Proposition Statements

Sentences or assertions in logic that express judgments or opinions that can be considered true or false.

Concept Analysis

A method used in research to define, distinguish, and clarify the meaning and boundaries of a particular concept.

Instrument Development

Instrument development involves the creation and validation of tools or devices for the purpose of measurement, evaluation, or performance in various fields.

Integral Relationships

Essential connections between elements or parts that contribute to forming a whole.