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?

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Definitions:

Plato

An ancient Greek philosopher who made foundational contributions to Western thought, particularly in areas of ethics, politics, and metaphysics.

Expectations

Refers to the anticipations or beliefs regarding future events or outcomes, can significantly influence attitudes and decisions.

Rats

Commonly used as model organisms in psychological and neurological research due to their similarity to humans in physiology, behavior, and genetics.

Nativism

A philosophical doctrine emphasizing the role of innate factors in the acquisition of knowledge.