A Report On Auditor Independence

1363 Words6 Pages
Audit Independence
Assessment Item 02 –Q1

Author- I U Amarasiriwardhana
Abstract
This report discusses importance of auditor independence nowadays and how statutory, regulatory & code of ethics has been involved in enhancing it and how non-audit services impair the independence of auditors.
Table of contents
1.0 Introduction
2.0 Why Independence Important for auditors
3.0 How enhanced auditors independence
4.0 Non-audit services provided by the auditor to their audit client.
5.0 What are the arrangements provide safeguards against the provision of non-audit services
6.0 Non-Audit Service Restrictions of the Sarbanes-Oxley Act
7.0 Conclusion
8.0 Reference list
1.0 Introduction
Auditors should have the clear understanding of how important independence is to their work and if there are any threats to it need to apply relevant extensive safeguards and systems within the firm to protect and enhance it. Because outside of the management of the company who are owners and other relevant third parties mostly rely on independence auditors report. And they take their investment and business decision based on audited financial statements. Auditor should be independent in mind as well as in appearance(refer APES110 definition)and also it should be maintain in all audit & review engagements work that he perform as well as in the other assurance engagements(Refer APES 110 sec 290,291).Independence is about objectivity, professional scepticism and integrity .(refer APES 110 fundamental

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