The Conceptual Framework for AICPA Independence Standards(1) adopts a risk-based approach to analysis of independence matters.(2) defines independence of mind as avoiding circumstances in which reasonablepersons would conclude that integrity or objectivity has been compromised.(3) describes threats to independence as circumstances that impair independence.(4) states that safeguards must eliminate threats to independence to be consideredeffective
The Conceptual Framework for AICPA Independence Standards(1) adopts a risk-based approach to analysis of independence matters.(2) defines independence of mind as avoiding circumstances in which reasonablepersons would conclude that integrity or objectivity has been compromised.(3) describes threats to independence as circumstances that impair independence.(4) states that safeguards must eliminate threats to independence to be consideredeffective
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 31CYBK
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The Conceptual Framework for AICPA Independence Standards
(1) adopts a risk-based approach to analysis of independence matters.
(2) defines independence of mind as avoiding circumstances in which reasonable
persons would conclude that integrity or objectivity has been compromised.
(3) describes threats to independence as circumstances that impair independence.
(4) states that safeguards must eliminate threats to independence to be considered
effective
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