Question

Why is the concept of independence so important to the auditing profession?

Answer 1

Auditors Independence- IT means doing an audit and carrying out audit responsibilities without being partial and not under the influence of the management of the entity. Audit is for to find out unintentional errors and fraud which is obvious intentional in the financial statement of the entity prepared by the management of the entity.

If the independent concept is not there the whole purpose of audit would be defeated and the stakeholders who are dependent on the audit reports for decision making , then they will not be able to take correct decision.