Objectivity and Independence in Auditing: Threats and Safeguards

Introduction

In auditing, two terms frequent are objectivity and independence. They are very crucial to maintain the integrity in carrying out the audits along with accuracy. However, these are not that easy to maintain intact since lots of threats can be seen around the auditor role. Therefore, this essay understands what auditor independence is, the major threats that are faced by auditors, and the safeguards that can be placed to ensure the maintenance of both objectivity and independence.

Defining Auditor Independence: Why It Matters

Auditor independence refers to the fact that auditors cannot be influenced or interfered with by third-party stakeholders in their duties. It calls for impartiality, free from any form of conflict of interest, as well as pressure...