Two separate discussion questions (please provide reference used)

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Xnegre

Business Finance

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Question 1

It has been said that independence is the cornerstone of the accounting profession. Explain what this means. How do auditors protect against impairments of independence?

Question 2

Distinguish between an auditor’s responsibilities to detect and report errors, illegal acts, and fraud. What role does materiality have in determining the proper reporting and disclosure of such events? Use this week’s lecture to help form and support your answer.

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Running Head: ACCOUNTING INDEPENDENCE

Accounting independence
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2

ACCOUNTING INDEPENDENCE
It has been said that independence is the cornerstone of the accounting profession. Explain
what this means
Accounting independency refers to the autonomy of auditors to provide opinion
without interference. Independence is the cornerstone of the accounting profession since
auditors offer views that would uplift the organization without fear or favor. An auditor
is tasked with the role of examination of financial books to ascertain appropriation of
funds. Financial books are maintained for future records with the company. The structure
of financial maintenance is provided with the audito...

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