Attached.

Running head: AUDITOR INDEPENDENCE

1

Auditor Independence
Student’s Name
Professor’s Name
Course Title
Date

AUDITOR INDEPENDENCE

2
Auditor Independence

The corner stone of the public accounting profession is independence. An independent auditor is
a public accountant who has been certified or a chartered accountant who is meant to examine
both the business transactions and financial records of a company that he or she is not affiliated.
The auditor’s job is to ensure the laws have been enforced. They resemble umpires where they
cannot practice favoritism, that is, root for one group over the other. It does not matter who
comes out as the winner or the loser, as long as the rules are followed. The game’s outcomes do
not impact their judgement as their loyalty lies with the rules and not the players. Their clients
shouldn’t influence them. They promote the integrity of an audit performance. The free market
economy relies on public accounting. They protect the interest of the public. They are
responsible for protecting the potential investors, shareholders, banks, customers or the overall
financial society from financial claims made up by the public companies that are often
unrepresentative or fraudulent (Student Materials - Center for Professional Responsibility in
Business and Society, 2018). The public’s confidence and full trust in the financial statements of
a company only comes if a knowledgeable third party- an independent auditor- has provided a
reasonable assurance that these records are accurate.
It is important to disclose this information because according to the Qualification,
Disqualifications and Eligibility Act...