From the course: The Future of Audit
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Two forms of independence
- Independence is likely to remain a cornerstone of audit in the future. And there's two different ways that independence is measured. First there's independence of mind. This means that a CPA doing an audit will not be impacted by factors that could compromise their professional judgment. This allows the CPA to act with integrity and exercise objectivity and professional skepticism. The second element of independence is the independence of appearance. This requires the auditor to avoid circumstances that would give the appearance of a conflict of interest. These two aspects of independence are the unique way that the AICPA defines independence for an audit. And especially the appearance part means that you cannot be doing or even be seen to potentially be doing other accounting work for the company that you're auditing. In order to ensure that the accountant doing the audit is only doing the audit, no other accounting…
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