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Auditor Independence Essay

1590 Words7 Pages

Auditor independence has come into discussion over the decade for numerous reasons. Reviewing many sources it has come to mind that this discussion will be forever debatable as there are many factors that impact independence. (Duska R, 2005) Found that the role of an independent auditor is to be a watchdog to see if the company’s estimates are reasonable based on the evidence that is provided on a consistent basis, as independent auditors are essential for functioning of the economic system. This objective is to improve life by setting up intermediaries to make exchange more efficient, (Duska R, 2005). If accounting is the language of business it is the auditor’s job to see the language is used properly so that relevant material is communicated properly, (Duska R, 2005). (Falk H, Lynn B, Mestelman S, Shehata M, 1999) Having complete auditor independence is difficult as the way the environment is, A lot of issues were identified, thus why this literature review is spread into two dynamics outlining the threats of auditor independence and highlighting the solutions. Threats to Independence Attitude was “whose bread I eat, his song I sing”, (Buffett. M & Clark. D , 2006) Meaning that the conflict arises as auditors are hired and paid by the companies they audit which was stressed in (Mautz R.K, 1961), similarly (Mayhew & Pike, 2004) views this as a conflict of interest which is a threat. (Buffett. M & Clark. D , 2006) Also states that Professional scepticism

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