It refers to the auditor having independence from the people that have a financial interest in the audit. It ensures the audit is not done with bias.
J. C. Ray has written: 'Independent auditing standards' -- subject(s): Auditing
A company chooses who their independent auditing firm will be.Any and all businesses, companies and organizations have the right to hire any auditing firm that they are going to pay to perform annual or special audits. (If a third party is mandating and paying for the audit due to an acquisition, merger, or a court order, then the third party will hire and pay an auditing firm of their choice.)The word independent means the auditing firm can not be related to the entity it is auditing. The auditing firm can not audit itself, a subsidiary of itself, a brother/sister organization, or its parent company.Also, there can not be any conflict of interest. An employee for the auditing firm can not be on the team who audits a business that employs one of his/her immediate family, partners, or an organization in which he/she or his/her immediate family or partners has a material financial interest in, or has any arrangements concerning prospective employment with.If all of the above hold true, you have an independent auditing firm.
it verifies the accounts at the end of a financial year, conducted by an independent qualified accountant
Independent board committee is a body which is non-partisan and does not have vested interests in an organization. Such committees will commonly be tasked with auditing and evaluating an organization.
M. J. Page has written: 'Financial accounting and the independent company' 'Auditing, disclosure and the small independent company'
To check or assess the building, especially of the efficiency or effectiveness of it, typically carried out by an independent assessor.
An independent mental attitude in auditing refers to the auditor's ability to maintain objectivity and impartiality throughout the audit process. This involves critically assessing evidence, making unbiased judgments, and avoiding any influences that could compromise their professional integrity. Such an attitude ensures that auditors can provide fair and accurate assessments of financial statements, fostering trust in their findings and recommendations. Ultimately, it is essential for upholding the credibility of the auditing profession.
J. Donald Warren has written: 'Handbook of Accounting and Auditing' 'Continuous auditing' -- subject(s): Auditing, Internal, Internal Auditing
Vivian R. V. Cooper has written: 'Manual of auditing' -- subject(s): Auditing 'Student's manual of auditing' -- subject(s): Auditing
What is Auditing practices and methodology of firms?"
auditing is a review process,usually of accounting procedures
Auditing begins where Accountancy ends.