What is the difference between independence and objectivity? Which of the two is most important on an

Question:

What is the difference between independence and objectivity? Which of the two is most important on an audit engagement? Explain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing a business risk appraoch

ISBN: 978-0324375589

6th Edition

Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston

See More Books

Question Posted: Dec 29, 2012 06:31 AM

See More Questions

What is the difference between financial statement and compliance audit work? Why do government units and other entities need compliance audits?
What is the difference between two samples that are dependent and two samples that are independent? Give an example of each.
What is the difference between a current liability for an uncertain amount and a contingent liability? Give an example of each and demonstrate how they differ with respect to the difference that you...
Multiple Choice Questions 1. If a company has a $25,000 reduction in sales and an increase of $7,000 in fixed costs with a contribution margin ratio of 34 percent, by how much will net income change?...
Tndustrial sledgehammers are used throughout JCL Indus-1 tries, most having a 15-pound head made of AIS11060 steel. To reduce tool replacement costs, the company machine shop periodically gathers...
An article in the Wall Street Journal asks the question "How can inflation below when everything is so expensive?" The article also notes that "the CPI shows that prices are the highest they've ever...
Give examples of information systems and automated information systems. How do they differ from each other?
Collins Corporation purchased office equipment at the beginning of 2009 and capitalized a cost of $2,000,000. This cost figure included the following expenditures: The company estimated an eight-year...
What impact does distributed leadership have on organizational agility and decision-making processes, especially in decentralized organizational structures ?
1. Identify the potential strategic advantages and disadvantages for BOP in outsourcing the boat logistics service to Logistics-Offshore. Explain the strategic implications of each. 2. Identify the...
What is the internal auditors role regarding risk analysis and control?
How can the internal audit department contribute to the effective operations of an audit committee? Why is it important for an internal audit function to fulfill this role as opposed to the external...
Bond J has a coupon rate of 3 percent. Bond K has a coupon rate of 9 percent. Both bonds have 14 years to maturity, make semiannual payments, and have a YTM of 6 percent. If interest rates suddenly...
Take a moment to think about someone whom you view as a bad presenter. What are the qualities of this persons verbal and nonverbal communication while presenting? Does this speaker neglect to...
How does a bankrupt become discharged?
How do you manage stress and emotions such as anger? What strategies do you have, if any, that work for you?
What test does a court apply to determine if a privacy-invasive activity is reasonable?
What federal legislation protects personal information held in the private sector, and what does this statute require businesses to do?
What four factors provide a basis for international businesslevel strategies?
A regular deposit of $100 is made at the beginning of each year for 20 years. Simple interest is calculated at i% per year for the 20 years. At the end of the 20-year period, the total interest in...
Ivan (who is not a Scottish taxpayer) has the following income for tax year 2020-21: His personal allowance for 2020-21 is 12,500. Compute the income tax payable by Ivan for the year. How would this...
Explain the differences between open outcry auctions, dealer markets, and electronic communications networks (ECNS). MINI CASE Assume that you recently graduated with a degree in finance and have...
What do we call the price that a borrower must pay for debt capital? What is the price of equity capital? What are the four most fundamental factors that affect the cost of money, or the general...
What is the real risk-free rate of interest (r*) and the nominal risk-free rate (rRF)? How are these two rates measured? MINI CASE Assume that you recently graduated with a degree in finance and have...
es Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 100,000 direct labor-hours would be required...
On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock...
Hubs Sprockets Direct Labor-Hours per Unit Annual Production 0.50 29,000 units 0.10 57,000 units Additional Information about the company follows: a. Hubs require $27 in direct materials per unit,...

What is the difference between independence and objectivity? Which of the two is most important on an

Question:

Step by Step Answer:

Independence is achieved when the auditors judgments are not influenced by any relationships Indepen...View the full answer

Auditing a business risk appraoch

Students also viewed these Auditing questions