Independence is:
A)required for financial statement audits but not for assurance services.
B)required for both financial statement audits and assurance services.
C)required for assurance services but not financial statement audits.
D)preferred but not required for financial statement audits and assurance services.

Question

Independence is:
A)required for financial statement audits but not for assurance services.
B)required for both financial statement audits and assurance services.
C)required for assurance services but not financial statement audits.
D)preferred but not required for financial statement audits and assurance services.

Quizplus · Accepted Answer

Independence is a fundamental requirement for both financial statement audits and assurance services as it ensures that the auditor or assurance provider remains objective and impartial throughout the engagement. Without independence, the credibility of the audit or assurance service is compromised. Therefore, it is crucial for auditors and assurance providers to be independent in their work.

Independence Is