ISA 200 (Overall Objectives of the Independent Auditor): This standard sets the auditor’s responsibility to comply with ethical requirements, including maintaining independence and professional scepticism throughout the audit process. 🧐📜
ISA 220 (Quality Management for an Audit of Financial Statements): This standard emphasises the importance of independence as a key factor in audit quality and sets requirements for quality control processes, including policies and procedures to ensure independence. 🔍✅
The independence of auditors is crucial to ensuring the credibility and reliability of financial statements. 📊✨ If auditors are independent, they are more likely to provide accurate, unbiased opinions, thereby enhancing the quality of financial reporting. 👍🤝 On the other hand, a lack of independence may result in compromised audits, leading to misleading or inaccurate financial statements, which can negatively impact stakeholders’ decisions and undermine trust in financial reporting. ⚠️❌
For more information or inquiries, please feel free to Contact SLONEC 📞📧 www.slonec.com