identify an activity that may not affect independence of mind but is likely to affect independence in appearance.

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18-11-2022
Social Studies

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identify an activity that may not affect independence of mind but is likely to affect independence in appearance.

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AnnuG AnnuG · Answer 1 · 2022-11-22T19:24:18+01:00

"Dependence upon a client for a large percentage of audit fees", is an activity that may not affect independence of mind but is likely to affect independence in appearance.

The public's trust in the auditor is predicated on the alternative interpretation, which states that the auditor's independence in appearance indicates that his or her objectivity and integrity have been compromised.

While the independent of mind concept denotes the auditor's complete independence and objectivity in making conclusions.

Because the appearance of independence is impacted by the higher percentage of audit costs, option C is the correct choice based on the options provided.

The given question is incomplete, the complete question is;

Identify an activity that may not affect independence of mind but is likely to affect independence in appearance.

a. Payment of high audit fees dependent upon profitable financials.

b. Engagement of the CPA and payment of audit fees by a third party.

c. Dependence upon a client for a large percentage of audit fees.

d. Ownership of an immaterial indirect financial interest in the audited client.

e. Performance of valuation services and actuarial services for the same company.

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