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Why auditor must to be objective and independent?
Finance & Accounting
Pages 8 (2008 words)
Issues such as fraud, misappropriation of company funds and misrepresentation of organizational financial statements are common in different types of the media across the globe.
In order to successfully carryout this feat, it can be seen that independent auditors play a significant role in the functioning of global capital markets. As such, this paper has been designed to evaluate the main reasons why auditors must be independent and objective in their operations. The main part of the paper will focus on why focus in terms of auditing financial statements of different companies is put on aspects such as objectivity as well as independence of the auditors who carry out different tasks related to financial reporting in the company. According to Kueppers & Sullivan (2010), the audit profession plays a very significant role in the functioning of the global capital markets and it also adds value to various roles played by different stakeholders in financial reporting in an organization. However, the effectiveness of an audit is reflected by the absence of failure of business or fraud after it has been completed. ...
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