The following questions concern independence and the code, Ask an Expert

Accounting

The following questions concern independence and the Code of Professional Conduct or GAAS. Choose the best response.

a. What is the meaning of the generally accepted auditing standard that requires the auditor be independent?

(1) The auditor must be without bias with respect to the client under audit.

(2) The auditor must adopt a critical attitude during the audit.

(3) The auditor's sole obligation is to third parties.

(4) The auditor may have a direct ownership interest in the client's business if it is not material.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403279

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