alleryStart learning →Why is independence called the cornerstone of the auditing profession?
AIt fixes audit fees
BIt underpins public trust
CIt sets audit dates
DIt lowers client taxes
Answer & Solution
Correct answer: B. It underpins public trust
Public trust in the accounting profession rests on the auditor's independence.
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Related questions
Quoting very low audit fees to win repeat business threatens what?Independence in appearance is also known as what?Which is one of the five threats to independence in the IESBA Code?Which action does the principle of auditor independence rule out?A cost audit under section 148 relates to the section 143 audit how?Can the statutory auditor appointed under section 139 also do the cost audit?A cost audit under section 148 is conducted by whom?If partners of an audit firm collude in fraud, who bears the liability?