Auditing Practices, Professionalism, Ethics, And Standards Essay

Auditing Practices, Professionalism, Ethics, And Standards - Essay ExampleAuditor independence refers to the internal auditors independence and liberty from freedom from any form of control by parties that may have financial interests in the commercial enterprise under auditing (Baker, 2005, p.13). The independence of auditors specially demands a considerable level of professional fairness, ethics and objective climb to the entire auditing process without any external influence. According to many experts, auditor independence may as well as be used in reference to the external auditors exclusion from parties that may have financial interests in the businesses being audited. Generally, achieving independence is critically essential for the auditors to be able to effectively retain their objectivity and run reliability.According to Sikka (2008, p.271), the current auditing practice of making auditors depend on their directors for their fees, remunerations, and profits has been w idely blamed for the rising cases of corruptions, manipulations and integrity issues among auditors. Although it has been argued that auditors still redeem their status by appealing to and incorporating professionalism in their practice, this is not always possible as auditors just like other capitalist enterprises are often driven by personal interests particularly the need to increase their profits and market niches.The contemporary Australian Audit ethical standards particularly demand an integrity and objective approach to the audit process (Australia, 2011 p. 123).