Requires auditors to be independent. This implies a judicial impartiality that recognizes an obligationfor fairness not only to the business, but alo to anyone relying on an auditor's reporting including creditors as well as prospective owners and creditors.

Rule Overview

Jurisdiction: United States

Regulator: PCAOB

Topic: General Requirements

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Independence under this rules means:

AS 1005.01
Independence in mental attitude
AS 1005.02
Lack of bias and judicial impartiality
AS 1005.03
Public confidence and intellectual honesty
AS 1005.04
Precepts guarding against the presumption of loss of independence
AS 1005.05
SEC requirements for independence of auditors
AS 1005.06
Administering of practice within the spirit of the rules
AS 1005.06
Independent auditor may be appointed to board of directors or elected by stockholders
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