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sides himself, who may influence the result of the audit in question;
whether there are any existing or potential threats or risks which a reasonable
and informed third party might regard as compromising his independence;
and what system of safeguards would eliminate or mitigate any such
threat or risk and demonstrate his independence. In some cases, the only
safeguard certain to demonstrate his independence will be to decline certain
relationships with the audit client.
1. Objectivity, Integrity & Independence
(1) Objectivity and professional integrity should be the overriding
principles underlying a statutory auditor’s audit opinion on financial
statements. The main way in which the Statutory Auditor
can demonstrate to the public that a Statutory Audit is performed
in accordance with these principles is by acting, and being seen to
act, independently.
(2) Objectivity (as a state of mind) cannot be subjected to external
verification, and integrity cannot be evaluated in advance.
(3) Principles and rules on statutory auditors’ independence should
allow a reasonable and informed third party to evaluate the procedures
and actions taken by a Statutory Auditor to avoid or resolve
facts and circumstances that pose threats or risks to his objectivity.
Public understanding of the ethical requirements that apply to statutory
auditors is a prerequisite for the public confidence in the public interest role
of statutory audits, the reliability of audited financial statements, and the
ability of the audit profession to play its proper part in the audit process.
This also includes an understanding of the ways in which compliance with
such requirements can be monitored. It is therefore important that there
should be a common understanding of what is meant by the “statutory
auditor’s independence requirement”, 11 how it relates to the ethical requirements
of “objectivity” and “integrity” 12, and how, and to what extent, compliance
with these requirements can be objectively assessed.
11 See Article 24 of the 8 th Company Law Directive which requires Member States to prescribe that
statutory auditors have to be independent in accordance with the law of the Member State which requires the Statutory
Audit.
12 See also Article 23 of the 8 th Company Law Directive which requires Member States to prescribe
that statutory auditors shall carry out Statutory Audits with professional integrity.