AUDITOR’S INDEPENDENCE IN DIFFERENT COUNTRIES

Abstract

Independence is the keystone of the audit profession; without independence, the users of financial statements would not be able to rely on the auditor’s report. Auditor independence in developing countries is important since the auditor by providing credibility to financial statements facilitates the allocation of scarce capital resources in financial and capital markets. The concept of independence is not absolute; no auditors can claim complete independence of a client. Rather, independence is relative - a matter of degree. In this paper we will try to give a summarized picture of Auditor’s Independence in different countries.