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Describe the users of audited financial statements

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Reference no: EM13887469

Why is it important that users perceive auditors to be independent? What is the difference between being independent in fact and being independent in appearance?

It has been stated that auditors must be independent because audited financial statements must serve the needs of a wide variety of users. If the auditor were to favor one group, such as existing shareholders, there might be a bias against another group, such as prospective investors.

a. What steps has the external auditing profession taken to minimize potential bias toward important users and thereby encourage auditor independence?

b. Describe the users of audited financial statements and the decisions that they need to make based on reliable information.

Reference no: EM13887469

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