What is the difference between being independence in fact (independence of mind) and being independence in appearance? Please use the illustration below to help you answer this question.
What is the difference between being independence in fact (independence of mind) and being independence in appearance? Please use the illustration below to help you answer this question.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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What is the difference between being independence in fact (independence of mind) and being independence in appearance? Please use the illustration below to help you answer this question.
Transcribed Image Text:What Is Independence?
Independence is defined as follows:
a. Independence of mind is the state of mind that permits a member to perform an attest service
without being affected by influences that compromise professional judgment, thereby allowing
an individual to act with integrity and exercise objectivity and professional skepticism.
b. Independence in appearance is the avoidance of circumstances that would cause a
reasonable and informed third party, who has knowledge of all relevant information, including
safeguards applied, to reasonably conclude that the integrity, objectivity, or professional
skepticism of a firm or member of the attest engagement team is compromised.
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