Question

list 3 possible ways that auditor independence could be further enhanced and improved beyond what is currently in place in practice or through auditing standards.

Answer 1

Firstly, the audit committee has to always be known for the working ethics to showcase positive relationships. All the individual persons in the committee should always act independently, this clause should be actual and perceived. By this it also means they are not dependent on any other's authority and have free of thought, judgement and action to ensure that the measure is applied and look real.

Secondly, the reporting alliance or interrelation should be ethically accurate among the management and the auditor. They must always be optimistic and have a constructive exposure towards the senior level management on every interactions and reporting. Auditor should know the term confidentiality and how to be real towards it. Any conflicts should be ethically managed and in an appropriate manner wherein no scrutiny is raised. For Example: To be true and transparent every time.

Thirdly, all the auditors should understand the different types of organisations and get well versed about financial manipulations and choices which management chooses and take chances to implicate. So the skills could be extended over all directions of the firm and ensure alignment of true audit report resulting gradual enhancement and improvement.