Law, Regulations and The Conceptual Framework of Accounting
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In the future, issues regarding conflicts of interest may be tackled through legislation which bans audit firms holding shares in client companies. Some financial commentators believe that it is the subjective nature of modern day accounting which is the main contributor to the ambiguity of auditor independence and suggest this could be clarified through the introduction of a conceptual framework, rather than legislation. They feel a set of agreed definitions on matters which are not encompassed by formal standards would benefit the auditor and, ultimately, remove any doubts over real and apparent independence.
Read more about this topic: Auditor Independence
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