The threats to auditor objectivity and independence and the safeguards to mitigate those threats

Write an essay on the threats to auditor objectivity and independence and the safeguards to mitigate those threats.

Including these topics:

– Threats to compliance with fundamental principles:
1) Self-interest.
2) Self-review.
3) Advocacy.
4) Familiarity.
5) Intimidation.

– Safeguards created by profession, legislation or regulation to reduce these threats, e.g.:
­ Education and experience entry requirements.
­ Continuing professional development requirements.
­ Professional or regulatory monitoring and disciplinary procedures.

– Provision of non-audit services. (should be band) source from European Commission 2010 ”green paper”.

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