Erica Grey, CPA is a sole practitioner. She has been practicing as an auditor for...
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Accounting
Erica Grey, CPA is a sole practitioner. She has been practicing as an auditor for 10 years. Recently, a long-standing audit client asked Grey to design and implement an integrated, computer based accounting information system. The fees associated with this additional agreement with the client are very attractive. However, Grey wonders if she can remain objective on subsequent audits in her evaluation of the system and its records if she was responsible for design and implementation. Grey knows that professional standards require her to remain independent in fact and appearance with her clients.
A). What do you believe auditing standards are concerned with when they require independence of fact? Of appearance?
B). Why is it important that auditors remain independent of their clients?
C). Do you think Grey can accept this engagement and remain independent? Justify
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