Independence in professional auditing services is required by what?

Independence in professional auditing services is primarily required by standards set by recognized bodies. These standards are established to maintain the integrity, objectivity, and professionalism of auditors who perform their duties. Recognized bodies, such as the American Institute of Certified Public Accountants (AICPA), the Public Company Accounting Oversight Board (PCAOB), and international standards set by the International Federation of Accountants (IFAC) provide specific guidelines that auditors must adhere to in order to be deemed independent.

The importance of maintaining independence is critical to the audit process, as it helps ensure that auditors can perform their work without bias or conflict of interest, thereby enhancing the credibility of their findings and reports. This independence allows stakeholders to trust the audit's outcomes, which ultimately supports the integrity of financial reporting.

While internal company policies, personal ethics, and client preferences may influence auditors, they do not carry the same weight or authority as the established standards from recognized regulatory bodies, which are designed to promote accountability and uniformity across the profession.