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Question 2: (20 marks) A series of financial scandals revealed a key weakness in American...

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Accounting

Question 2: (20 marks)

A series of financial scandals revealed a key weakness in American business model. The failure of the U.S. auditing system delivers to true independence. Audit independence is important so that auditors opinion can be unbiased, free from undue influence or conflicts of interest to override the professional judgement.

Required: Explain the concept of independence and discuss the broad categories of threats to independence with examples.

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