Professional independence is lengthy and engaging topic for discussion. For a basic and macro understanding of the same, it is that – professional has always to have a neutral mindset for the deliverable to be factual and objective. Independence is a state of mind, after all, not being affected by the influences to compromise professional judgement, to act with integrity, and exercise objectivity with professional skepticism
“Integrity is what we do when nobody is watching.”
“Objectivity has as much substance as the emperor’s new clothes”.
And in this context – “Without integrity and objectivity, having everything means nothing”.
Multiple stakeholders are associated with the deliverables and outcome of the professionals and the work conducted, be it in audits, tax, any other advisory or assurance function as a professional. Thus, working with integrity and observing independence would always allow the professional to go a successful long way in the journey.
Further, in light of the new RBI circular of 27 April 2021, there are new aspects regarding joint Audits, reduced tenure, and cap of audits. There are ongoing initiatives and discussion around non-attest and attest services provided by professionals. All of this sums up the larger spectrum of independence, quality of work and eventually integrity in whatever work is conducted.