Audit Independence Part III

Key information points to know about audit independence includes: 

1. ​The audit committee is considered the client for auditing public companies. Sarbanes-Oxley Act of 2002 explicitly shifts responsibility for hiring and firing of the auditor from management to the audit committee.
2. " Independence in Fact " helps to refer to when CPAs can maintain their "actual independence".
3. CPAs should always maintain their independence for auditing of financial statements.