The paper deliberately states a number of general views and does not contain a systematic examination of all the requirements relative to auditor independence, which apply in practice in the Member states and other comparable countries.
Auditor independence is therefore an issue that has been debated since the birth of the profession.
EFAA believes that ultimate and full independence is a fiction. Such independence does only apply if there is no financial or other relations whatsoever between the auditor and the client. The general objective for the profession is consequently to strive for the level of independence, where auditor objectivity is not jeopardised. EFAA is of the opinion that such a consensus will lead to better understanding of auditor's work, which in turn will help narrowing the expectation gap. Proposals for a Solution Different EU member states conception of appropriate independence relates to the conception of to which extend regulations should be based on independence in appearance or should be based on independence in mind, or in some cases should consist of a combination of these two methods.