Which of the following is essential to the integrity of the audit process?

The establishment of auditor independence is fundamental to the integrity of the audit process. Auditor independence ensures that auditors remain objective and impartial in their evaluations of the financial statements they review. When auditors are independent, they are able to provide unbiased assessments, which enhances the reliability and credibility of the audit results. This is crucial in maintaining the trust of stakeholders, including investors, regulators, and the public, who rely on the accuracy of financial reporting.

Independence can be compromised if auditors have financial interests in the companies they audit or if their professional judgment is influenced by other relationships. Therefore, strict adherence to independence standards is vital in preserving the integrity of the audit function, as it helps prevent conflicts of interest and promotes ethical behavior within the auditing profession.