The purpose of this document is to present a common core of principles of audit independence and objectivity. A common core of essential principles will provide an environment in which any additional independence rules existing in a Member State would be of purely national application and could not be imposed on the statutory auditors of foreign subsidiaries. This document outlines the concepts governing statutory audit independence and objectivity. It explains the notions of independence of mind and independence in appearance and the expectations of those directly affected. It considers the different kinds of threats which arise with respect to statutory audit independence and objectivity and the possible safeguards, including incompatibilities, to offset these threats.
