PRACTITIONER SUMMARY A Current Evaluation of Independence as a Foundational Element of the Auditing Profession in the United States

This paper summarizes "Auditor Independence in the United States: Cornerstone of the Profession or Thorn in Our Side?" (Church, Jenkins and Stanley 2018). Church et al. (2018) provides a current, systematic evaluation of independence as a foundational element of the audit profession in the United States (U.S.). Their paper maintains that while the concept of independence is theoretically appealing, it is fraught with practical problems surrounding its implementation, monitoring, and regulation. Church et al. (2018) analyzes the current oversight of auditor independence in the U.S. and the need for auditor independence from the perspective of various parties involved in the financial reporting process. In doing so, the paper discusses important implications and challenges that affect one or more of these parties. Finally, Church et al. (2018) evaluates alternatives to the current regulatory approach of prohibiting various auditor-client relationships to manage auditor independence. The paper concludes that...