[The following paragraph was effective before December 31, 2016. See PCAOB Release No. 2015-002. The current standard can be found here.]


Independence, Integrity, and Objectivity are defined and more fully described in the AICPA Code of Professional Conduct (the Code) and AU section 220, Independence. Rules 101 and 102 of the Code, and the related Interpretations and Rulings [ET sections 101, 102, and 191) contain examples of instances wherein a member's independence, integrity, and objectivity will be considered to be impaired. Independence encompasses an impartiality that recognizes an obligation for fairness not only to management and owners of a business but also to those who may otherwise use the firm's report. The firm and its personnel must be free from any obligation to or interest in the client, its management, or its owners.fn 1 Integrity requires personnel to be honest and candid within the constraints of client confidentiality. Service and the public trust should not be subordinated to personal gain and advantage. Objectivity is a state of mind and a quality that lends value to a firm's services. The principle of objectivity imposes the obligation to be impartial, intellectually honest, and free of conflicts of interest.

fn 1 See AU section 220.02. [Footnote renumbered by the issuance of Statement on Quality Control Standards No. 6, September 2002.]