Independence in accounting is a state of having no bias, neutrality, and being objective regarding the client or another party while executing the audit function. This ensures the integrity and objectivity of the audit process.
The principle that financial information provided by a company should be free from bias, ensuring objectivity and reliability in financial reporting as defined by the International Accounting Standards Board (IASB).
The prudence concept is an accounting principle that mandates a realistic view of business activity, emphasizing the inclusion of anticipated revenues and profits in the profit and loss account only upon realization.
The accounting principle that ensures financial information provided by a company is accurate, neutral, and free from material error, making it a faithful representation of the company's financial status.
