Literature Review on Methodological Aspects of Audit Independence & Materiality Perspective

Abstract

This paper focuses on the literature, contributes to the philosophy of audit materiality and auditor independence. The study covers a large period ranging from 1996 to 2019. Auditing provides an independent examination of the books and accounts. The concept of audit materiality and independence of the auditor plays a vital role in the process of expressing an opinion by the auditor. The level of materiality determines the reliability of the audit report and independence ensures the quality of the opinion. The major implications of the study indicate the importance of auditing standards and the improvement in the regulatory requirements.