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Independence is the freedom from conditions that threaten the ability of internal auditor or internal audit activity to carry out internal audit responsibilities in unbiased manner. To achieve independence auditor should have direct and unrestricted access to senior management and board.
The concept of fair presentation is relevant to financial reporting. Fair presentation means free from material misstatements. Management is responsible for preparation and fair presentation of financial information in accordance with the reporting framework applicable to the organization. Internal Auditor, without assuming the liability of design and implementation, helps management in improving the controls, risk management and governance process to achieve its objectives which includes the fair presentation of the financial reporting.
In depth would mean auditing the system as a whole considering all the aspects contributing the to and supporting the system to operate optimally and successfully. Independance in auditing terms means a person / entity auditing the system free of bias or influence from the people working within / operatings the system to execute the project / task, it would also entail that the auditor audits the sytem free of pre conceived notions and opinions regarding the system beoing audited. Fair presentation in simple terms is presenting the facts free of emotions and bias, in other words a accurate reflection of current status as found through objective auditing
