The principles of objectivity and independence bring an immense amount of value to practitioners, businesses, and clients in the professional services industry. Objectivity refers to a practitioner’s ability to provide unbiased advice that is not influenced by personal interests or feelings (Shah et al., 2020). On the other hand, independence relates to a practitioner’s obligation to maintain impartiality from any potential conflicts of interest when providing opinions on client matters (Deloitte, 2017). When taken together these two concepts are essential for instilling trust between professionals and their clients as well as ensuring that services rendered meet ethical standards.
Objectivity is especially important for profession services firms because it establishes credibility with their stakeholders. The ability to provide non-partial recommendations based solely on facts and knowledge is particularly useful when dealing with complex issues such accounting or legal matters (Deloitte US, 2018). For example, audit practitioners must remain objective while evaluating clients financial statements because any bias could lead them to make inaccurately judgments which potentially result in significant losses for those involved. Practitioners who can objectively assess data will be seen as more trustworthy amongst their peers and business partners since there will be no doubt regarding the accuracy of their work product (PwC, 2019).
What value does the principles of objectivity and independence bring to practitioners, businesses, and clients?
Unlike objectivity which focuses primarily on behavior during service delivery; independence directly affects how practitioners interact with current or potential clients. It requires that they refrain from relationships that may present opportunities for self-interest such as receiving gifts or loans from entities they are responsible for auditing (Hogan & Rowan Ltd., 2018). Specifically applicable in the accounting field; auditors operating without independence place themselves at risk of engaging in illegal activities like fraud due to influence by outside forces seeking special treatment during examinations(Insightful Accountant 2021). Thus adherence to this principle helps reduce instances where organizations may feel obligated return favors instead of upholding professional ethics throughout engagements thus protecting all parties involved from unnecessary harm .
Overall both principles serve similar yet distinct functions within the business world but collectively assure stakeholders that professionals conducting work have only one priority: delivering quality results regardless external influences or motivations. As long as organizations uphold standards set forth by these two tenets outcomes should be fair and transparent allowing practitioners access private information while also keeping them protected from any potential misconduct allegations(Gainsbury et al., 2019). These practices promote successful partnerships between businesses ,clients ,and practitioners through building goodwill enabling them better focus on improving performance over time .