Lesson: Threats to an Auditor's Independence

In this lesson, Nick Palazzolo covers various threats to an auditor's independence as per Gagas (Generally Accepted Government Auditing Standards). These threats include self-interest threat, management participation threat, bias threat, self-review threat, adverse interest threat, undue influence threat, familiarity threat, and structural threat. Each of these threats has the potential to negatively impact an auditor's ability to remain independent and objective during an audit. Nick provides examples and detailed explanations for each threat, emphasizing the importance of auditors being aware of these risks and taking necessary precautions to minimize their potential impact on the audit process.