The purpose of requiring the application of professional standards rather than personal ethical values in professional accounting and auditing is precisely, to ensure that all entities are regulated and evaluated impartially and without regard to any subjective beliefs or philosophical perspectives of the individual rendering professional accounting services or conducting audits. Whereas the AICPA Code of Responsibility actually incorporates the word objectivity (in addition to the word independence), the GAS GAGAS uses only the latter, but, in fact, either denotes the same concept, that objectivity is an essential professional obligation of accounting and auditing

The mechanical or computational aspects of accounting are, by nature, purely objective and not inherently susceptible to subjective interpretation or application, in general principle. However, the actual practice of accounting and auditing leaves considerable room for subjective belief, such as where the professional must make an independent determination of what degree of truth may be presumed...
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