ABSTRACT
Cook’s address is an extensive discussion of accountants’ independence, supported by specific cases and hypothetical situations. He feels independence is a state of mind that combines the impartiality of a judge and the responsibility of a fiduciary. The “Ultramares Case” established the legal concepts of independence and liability, and the ethical rules of the AIA exceeded that limited concept of legal liability. Conditions that would make an accountant not independent in fact are mentioned. However, it is conceded that actual abdication of independent judgment is difficult to establish.
