As an exhaustive list of countervailing factors is not possible, so auditors strive to develop such characteristics in their audit firms, wherever possible to provide safeguards against the threats to objectivity. Enumer

An exhaustive list of countervailing factors is not possible, but Auditors should strive to develop the following characteristics in their audit firms, wherever possible to provide safeguards against these threats: Auditors should behave with integrity in all their professional and business relationships and to strive for objectivity in all professional and business judgments. These factors rank highly in the qualities that Auditors have to demonstrate the same. They should therefore be well used to setting personal views and inclinations aside. Within every audit firm there should be strong peer pressure towards integrity. Reliance on one another's integrity should be the essential force which permits partners to entrust their public reputation and personal liability to each other. Audit Firms of all sizes should establish strong internal procedures and controls over the work of individual Auditors, so that difficult and sensitive judgements are reinforced by the collective views of other Auditors, thereby also reducing the possibility of litigation. The Principle of Contradictory Process: The principle of contradictory process implies checking the accuracy of facts and incorporating responses from concerned persons. When two contradictory facts emerge on same subject matter of audit, Auditor must strive to find additional evidence/ material which supports or negates one of the facts. This process of finding additional evidence/ material must continue till one of the facts is eliminated. In case Auditor is unable to find further evidence/ material and contradiction continues to persist, Auditor should bring out that fact clearly in his report and if circumstances warrants, disclaim opinion on that particular subject matter. The process also implies checking the accuracy of facts with the Auditee and incorporating responses from responsible officials as appropriate. The Auditor should consider relevant evidential matter regardless of whether it appears to corroborate or to contradict the assertions. Thus, during the conduct of an audit, the Auditor should consider all relevant evidential matter even though it might contradict or be inconsistent with other conclusions. Exit Conference: While concluding the audit, the auditor should conduct a meeting with the management of the company or with the group supervisor officers. The audit observations should preferably be shared with such officials beforehand for providing the opportunity to discuss the audit findings and to clarify any point relating to audit and audit observations.