Final answer:
The Yellow Book's ethical concept encompassing independence and conflict of interest freedom is Objectivity.
Step-by-step explanation:
The ethical concept of the Yellow Book that encompasses independence in fact and appearance, and being free of conflicts of interest, is Objectivity. This principle is fundamental in ensuring that auditors and other professionals carrying out their duties do so without bias, which is vital in maintaining public trust and professional integrity. It is imperative that professionals adhere to these standards for the overall corporate responsibility and to uphold the ethical standards as promoted by various professional organizations and within fields like medicine, law, and engineering.