Final answer:
Independent auditors serve the public by providing unbiased financial assessments as part of their public watchdog function, which is crucial for stakeholder confidence.
Step-by-step explanation:
The allegiance of independent auditors to the interests of the public is known as the public watchdog function. In this role, auditors are expected to provide an unbiased and accurate assessment of a company's financial statements. This ensures that stakeholders, such as investors, creditors, and other members of the public, receive reliable information upon which to base their financial decisions. The term watchdog reflects the expectation that auditors will alert the public to any misrepresentation or fraud uncovered during their audits.