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Limiting Civil Liability in the Sphere of Business Auditing

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Author Info

  • Carmen COSTULEANU

    (University “Petre Andrei”, Iaşi)

  • Ionel BOSTAN

    (University “Petre Andrei”, Iaşi)

  • Emil HOROMNEA

    (University “Petre Andrei”, Iaşi)

  • Marcel COSTULEANU

    (University “Gr.T. Popa”, Iaşi)

  • Carmen CODREANU

    (University “Petre Andrei”, Iaşi)

Registered author(s):

    Abstract

    The statutory audit of business entities is represented by the audit of annual financial accounts or consolidated financial accounts, according to the Community legislation transposed in national regulations. Negligence or imprudence in performing the activities related to this type of audit entail special consequences. It is to some of the elements derived from this context that we refer in this paper, especially as there is often the underlying risk for the auditor to be held liable. It is worth noting that one cannot claim several compensations for the same action. Then, the auditor is not jointly liable with the other authors of the illicit actions which have caused damages. On the other hand, limited liability does not apply to the situations when it has been proven that the auditor has breached his professional duties with direct intent.

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    Bibliographic Info

    Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

    Volume (Year): XVIII(2011) (2011)
    Issue (Month): 9(562) (September)
    Pages: 61-70

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    Handle: RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:61-70

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    Related research

    Keywords: auditing contract; insurance; negligence/imprudence in the performance of duties; civil liability; faults; offences; damages.;

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