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Fraud And Error. Auditors' Responsibility Levels

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  • Dan Stirbu

    (West University of Timisoara)

  • Maria Moraru

    (West University of Timisoara)

  • Nicoleta Farcane

    (West University of Timisoara)

  • Rodica Blidisel

    (West University of Timisoara)

  • Adina Popa

    (Eftimie Murgu University from Resita)

Abstract

Are auditors responsible for detecting fraud in the companies they inspect? Most ofthe public thinks they are. Auditors often demur. The auditors' duties for the prevention, detectionand reporting of fraud, other illegal acts and errors is one of the most controversial issues inauditing. This paper reports the findings of a survey that explores the financial report users’perceptions on the extent of fraud in Romania and their perceptions of auditors’ responsibilities indetecting fraud and the related audit procedures. This study also finds that there is a widely heldmisperception of the objective of an audit. This is because, among respondents, a much higherexpectation has been placed on the auditors' duties in detecting and reporting fraud than statute oraudit standards require. The results of the study show unquestionably the existence, with respect todetection of fraud, of a gap between the perception of the respondents and the present statutoryrequirements of auditors.

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Bibliographic Info

Article provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.

Volume (Year): 1 (2009)
Issue (Month): 11 ()
Pages: 5

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Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:5

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Keywords: fraud; auditors’ responsibilities; audit expectation gap;

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