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Financial Auditor’s Professional Judgement and Challenges Faced in a Global Audit Environment

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  • Ionescu Iancu Octavian

    (Academy of Economic Studies, Bucharest)

Abstract

In an increasingly globalised economy, the quality and professionalism of a business is becoming more important than ever before. The audit profession is no exception. This paper examines audit professionalism alongside audit efficiency, its trend and its relationship with professional judgement. It is discovered that there is a contradiction between the commercial logic and the professional logic in the audit practice. It is also discovered that professional judgement is an essential tool for the auditor and that there is an opposition between efficiency and effectiveness in the audit practice. This article argues that the key to bring a balance to these contradictions is professional judgement.

Suggested Citation

  • Ionescu Iancu Octavian, 2011. "Financial Auditor’s Professional Judgement and Challenges Faced in a Global Audit Environment," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1016-1019, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1016-1019
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    More about this item

    Keywords

    audit; professional judgement; professionalism; efficiency; effectiveness;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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