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Explaining The Audit Risk And Its Components: A Comparative Case-Study Based On Audit Reports

Author

Listed:
  • ALINA VOICULESCU

    (”1ST OF DECEMBER 1918” UNIVERSITY, ALBA IULIA, ROMANIA)

  • SORINA SIMONA BUMBESCU

    (”1ST OF DECEMBER 1918” UNIVERSITY, ALBA IULIA, ROMANIA)

Abstract

The players activating in the post-recession business environment have to and begin to be more and more prudent and attentive to any sign of human errors, uncertainty, lack of objectivity, attempt of fraud which may occur when financial statements are prepared, in their own case or in the case of their trade clients/suppliers, debtors, business partners, in general. Auditors thus became the mediators between the producers and the users of accountant information, using their high theoretical training, authority, competence and independence as pledge for the fairness of the financial statements and for the compliance with the Law. But even their reports are subject to uncertainty, therefore the author considered useful to approach in the current paper the issue of risk in financial audit, by use of a study-case of several audit reports, in order to explain and exemplify it and to highlight the difference between its components’ evaluation.

Suggested Citation

  • Alina Voiculescu & Sorina Simona Bumbescu, 2014. "Explaining The Audit Risk And Its Components: A Comparative Case-Study Based On Audit Reports," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 138-148, August.
  • Handle: RePEc:cbu:jrnlec:y:2014:v:4:p:138-148
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    References listed on IDEAS

    as
    1. Maria Moraru & Franca Dumitru, 2011. "The Risks In The Audit Activity," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 11(3), pages 187-194.
    2. Tatiana Danescu & Mihaela Prozan & Andreea Cristina Danescu, 2011. "Internal Control Activities: Cause And Effect Of A Good Governance Of Accounting Reportings And Fiscal Declarations," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(13), pages 1-17.
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