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Frauds and Errors in the Audit of Financial Statements


  • Cicilia IONESCU

    () (SpiruHaret University, Ion Ghica, no. 13, Bucharest, 030045, Romania, Tel: +40214551000, Fax: +40213143900)

  • Cornel IONESCU

    () (SpiruHaret University, Ion Ghica, no. 13, Bucharest, 030045, Romania, Tel: +40214551000, Fax: +40213143900)


The practice and the academic literature on financial audit methodology emphasizes that fraud risk analysis is a fundamental step in the audit engagement. While internationally there is an established practice regarding the detection of fraud risk within the mission of financial auditing, in Romania this issue remains so far insufficiently tackled. Given the signal indicators of the risk of fraud, the auditor should use the best procedures through which to obtain sufficient and appropriate audit evidence. This evidence supports the audit opinion on the accuracy of audited statements and helps estimate the risk of fraud at company level.

Suggested Citation

  • Cicilia IONESCU & Cornel IONESCU, 2016. "Frauds and Errors in the Audit of Financial Statements," International Conference on Economic Sciences and Business Administration, Spiru Haret University, vol. 3(1), pages 174-183, October.
  • Handle: RePEc:icb:wpaper:v:3:y:2016:i:1:174-183

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    More about this item


    fraud; error; audit risk; professional skepticism; financial statements; misstatement; audit;
    All these keywords.

    JEL classification:

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


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