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The Importance of Auditor’s Professional Judgement in a Global Economy

Author

Listed:
  • Ionescu Iancu Octavian

    () (The Academy of Economic Studies, Bucharest)

  • Mocanu Mihaela

    () (The Academy of Economic Studies, Bucharest)

  • Turlea Eugeniu

    () (The Academy of Economic Studies, Bucharest)

Abstract

If auditors are to continue to play a vital role in adding credibility to the financial statements, it is essential to address the risks and pressures they face in the course of an audit. The auditor’s professional judgement is a focal point of those challenges. 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 auditor’s professional judgement and its relationship with professionalism in the audit process. It is discovered that professional judgement is a powerful tool for the auditor and that there is a contradiction between efficiency and effectiveness in the audit practice. This article argues that the key to bring a balance to this contradiction is professional judgement.

Suggested Citation

  • Ionescu Iancu Octavian & Mocanu Mihaela & Turlea Eugeniu, 2010. "The Importance of Auditor’s Professional Judgement in a Global Economy," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 380-383, October.
  • Handle: RePEc:ovi:oviste:v:10:y:2010:i:2:p:380-383
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    Keywords

    audit; professional judgement; professionalism; efficiency; effectiveness.;

    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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