Professional reasoning in expressing the auditor's opinion

Bunget, Ovidiu-Constantin, David Sobolevschi, Iulia-Maria and Monica Petcu

MPRA Paper from University Library of Munich, Germany

Abstract: Unlike other information, assertions and conclusions made during the audit process, the auditor's opinion expressed in the report on the accuracy of the financial statements in terms of the company’s image is available to all users. The result of a series of professional judgments based on complex theoretical and practical knowledge developed within the referential framework generated by the accounting and audit standards in order to detect misstatements, typological classifications and their correction, the opinion expressed by the auditor may have significant consequences. An inadequate opinion may alter the image of the entity in relation with all stakeholders, with serious implications on the continuity of the business. To the other extreme, an inadequate opinion may encourage unsustainable actions, with severe consequences both on own activity and on third parties.

Keywords: professional reasoning; opinion; significance; distorting (search for similar items in EconPapers)
JEL-codes: M42 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc
Date: 2009-10-26
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