Limiting Civil Liability in the Sphere of Business Auditing

Carmen Costuleanu, Ionel Bostan, Emil Horomnea, Marcel Costuleanu and Carmen Codreanu
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Carmen Costuleanu: University “Petre Andrei”, Iaşi
Ionel Bostan: University “Petre Andrei”, Iaşi
Emil Horomnea: University “Petre Andrei”, Iaşi
Marcel Costuleanu: University “Gr.T. Popa”, Iaşi
Carmen Codreanu: University “Petre Andrei”, Iaşi

Theoretical and Applied Economics, 2011, vol. XVIII(2011), issue 9(562), 61-70

Abstract: The statutory audit of business entities is represented by the audit of annual financial accounts or consolidated financial accounts, according to the Community legislation transposed in national regulations. Negligence or imprudence in performing the activities related to this type of audit entail special consequences. It is to some of the elements derived from this context that we refer in this paper, especially as there is often the underlying risk for the auditor to be held liable. It is worth noting that one cannot claim several compensations for the same action. Then, the auditor is not jointly liable with the other authors of the illicit actions which have caused damages. On the other hand, limited liability does not apply to the situations when it has been proven that the auditor has breached his professional duties with direct intent.

Keywords: auditing contract; insurance; negligence/imprudence in the performance of duties; civil liability; faults; offences; damages. (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:9(562):y:2011:i:9(562):p:61-70

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