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

Ionescu Iancu Octavian (), Mihaela Mocanu and Turlea Eugeniu ()
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Ionescu Iancu Octavian: The Academy of Economic Studies, Bucharest
Turlea Eugeniu: The Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2010, vol. X, issue 2, 380-383

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.

Keywords: audit; professional judgement; professionalism; efficiency; effectiveness. (search for similar items in EconPapers)
JEL-codes: M10 M41 M42 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:10:y:2010:i:2:p:380-383

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