Financial Auditor’s Professional Judgement and Challenges Faced in a Global Audit Environment

Ionescu Iancu Octavian ()
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Ionescu Iancu Octavian: Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1016-1019

Abstract: 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 audit professionalism alongside audit efficiency, its trend and its relationship with professional judgement. It is discovered that there is a contradiction between the commercial logic and the professional logic in the audit practice. It is also discovered that professional judgement is an essential tool for the auditor and that there is an opposition between efficiency and effectiveness in the audit practice. This article argues that the key to bring a balance to these contradictions 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: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:11:y:2011:i:1:p:1016-1019

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