From Awareness to Action – Audit in the Context of the Crisis – Most Significant Challenges for the Auditor Profession
Author:
Vasile IUGA, PwC
JEL:
DOI:
Keywords:
going concern, management’s responsibility, ISA 545, ISA 240, ISA 570 disclosure requirements, credit crisis, cost of credits, fair value, audit evidence, forecasts and budgets
Abstract:
This article underlines a number of fundamental elements in the planning and execution of the financial audits in the current economic environment such as going concern, the audit of the fair value or the auditor’s responsibility to detect fraud and the potential impact of the crisis on the audit report. It should be mentioned that due to the financial crisis, these elements are more frequent on the agenda of the auditors but also on the agenda of the shareholders, financial directors or the press.