Challenges to be Faced by the Audit Profession: Interest, Impact and some Solutions

Author:Alexandra ARDELEAN, Ph. D. Student

JEL:M42, M49, M59, G01

DOI:

Keywords:independence, audit quality, reputation, public interest, audit threats, trust, Code of Ethics

Abstract:
During the audit process performed by financial auditors, these have to face a series of challenges determined by internal or external factors which affect negatively the users` perception over the manner this was carried out. Setting as starting point the literature in the field, the intention of the study was to identify the threats that may intervene during an audit, as well as the solutions to be adopted in order to counteract their undesirable effects. At the same time, the goal of the present paper was to determine the concern for this matter, through the means of conducting an empirical analysis. Following the results interpretation, the conclusion reached was that indeed the challenges the auditors are confronted with show a maintained interest among the practitioners and academic milieu in Romania in the period 2009-2012, as the number of studies which address the pressures in audit is almost constant within the evaluated period, a consequence of the effects of the financial crisis in this country. This fact indicates the existence of a direct link between the interest for threats in audit and the period of post financial crisis, as an outcome of it.\r\n\r\n

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