Financial Auditors Ethics Rigors and Principles in the Audit Engagements

Author:university professor, PhD. Ion MIHĂILESCU



Keywords:credibility, professionalism, trust, integrity, confidentiality, and independence

In our days business world the quality and probity of the financial audit engagements is more and more important. In essence, the observance of the provisions of all the standards and professional norms, corroborated with an impeccable ethical behavior of the auditors during the audit engagements represent a guarantee for the quality of the audited financial statements this contributing, implicitly, to an increase of investors’ trust in the information presented in the audit reports used for making investment or financing decisions or for making commercial decisions to cooperate with a given partner. \r\n\r\n\r\nAs it is well known, in order to ensure the optimal conditions for practicing at this high level of exigency in the financial audit engagement, the Romanian financial auditor body – Chamber of Financial Auditors of Romania – adopted early from its establishment the IFAC Code of Ethics and Professional Conduct. Considering the financial events worldwide, the Code experiences a modernization process pointing out more and more the auditors’ independence issue. At the same time, the public oversight over the accounting profession, in general, and over the financial auditors, in particular, is more and more strengthened the provisions of the new Eighth Directive at the European level creating the institutional premises for accomplishing this task. \r\n\r\nThe current article intends to give an insight in ensuring the professional ethics of the auditors defining the financial auditors responsibilities and tasks as a whole and as part of the accounting profession.