Miruna Lucia Nachescu, Anca Cristina Mataragiu


The increasing appetite for risk developed by companies as well as their investors lead to economic practices which from the auditor’s point of view should have raised questions in regard to the company’s ability to maintain as a going concern. There was also the lack of appropriate legislation which in the end allowed for a cover up of major exposures to risk and in the end for a trust put in fragile financial systems. Evaluating a company as a going concern the auditor shall have to perform not only rigorous valuations of the company’s exposure to risks but also make sure he adapts its audit procedures to the assessed risks. Appearances are not to be trusted when it comes to an audit of financial statements, as in the end besides the obvious professional role it has, the auditor should also play the role of a fortune-teller or else be prepared to face the law for his negligence.


risk; audit opinion; going concern; lawfulness appearance

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DOI: http://dx.doi.org/10.17770/lner2010vol1.2.1792


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