Vulnerabilities of Financial Auditing and its Adaptation to the Current Needs of the Users

Starting from the premise that the great economic crises of the last decades were based on the great financial scandals that shook the world economy, I found that auditing in general, and the process of auditing financial statements, has started to be questioned. Thus, I believe that it is necessary and obligatory to analyze whether financial audit, as it is now, is still suitable for modern society, i.e. whether its construction and methodology still meets the requirements of a constantly evolving market economy. Because of this, I considered it appropriate to carry out an analysis, aimed to identify new perspectives for the development of financial auditing in line with the requirements of a constantly changing market economy.

I started my scientific approach from the identification and presentation of possible vulnerabilities in the work carried out by financial auditors, which may occur when formulating the audit opinion.

My aim was to analyze the main elements that generate or enhance these vulnerabilities and to identify possible ways of combating and eliminating these effects in order to improve and increase the confidence of users of financial accounting information in their work.