HYPERION ECONOMIC JOURNAL

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• Nicolae Măgdaș, PhD Student, Affiliation: Babeș - Bolyai University of Cluj - Napoca, Faculty of Economics and Business Administration, Romania;
• Gabriel Raita, PhD Student, Affiliation: Babeș - Bolyai University of Cluj - Napoca, Faculty of Economics and Business Administration, Romania;

This paper takes an integrated approach to the auditor's role. It is indisputable that the auditor's liability, both legal and professional, is increasingly well defined from a legal and practical point of view and is used with increasing frequency in contractual clauses. This paper addresses the legal aspects regarding the role and importance of the audit, presenting the main objectives and duties of the financial auditor, respectively the implications of corporate governance on the audit profession. The lack of independence, an essential element, in the absence of which it is possible to reach situations that attract the responsibility of the auditor, constitutes an impediment in the effective realization of the role that he has in the framework of corporate governance. Thus, the main issue is to ensure that there is an appropriate professional relationship among the auditor and the management whose financial statements are being audited. Liability must also be seen through the lens of the liberal nature of the auditing profession. Thus, this paper aims to provide an overview of the activity of auditors and the obligations arising from the status they hold and, consequently, the way in which they respond for non-fulfillment of obligations or non-compliance with the professional norms to which they are subject, as well as the possibilities of limiting any liabilities that may be incurred. Like any research, the present research presents some limitations by only addressing the legal aspects and not the accounting ones, so it offers the chance for future research that treats the two sides of the audit profession in conjunction.

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