Referenţi ştiinţifici - Muzeul Judeţean Satu Mare

Satu Mare – Studii şi Comunicări Ştiinţele Naturale -– Vol. VI (2005)
THE AUDIT AND THE INFORMATIONAL RISK
Tatiana DĂNESCU 1
1 - Petru Maior” University, Targu Mures
Summary
The need for financial audit is based upon three fundamental theories: motivating theory, agent theory and
assurance theory. In accordance to these theories, the need for financial audit is proved at least through these
arguments:
- accountants are motivated to perform their duties according to the criteria set by the users of
financial statements;
- an independent opinion is expressed upon references;
- through the expressed opinion, there is a reasonable assurance level upon the true and fair view of
presented financial information
Financial audit contributes to the risk reduction that reported financial information is not correct. This type
of risk is different from the risk of bankruptcy. The effects of reducing informational risk consist, mainly, of
reducing the risk premium that is claimed by the investors, as well as reducing the financing cost.
General presentation of the audit necessity
In the specialized literature, the necessity of audit is
explained through three theories:
a) The motivational theory;
b) The agency’s theory;
c) The assurances’ theory.
a. The motivational theory explains the
necessity of the audit through a superior professional
behavior of the ones who are responsible for drawing
up the references.
It is considered that the audit not only it rises the
references credibility, but also adds a certain value to
the information due to some motivational reasons; in
other words, the ones who prepare the references will
do a better quality job because they know that that
information will be audited. It can be compared with
the motivation of studying an object when knowing
it’s needed for a final examination.
According to this theory, it is not encouraged the
practice of drawing up references which are not in
conformity with the reality, thing made by
accountants who know that those references they are
working for will be audited.
Consequently, the audit is necessary because it assures
the control on the information’s quality because of
the following reasons:
- according to a pre-established criterion in
conformity with the user’s needs and desires of
bookkeeping information it assures an
independent verification of the bookkeeping
information;
- it motivates the accountants to a work in
concordance with the user’s criterion knowing
that his situations will be checked by the
independent auditor.
b. The agency’s theory justifies the audit’s
necessity through the fact that investors can not really
trust managers that they will use adequately the
allocated funds without misappropriating them for
their own use.
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The agency’s theory is explained by the following
aspects:
- the owners and the managers constitute
different categories of users and each of them
has as goal to get to the maximum with their
fortune;
- managers have the tendency to present the
information in the financial situations on a way
they can win owners’ trust while owners are
not convinced that managers present them the
truth, the reality of the facts;
- the information which is held by the two
groups of users is different, thing which
determines each of them to take advantage of
the other one.
Due to the shown reasons owners need – and
managers admit and desire this thing – the
designation of an independent auditor to supervise
the financial information’s report.
Owners’ motivation is eloquent. Regarding to
managers and the way they lead the entity, it must be
taken into account that, being the owners’ employees,
they are interested in earning the owners’ confidence.
Otherwise their incomes may become lower or
owners may give up to their services.
On this way, managers too, desire an independent
audit which explains a favorable opinion on the
references in order to improve the image of the
business’ management in front of the owners.
c. The assurance’s theory explains the
necessity of the audit through two principles:
- the assurance’s principle which supposes that the
auditor delivers a certain degree of assurance to
the persons who rely on the audited information
- the information’s principle according to which the
audited information is more credible and useful in
the process of taking decisions for the main users
(investors, managers, etc.)
The necessity of the audit is justified by the request
that exists for this activity due to: