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Theoretical and Applied Economics
No. 9 / 2011 (562)

Limiting Civil Liability in the Sphere of Business Auditing

Carmen COSTULEANU
University “Petre Andrei”, Iaşi
Ionel BOSTAN
University “Petre Andrei”, Iaşi
Emil HOROMNEA
University “Petre Andrei”, Iaşi
Marcel COSTULEANU
University “Gr.T. Popa”, Iaşi
Carmen CODREANU
University “Petre Andrei”, Iaşi

Abstract. The statutory audit of business entities is represented by the audit of annual financial accounts or consolidated financial accounts, according to the Community legislation transposed in national regulations. Negligence or imprudence in performing the activities related to this type of audit entail special consequences. It is to some of the elements derived from this context that we refer in this paper, especially as there is often the underlying risk for the auditor to be held liable. It is worth noting that one cannot claim several compensations for the same action. Then, the auditor is not jointly liable with the other authors of the illicit actions which have caused damages. On the other hand, limited liability does not apply to the situations when it has been proven that the auditor has breached his professional duties with direct intent.

Keywords: auditing contract; insurance; negligence/imprudence in the performance of duties; civil liability; faults; offences; damages.

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Novum Organum Oeconomicum
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