The Importance Of The Financial Audit In The Identification Of Fraud And Errors Recorded By Companies

Increasing concerns regarding the transparency and correctness of financial reporting in the current global economic context underline the importance of financial audits in identifying fraud and errors recorded by companies. The purpose of the paper is to examine the issues related to fraud and errors from the perspective of financial audits in the national and world economic reality. The motivation for this scientific approach resides in identifying elements and vulnerabilities at the company level that can influence the auditor’s ability to issue his opinion within a financial audit mission. By identifying and eliminating these elements, the aim is to increase the trust of end users in financial accounting information and the work carried out by financial auditors. The paper emphasises the need for auditors to exercise professional scepticism and apply effective internal control to prevent and detect fraud and error. Implementing fraud risk management strategies is also highlighted, including promoting an organisational culture based on integrity and transparency. The presented research results include improving internal audit and control systems, increasing awareness of fraud and error risks, and promoting corporate governance practices that better protect stakeholders’ interests. The importance of the theme, the purpose of the work and the intended results underline the crucial role of the financial audit in ensuring the integrity and transparency of financial information, thus contributing to stability and confidence in the business environment.