Subject The article is dedicated to matters of the independent auditor’s liability. As part of the audit practice, the mechanism of liability emerges and evolves, being influenced by institutional factors, such as interests of the public and the State, interests of economic actors, certain users of their financial statements and interests of auditing. Objectives The research institutionally substantiates the liability of auditors from perspectives of public and economic institutions’ performance. Methods I applied formal and logic methods and techniques of cognition, such as analysis and synthesis, induction and deduction, comparison, analogy. Results I substantiated the professional liability of auditors as a set of professional liability for audit quality. Consequently, I determined the substance of professional liability in auditing, principles and standards of professional liability in auditing. Conclusions and Relevance The liability mechanism for auditing is an integral part of effective auditing practices, implying that auditors are responsible for the quality of their audit services.
Keywords: professional responsibility of auditors, audit quality, audit practice, professional liability, auditing
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