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The grounds and types of professional responsibility of auditors

Vol. 22, Iss. 12, DECEMBER 2019

Received: 28 November 2019

Received in revised form: 4 December 2019

Accepted: 5 December 2019

Available online: 13 December 2019

Subject Heading: AUDIT ACTIVITY

JEL Classification: M42

Pages: 1364–1377

https://doi.org/10.24891/ia.22.12.1364

Itygilova E.Yu. East Siberia State University of Technology and Management (ESSUTM), Ulan-Ude, Republic of Buryatia, Russian Federation
e_itygilova@inbox.ru

https://orcid.org/0000-0002-9751-546X

Subject This article discusses the grounds and types of professional responsibility in auditing for the quality of audit services, as well as the content of each particular type of professional responsibility of auditors to State regulatory bodies, professional auditing community, audit services customers and other persons interested in auditor activities.
Objectives The article aims to institutionally substantiate the liability of auditors from perspectives of public and economic institutions' performance.
Methods For the study, I used formal and logic methods and techniques of cognition, such as analysis and synthesis, induction and deduction, comparison, and analogy.
Results Based on an analysis of the statutory and regulatory provisions on professional responsibility in auditing, the article identifies the grounds and types of professional responsibility in audit activity.
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. The results of the study can be applied in the corporate sphere of auditing public associations and firms.

Keywords: professional responsibility of auditor, contractual responsibility, tort liability, responsibility bases, type of responsibility

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