THE FINANCIAL AUDIT – THE GUARANTOR OF THE TRUE AND FAIR VIEW SUPPLIED BY THE FINANCIAL STATEMENTS

Abstract Financial audit has the finality the issue of an opinion regarding the measure in which the financial statements are in according with the supreme scope of true and fair view and the respecting the referential of relevant accounting norms. Because of the subjectivity of this concept of “true and fair view” we can’t say that there are relevant instruments for measuring the level of fidelity reflected by the financial statements. Despite the fact that the auditors know that there is no formula, mathematical or other nature, through which to measure, quantify the level of the fidelity, but they have the knowledge and the capacity needed to identify at least those situations in which the true and fair view is not respected, using the professional judgment for establishing the level in which the financial statements gives a true and fair image. Key words: financial audit, financial auditor, true and fair view, financial statements The role of the financial auditor is to increase the trust of the users in the financial information presented in the financial statements, to give a reasonable assurance that the accounting information was managed and presented in conformity with the accounting standards and with the general accepted accounting principles. In this way, International Audit Standard (ISA) I20 “General framework of the audit standards ” says at the third paragraph