Abstract:

The difficult context of economy make professional bodies to pay attention in solving some issues that are considered to influence the crisis. Credibility of accounting firms is critical and the issues of independence and objectivity relate directly to credibility. Over the years we can find opinions pros and cons regarding long-term relationships between auditors and their clients. Questions regarding the importance of audit firm rotation arised, so, the main purpose of this paper is to highlight the influence that audit firm rotation have on independence, objectivity, and the quality of audits. When auditors are too familiar with their client company's business operating systems from years and years of performing the audit, this familiarity can increase the risk of their not having objectivity in executing various audit functions. Thus, mandatory audit rotation should contribute, rather than be a detriment, to auditor objectivity. It is important to keep in mind that accountants should strive first and foremost for quality and not profits.This synthesis was based on quantitative analysis of scientific articles, looking in future to make an empirical study regarding audit firm rotation in Romania, testing the case that we find with some hypothesis.