Was bedeuten die Vertrauensguteigenschaften der Jahresabschlussprüfung für die Regulierung der Wirtschaftsprüferhaftung?

Abstract

Abstract The annual audit is the auditors’ main activity. It includes risk analysis, planning and execution. Credence goods are special goods or services whose suppliers have superior information about the quality, e. g. therapies or repairs. The customer cannot evaluate whether the service was appropriate. As the audit is sophisticated and a professional act, it is reasonable to assume that the auditor is better informed. Hence the audit can be considered a credence good. This article discusses two questions: Does the audit comply with the characteristics of credence goods and can regulation – especially of the auditor’s liability – mitigate the audit market problems caused by this?