Successful business in turbulent market conditions is very demanding. Successful business operations depend on good management, depending on the timely and high quality accounting information contained in the financial statements. Financial reports should provide a realistic picture of business performance and financial position of the entity. Audit can be defined as a series of systematized activities that objectively procure and generate evidence of business events and, according to pre-set criteria, assess their compliance. The audit report provides interested users with a reliable information background that helps to make optimal business decisions. The implementation of the audit procedure is defined by auditing principles, postulates, standards. Auditing principles and postulates are interlinked and form a theoretical basis that determines the structure and content of audit standards. The quality of auditing can be influenced by various factors, and the quality management of audit procedures, as well as the quality control itself, is of great importance. In contemporary market operations, the relationship between ethics and the way of business is constantly overturned. With the emergence of ethically controversial events in business and the emergence of the economy and society, more and more attention is devoted to the ethical business component. The introduction of ethical principles in auditing activities increases the quality of the auditing process. Also, compliance with the Code of Professional Ethics, which has been mandated by all auditors, contributes to greater quality of auditing. Unethical business, manipulation, pressures are the reality of audit activity and the auditor needs to have enough expertise and knowledge to spot them. In the implementation of the audit procedure, ethical principles, code of conduct, legal regulations should be adhered to, and to distance themselves from the pressures and expectations of others. Respect for ethical principles and the implementation of auditing procedures by auditing standards and rules, will surely, result in a true and fair audit report.