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The Impact of IFRS on Audit Quality in Romania

Author

Listed:
  • Andreea Mocanu

    (“Alexandru Ioan Cuza” University of Iasi, Doctoral School of Economics and Business Administration, Romania)

  • Maria Grosu

    (“Alexandru Ioan Cuza” University of Iasi, Faculty of Economics and Business Administration, Romania)

  • Ioan-Bogdan Robu

    (“Alexandru Ioan Cuza” University of Iasi, Faculty of Economics and Business Administration, Romania)

Abstract

Given the current economic uncertainties in the capital market, there is a heightened need for quality audit engagements to maintain the credibility of financial statements and the trust of users. In these circumstances, it is important to use the best practices in order to carry out quality audit engagements, in accordance with professional standards. Aligned with the global push for accounting harmonization through IFRS adoption, our study evaluates how implementing IFRS impacts financial audit quality, focusing on auditor opinions and key audit matters. The research was carried out on a sample of companies listed on the Bucharest Stock Exchange, both in the main and AeRO segments, whose annual reports were studied for the period 2016-2022. Preliminary results reveal that the application of IFRS has a significant influence on the quality of financial audit in Romania in terms of audit opinion and key audit matters.

Suggested Citation

  • Andreea Mocanu & Maria Grosu & Ioan-Bogdan Robu, 2023. "The Impact of IFRS on Audit Quality in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 767-774, December.
    • Handle: RePEc:ovi:oviste:v:xxiii:y:2023:i:2:p:767-774
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    References listed on IDEAS

    as
    1. Dimitropoulos, Panagiotis E. & Asteriou, Dimitrios & Kousenidis, Dimitrios & Leventis, Stergios, 2013. "The impact of IFRS on accounting quality: Evidence from Greece," Advances in accounting, Elsevier, vol. 29(1), pages 108-123.
    2. Pierre Astolfi, 2021. "Did the International Financial Reporting Standards Increase the Audit Expectation Gap? An Exploratory Study," Accounting in Europe, Taylor & Francis Journals, vol. 18(2), pages 166-195, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    audit quality; IFRS; harmonization; audit engagement;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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