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The Principle Of Business Continuity In Terms Of Financial Audit

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  • Tamas Attila Szora

    (‘1 Decembrie 1918‘ University Alba Iulia Romania)

  • Joldos (Udrea) Ana-Maria

    (‘Valahia‘ University Targoviste Romania)

  • Dobra Iulian

    (‘1 Decembrie 1918‘ University Alba Iulia Romania)

  • Turta Irina

    (‘Valahia‘ University Targoviste Romania)

Abstract

Standard IAS 1 Presentation of Financial Statements requires disclosure of allsignificant accounting policies used in preparing the financial statements. It also indicates thebusiness continuity assumption as one of the basic principles of all aspects of the accountingpolicy applied. Therefore, if the financial statements are not prepared on a businesscontinuity issue. the reasons behind its failure must be submitted. Entity's management isresponsible to evaluate based on the information held the fulfillment of this principle, the timehorizon should not be limited to 12 months from the balance sheet date, because this is theminimum acceptable. From the complexity of aspects regarding the risk of bankruptcy, whichis essential for decision making, is the static analysis of bankruptcy risk on balance sheetheritage. This article has as objective presentation of the importance of determining andreporting the business continuity concern basis (fundamental principle) of the financialstatements especially in the current global financial crisis stage where more and more entitiesavoid deliberately referring to this principle. Towards achieving this goal through qualitativeanalysis - empirical study aims to present financial statements in conformity going basis bystate-owned companies with the same aspect in the realization of a local sample. Researchdirections included the following: financial analysis patrimonial state-owned companies andmixed in Alba county during the two financial years (2010-2011) and the importance of auditopinion expressed by the independent auditor regarding obtaining reasonable assurance onthe correct application of the business continuity basis in preparing the financial statements.The result of the research is the development of a mandatory reporting methodologies ofbusiness continuity principle.

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Bibliographic Info

Article provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.

Volume (Year): 2 (2012)
Issue (Month): 14 ()
Pages: 13

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Handle: RePEc:alu:journl:v:2:y:2012:i:14:p:13

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Keywords: the principle of business continuity; ongoing capital; asset; circulating active;

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