Considerations On The Practical Application Of International Auditing Standards Regarding The Environment Of Control
In the research contract, no.60C from 21.12.2009, concluded between the University of Craiova and EURO TYRES MANUFACTURING LTD. from Drobeta Turnu Severin, in the section International Auditing Standards regarding the Environment of Control, the aspects of how auditors approach the environment of control within the audit mission were analyzed. The responsibilities of top management include maintaining some adequate accounting and internal control systems, selecting and applying accounting policies and preserving safe the entity’s assets. To achieve these objectives auditors apply the provisions of the International Standard on Auditing 315, "Knowing and Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement" that became effective after December 15, 2004 and was restated in December 15, 2008 as "Identification and Assessment of Risks of Significant Misrepresentations by Knowing and Understanding the Entity and its Environment." The financial auditor's responsibility is to identify and assess the risks of material misstatement, whether due to some frauds or errors, in the financial statements and in the declarations, by understanding the entity and the environment in which he operates, including the entity's internal control. Internal control is the process designed and put in practice by those charged with governance by the top management and other personnel, so to provide a reasonable assurance about achieving the entity's objectives regarding the credibility of financial reporting, the effectiveness and efficiency of operations and the compliance with applicable laws and regulations.
Volume (Year): 3 (2011)
Issue (Month): 39 ()
|Contact details of provider:|| Postal: |
Phone: 004 0251 411317
Fax: 004 0251 411317
Web page: http://feaa.ucv.ro/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:aio:aucsse:v:3:y:2011:i:39:p:1-7. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anca Bandoi)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.