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New Challenges For Auditors In Forming An Opinion And Disclosing Information On The Management Report Of Financial Statements Of Banks

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  • Adela Socol

Abstract

In the last years improving disclosure effectiveness has become a priorityissue in financial reporting of banks. The purpose of this paper is to explore ways to improvefinancial reporting disclosure studying auditors' attitude in forming an opinion on Managementreport of banks (Administrators' report). First three banks by assets size from Romania werestudied in order to identify the differences and similarities between format/structure and contents ofManagement report of banks, based on the financial statements for the financial period that endedon 31 December 2015. The focus is on auditors' professional judgment in determining the mostadequate considerations and concerns when expressing their opinion on financial statements basedon Management report of audited entity. We analysed the banks' options in adopting a properformat and structure of management report and in making materiality assessments throughmanagement report. The paper shows the differences in the studied banks' Management reports, thestandardized form of auditors' opinion regarding to Management report of banks and doubts aboutnot fully understandability by users of financial statements.

Suggested Citation

  • Adela Socol, 2017. "New Challenges For Auditors In Forming An Opinion And Disclosing Information On The Management Report Of Financial Statements Of Banks," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(19), pages 1-8.
  • Handle: RePEc:alu:journl:v:1:y:2017:i:19:p:8
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    Keywords

    Financial Reporting; Management report on financial statement; Banking audit; Auditors' opinion;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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