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The Role And Utility Of Financial Audit In Romania And Spain - An Empiric Study


  • Ioana Iuliana Pop (Grigorescu)

    (‘1Decembrie 1918‘ University Alba-Iulia Romania)

  • University Lleida


  • Oana Raluca Ivan

    (‘1 Decembrie 1918‘ University Alba-Iulia Romania)


Our research includes the main results of an empiric study on the role and utility ofthe financial audit in Romania and Spain.We undergone our research on a statistic population formed by the main three groups involved infthe financial audit process: the financial auditors, financial managers of the audited firms and theusers of the audited accounting information. The main results of research, namely the questionnairehave been analysed with the help of Mann WhitneyTest, which has shown that for every statementthe differences between the three groups from the two countries are significant. Next the resultshave been interpreted globally.This way has been demonstrated the hypothesis according to which there are differences betweenperspectives and expectances between the pairs of groups the financial auditors, financialmanagers of the audited firms and the users of the audited accounting information in Romaniaregarding the role and utility of the financial audit.Finally our study proposes solutions as how to meet the expectances of the three groups fromRomania and Spain concerning the role and utility of the financial audit.

Suggested Citation

  • Ioana Iuliana Pop (Grigorescu) & University Lleida & Oana Raluca Ivan, 2013. "The Role And Utility Of Financial Audit In Romania And Spain - An Empiric Study," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(15), pages 1-17.
  • Handle: RePEc:alu:journl:v:2:y:2013:i:15:p:17

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    References listed on IDEAS

    1. Prem Sikka & Steven Filling & Pik Liew, 2009. "The audit crunch: reforming auditing," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 135-155, January.
    2. Ian Fraser & Chris Pong, 2009. "The future of the external audit function," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 104-113, January.
    3. Phillips, Robert & Freeman, R. Edward & Wicks, Andrew C., 2003. "What Stakeholder Theory is Not," Business Ethics Quarterly, Cambridge University Press, vol. 13(04), pages 479-502, October.
    4. Mohd Mohid Rahmat & Takiah Mohd Iskandar & Norman Mohd Saleh, 2009. "Audit committee characteristics in financially distressed and non-distressed companies," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(7), pages 624-638, July.
    5. Adela Socol, 2008. "Materiality in the Context of an Audit between Professional Judgment and Subjectivism," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 8(2), pages 209-216.
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    More about this item


    empiric study; the role of the financial audit; the utility of the financial audit; differences of perspectives; differences of expectations.;

    JEL classification:

    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics


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