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Organization of the Statutory Audit of Financial Statements in Romania

Author

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  • Gabriela-Felicia Ungureanu

Abstract

Economic entities around the world, regardless of their membership - public or private sector - the size, the object of activity, prepare financial statements for presentation of financial information users (investors, creditors, customers, suppliers, public institutions). The financial statements provide information about financial position, performance and changes in financial position of an entity - information underlying to base decision process. For Romania, the financial audit was not a tradition. Recognized as a top area of the accounting profession, financial audit was legislated in 1999. Statutory audit, audit of annual financial statements or consolidated annual statements have been established 9 years later (Emergency Regulation no. 90 June 24, 2008), by transposing Directive 2006/43/EC of 17 May 2006 of the European Parliament and of Council on statutory audit of annual accounts and consolidated accounts, in order to ensure oversight of auditors, in the public interest.

Suggested Citation

  • Gabriela-Felicia Ungureanu, 2010. "Organization of the Statutory Audit of Financial Statements in Romania," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 15.
    • Handle: RePEc:bac:fsecub:10-15-30
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    File URL: http://sceco.ub.ro/DATABASE/repec/pdf/2010/20101530.pdf
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    More about this item

    Keywords

    statutory audit; financial statements; decisions; management; public interest entities; International Standards on Auditing.;
    All these keywords.

    JEL classification:

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

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