IDEAS home Printed from https://ideas.repec.org/a/pet/annals/v16y2016i1p219-232.html
   My bibliography  Save this article

Financial Audit in Romania According to the International and European Requirements

Author

Listed:
  • Ilie Răscolean

    (University of Petroşani, Romania)

  • Ileana-Sorina Rakos

    (University of Petroşani, Romania)

Abstract

This paper presents the importance of the financial audit, the necessity of improving the organizational framework and of achieving the financial audit missions, respectively extent to which the financial statements of the Romanian economic entities meet the international and European requirements in the field. This paper presents the influence that financial audit seems to have in a long period of time upon the financial reporting in certain economic environments. A questionnaire based on four questions has been used, its outcomes being analyzed and its conclusions laid at the foundation of our entire scientific research. The research was based on the information gathered from financial auditors - natural and legal persons - and from economic entities that are obliged or not to audit their financial statements concerning the way a financial audit mission is developing, with respect to the European and international requirements and the International Financial Audit Standards implementation in Romania. The paper ends up with authors’ conclusions concerning the challenges the business environment is confronted to, these being directly reflected in the efforts the financial auditors must do in order to assess the impact on the financial statements and on the financial performance of an economic entity submitted to audit.

Suggested Citation

  • Ilie Răscolean & Ileana-Sorina Rakos, 2016. "Financial Audit in Romania According to the International and European Requirements," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(1), pages 219-232.
    • Handle: RePEc:pet:annals:v:16:y:2016:i:1:p:219-232
    as

    Download full text from publisher

    File URL: https://www.upet.ro/annals/economics/pdf/2016/part1/Rascolean_Rakos_1.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mariana Man & Maria Ciurea, 2016. "Elements of Corporate Governance Implementation in Romania, in the European Context," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(1), pages 151-166.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ilie Răscolean & Ileana - Sorina Rakos, 2020. "Empirical Study on the Example of an Economic Entity in Romania About Financial Performance Indicators," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 484-492, December.

    More about this item

    Keywords

    audit; quality; economic principles; accurate image; public interest;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pet:annals:v:16:y:2016:i:1:p:219-232. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Imola Driga (email available below). General contact details of provider: http://www.upet.ro/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.