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Audit and External Informational System

Author

Listed:
  • Prof. Sorinel Domnişoru Ph. D

    (University of Craiova Faculty of Economics and Business Administration Craiova, Romania)

  • Assist. Sorin-Sandu Vînătoru Ph.D Student

    (University of Craiova Faculty of Economics and Business Administration Craiova, Romania)

  • Mariana Gîrbaci Ph.D

    (University of Craiova Faculty of Economics and Business Administration Craiova, Romania)

Abstract

The article describes in a real and elaborate manner the aspects concerning the correlation between statutory audit and the financial communication provided by the entity, by means of financial statements. In order to avail of a complex image of this issue, we have begun by stating clearly the importance confered on the financial communication supplied by the entity, particulalrly, when dealing with companies quoted on Stock Exchange,which enables us to observe the reason why certain objectives concerning the external communication should be covered by IFRS together with accounting standards.Simultaneously, the audit standard, as part of operational mechanisms necessary for the economy and the success of capital markets, has been reconsidered to improve the financial communication of the entity with the environment in which it operates. Therefore, we may consider the audit as a means of developing a high-achieving communication, concerned with the users outside the entity and required for the management performance.

Suggested Citation

  • Prof. Sorinel Domnişoru Ph. D & Assist. Sorin-Sandu Vînătoru Ph.D Student & Mariana Gîrbaci Ph.D, 2010. "Audit and External Informational System," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 2(38), pages 1-10, May.
    • Handle: RePEc:aio:aucsse:v:2:y:2010:i:10:p:130-139
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    File URL: http://feaa.ucv.ro/AUCSSE/0038v2-014.pdf
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    References listed on IDEAS

    as
    1. Humphrey, Christopher & Loft, Anne & Woods, Margaret, 2009. "The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 810-825, August.
    2. Engel, Ellen & Hayes, Rachel M. & Wang, Xue, 2010. "Audit committee compensation and the demand for monitoring of the financial reporting process," Journal of Accounting and Economics, Elsevier, vol. 49(1-2), pages 136-154, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    audit; financial communication; financial statements; decisions; transparency.;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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