IDEAS home Printed from https://ideas.repec.org/a/aio/aucsse/v3y2011i39p1-7.html
   My bibliography  Save this article

Considerations On The Practical Application Of International Auditing Standards Regarding The Environment Of Control

Author

Listed:
  • Marioara Avram

    (University of Craiova Faculty of Economics and Business Administration)

Abstract

In the research contract, no.60C from 21.12.2009, concluded between the University of Craiova and EURO TYRES MANUFACTURING LTD. from Drobeta Turnu Severin, in the section International Auditing Standards regarding the Environment of Control, the aspects of how auditors approach the environment of control within the audit mission were analyzed. The responsibilities of top management include maintaining some adequate accounting and internal control systems, selecting and applying accounting policies and preserving safe the entity’s assets. To achieve these objectives auditors apply the provisions of the International Standard on Auditing 315, "Knowing and Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement" that became effective after December 15, 2004 and was restated in December 15, 2008 as "Identification and Assessment of Risks of Significant Misrepresentations by Knowing and Understanding the Entity and its Environment." The financial auditor's responsibility is to identify and assess the risks of material misstatement, whether due to some frauds or errors, in the financial statements and in the declarations, by understanding the entity and the environment in which he operates, including the entity's internal control. Internal control is the process designed and put in practice by those charged with governance by the top management and other personnel, so to provide a reasonable assurance about achieving the entity's objectives regarding the credibility of financial reporting, the effectiveness and efficiency of operations and the compliance with applicable laws and regulations.

Suggested Citation

  • Marioara Avram, 2011. "Considerations On The Practical Application Of International Auditing Standards Regarding The Environment Of Control," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 3(39), pages 1-7.
    • Handle: RePEc:aio:aucsse:v:3:y:2011:i:39:p:1-7
    as

    Download full text from publisher

    File URL: http://feaa.ucv.ro/AUCSSE/0039v3-001.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Serban Claudiu Valentin, 2015. "Influence Of Revenues And Expenditures On The Performance Of The Economic Entity Inflationary Conditions," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 114-118, August.
    2. Nensi XHANI & Marioara AVRAM & Ilir MECE & Latif CELA, 2019. "Comparative Study on the Organization of Internal Public Audit in Albania and Romania," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 17(155), pages 473-473.
    3. Serban Claudiu Valentin & Nastasie Mihaela – Andreea, 2015. "Annual Financial Statements Of Economic Entity - Adjusted For The Effects Of Inflation?," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 146-150, June.
    4. Puican Liliana, 2015. "The Importance Of Accounting In National Economy," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 2, pages 222-225, April.
    5. Marian Sabin Constantin, 2016. "Title Compliance Function Audit In Commercial Banks," Annals of University of Craiova - Economic Sciences Series, University of Craiova, Faculty of Economics and Business Administration, vol. 1(44), pages 19-28.

    More about this item

    Keywords

    environment of control; international audit standards; financial auditor; internal control;
    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

    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:aio:aucsse:v:3:y:2011:i:39:p:1-7. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Anca Bandoi (email available below). General contact details of provider: https://edirc.repec.org/data/fecraro.html .

    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.