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Audit of the Consolidated Financial Statements – Intricate Aspects Based on Romanian Regulatory Statements

Author

Listed:
  • Szora Attila TAMAS
  • Adela SOCOL

    (University „1 Decembrie 1918” Alba Iulia)

Abstract

The active societies from Romania have to elaborate the consolidated financial statements according to the International Financial Reporting Standards or the European Directives. The objective of this paper is to present a comparative analysis of these mentioned settlements and see how such accounting alternative – IFRS or EU Directives - affects the explanatory notes to the consolidated financial statements, especially regarding to the revaluation basis of the assets. Also, the study seeks to determine if this mentioned accounting diversity influences the work of the financial auditor in the audit of the consolidated financial statements. The results indicate that the two accounting frameworks in elaborating the consolidated financial statements have a significant influence on the audit of the group financial statements.

Suggested Citation

  • Szora Attila TAMAS & Adela SOCOL, 2011. "Audit of the Consolidated Financial Statements – Intricate Aspects Based on Romanian Regulatory Statements," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(13), pages 51-59, December.
    • Handle: RePEc:aio:fpvfcf:v:1:y:2011:i:13:p:51-59
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    More about this item

    Keywords

    financial statements; audit; Romanian regulatory statements; IFRS;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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