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Reporting of subsequent events in financial statements – between obligation and necessity

Author

Listed:
  • Camelia-Daniela HATEGAN

    (East European Center for Research in Economics and Business, West University of Timi?oara)

  • Andreea-Claudia CRUCEAN

    (East European Center for Research in Economics and Business, West University of Timi?oara)

Abstract

The article aims to highlight the importance of reporting of subsequent events in financial statements, the factors that influence their reporting and the implication in statutory audit. The purpose of the article is to research the theoretical and legal basis which regulates the accounting and audit of subsequent events, but also research practical cases on this subject. The case study was based on the study of the 62 companies, listed on the Bucharest Stock Exchange, from which were analyzed the financial statements and the independent auditor’s reports, grouping the subsequent events which was found, depending on their type and the domain in which that company operates, and were compared the types of events that occurred in each domain of activity. From empirical research resulted that reporting of subsequent events can be influenced by various factors such as: the auditor’s category, the audit opinion, the performance and the size of company. The main conclusion which resulted from the study case is that the subsequent events are more frequent presented in financial statements of an entity, influencing in some cases the auditor’s opinion related to these financial statements.

Suggested Citation

  • Camelia-Daniela HATEGAN & Andreea-Claudia CRUCEAN, 2018. "Reporting of subsequent events in financial statements – between obligation and necessity," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 16(152), pages 571-571.
    • Handle: RePEc:aud:audfin:v:16:y:2018:i:152:p:571
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    References listed on IDEAS

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    1. Daniel Botez, 2014. "Subsequent Events And Their Importance In Drawing Up Annual Financial Statements," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 19.
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    Cited by:

    1. Andreea Claudia Crucean, 2019. "The Information Content Of Audit Opinion For Users Of Financial Statements," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 4(2), pages 91-101, September.

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      More about this item

      Keywords

      subsequent events; financial statements; audit opinion; audit evidence;
      All these keywords.

      JEL classification:

      • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
      • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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