Assessments Regarding The Romanian Supervisory System Of The Accounting And Audit Professions

With the rapidity of the expansion of globalization, the complexity of the problems arising in the sphere of realization and regulation of business and professions has increased significantly. Specifically, globalization in the field of accounting has led to the emergence of international models and standards that become innovative through their transposition at the local level. In Romania, after the fall of communism, the need to develop a system for supervising the accounting and auditing professions, based on transparency and openness, becomes apparent. Sudden changes in the accounting system, the exacerbated approach to accounting taxation, and the economic instability of the 1990s have led to the formation of professional bodies as well as the supervisory structure of the profession. In recent years, a constellation of factors, from the financial crisis of 2008 which called into question the independence of the accounting and auditing professions, to the political instability of the last decade, have created the preconditions for reforming the supervisory system of the professions. In this article, I will present and analyze the opinions of 15 actors who have held or hold important positions in the supervisory structure, in order to highlight the trend and the impact that these changes have had on the professions. The interviewed actors identify a set of five fundamental elements without which the supervision of professions in Romania cannot be successful: the independence of the supervisory body, development of an efficient legislative system, legislative clarity of supervisory body purpose, objectives and instruments, modernization of the surveillance system, developing stronger relationships between the accounting and auditing professions.