STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA
STUDY ON THE QUALITY REVIEW OF THE FINANCIAL AUDIT ACTIVITY IN ROMANIA

Author(s): Maria Grosu, Camelia Cătălina Mihalciuc
Subject(s): Economy
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: financial audi; statutory audit; APSSAA;
Summary/Abstract: The periodic ratings given by the inspection teams to the financial auditors are influenced by how the auditors meet the requirements of the relevant International Standards on Auditing (ISA). In recent years, in Romania, as a result of inspections, it has been concluded that the degree of compliance with the objectives selected from the procedures for reviewing the quality of financial audit activity is medium. Moreover, there have been even regress compared to previous periods, although, recently, preventive measures have been issued by the competent bodies in order to increase the quality of financial audit, in general, and the statutory audit, in particular, but also to improve the professionalism of auditors, individual and legal persons. The present study highlights the issues identified as unsatisfactory and requiring remediation related to financial audit missions, both at the procedural level and at the level of reporting in the last 3 years. Specifically, based on the Reports published by the Authority for Public Supervision of the Statutory Audit Activity (APSSAA), our study presents the classification of more than 1,000 unsatisfactory aspects identified in recent years by stages of the audit to highlight the area most affected, thus contributing to a possible improvement of prevention measures.

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