Approaches Regarding the Application of ISQC1 and ISA 220 in the Audit Activity
Approaches Regarding the Application of ISQC1 and ISA 220 in the Audit Activity

Author(s): Riana Iren Radu, Iuliana Oana Mihai
Subject(s): Economy
Published by: Editura Lumen, Asociatia Lumen
Keywords: audit; founds; quality; standards; services
Summary/Abstract: In the context of global change, the financial crisis is highlighting how financial systems are connected. This interconnection brings more prosperity but at the same time a greater concentration of systemic risk. Policy makers are also responsible for the economic impact of the crisis and for legislative changes at the request of the user audience. In this paper the authors proposed to express a point of view on the importance of creating audit reports in order to ensure access to the structural funds, but especially the importance of including in the prepared reports of other information about the entities that access these funds and not just financial information. The author believes that this information would outline a more complete overview of the entity and ease the evaluations for reimbursement by the contracting authority.

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