Monitoring – a Prioritary Duty Within the Domain of the Quality Assurance Activity of the Financial Auditors

Author:Urania MOLDOVANU

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Keywords:monitoring, continuous education, additional courses, recurrence of the inspection, quality control procedures

Abstract:
Quality assurance is one of the main preoccupations of the Chamber of the Financial Auditors of Romania, within the context of the implementation of the 43/2006 European Directive provisions in the national legislation, through the Government Ordinance no. 90 from 24th of June 2008, regarding the statutory audit of the annual financial statements and of the consolidated financial statements.\r\nAll financial auditors, members of the Chamber, legal and natural persons make the object of a quality assurance system, which is organized as an independent system and is developed by the Department for Monitoring and Professional Competence within the Chamber, under the supervision of the Council for the public supervision of the statutory audit activity.\r\nThe present paper intends to make a presentation of the preoccupations and results of the Department for Monitoring and Professional Competences in the domain of monitoring and guidance of the auditors that obtained B,C and D qualification, within the framework of elaborating specific provisions, of the recurrence of the quality inspection at the audit entities and financial auditors, natural persons, that are in this circumstances, as well as a presentation of the organizing and development of the additional professional development courses. \r\nThe news introduced in the legal provisions regarding the monitoring activity are revealed and commented, making reference to the Norms regarding the financial audit quality control and the related services approved this year by the Council of the Chamber, to the initiated procedures for verifying the appliance of some of the mentioned norms. \r\nThe second part of the paper refers to appreciations regarding the findings and results of the quality inspections made in the first term of 2009, remarking that this time the accent was on verifying some auditors recently authorized as professionals or who have not performed audit activity for quite a long time, as well as on recurrence of the inspections of some auditors that previously obtained low results.\r\nThe measures established by the Council of the Chamber for beginning some penalization activities and/or further monitoring of the financial auditors with low results.\r\nThere is also mentioned the problem of organizing and development of the additional professional development courses for the monitored financial auditors.

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