Statutory Audit versus Financial Communication. Why and How?

Author:Prof. Sorin DOMNIŞORU, Ph. D., Prof. Sorin BRICIU, Ph. D., Associate Prof. Irimie Emil POPA, Ph. D., Associate Prof. Ovidiu Constantin BUNGET, Ph. D.

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Keywords:financial communication, financial statements, published information, risks, stakeholders, statutory audit

Abstract:
Through the review and the reset of realm concepts and thesis, the paper tries to emphasize the position and the role of statutory audit within the financial communication specific to the organization and its business world. As an introduction of their own arguments, the authors achieve, on one hand, a brief presentation of creative accountancy or of financial engineering, and, on the other hand, a concise round-up of present-day alternatives applied by entities in order to improve financial information meant to be disseminated. The paper synthesizes the benefits, as well as the risks, of the two vectors belonging to the informational/selection systems, standardized solutions and managerial alternatives in order to conserve the process within reasonable parameters. The authors correlate the subject area standpoints meant to sustain such an approach and fight against conflicting or sparsely substantiated elements, managing to provide a support for their own ideas and convictions. Thus, against the background of the international accounting standard – focused on increasing the financial transparency of organizations – the statutory auditor’s role is not limited, on the contrary, it continues to be the structure pillar in providing assurance concerning the integrity and quality of information included in financial statements published by different companies. At the same time, on this way, highly limited, some of the coordinates of statutory audit actions and evolutions are resumed, as any strategy meant for success.\r\n\r\n

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