Priorities, Responsibilities and Risks applicable to the Audit of Private Pension Funds in Romania
Author:
Mariana BĂDOI, Ph.D. Student
JEL:
G 22, G 23, M 24
DOI:
Keywords:
financial statements, privately administered pension funds, pension company, the participant of privately administered pension fund, second pillar, individual account
Abstract:
The present study is the result of a larger research activity which aims to develop a comprehensive analysis of priorities, responsibilities and potential risks related in audit process for privately administered pension funds in Romania. Research is based on the analysis and interpretation of annual financial statements for the financial years 2008 - 2010, in according with analysis of financial audit reports, the legal framework applicable to them, operational and prudential reporting, functionality, operational characteristics of each pension schemes, internal procedures for the management of privately administered pension funds, internal control, internal audit, organization and management accounting. The theoretical concept is accompanied by practical examples of specific audit procedures.