Foray in the Financial Audit History in Romania

Author:PhD. Laura-Diana GENETE, University professor, PhD Alexandru ŢUGUI

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Keywords:financial audit, history, Chamber of Financial Auditors of Romania, auditing standards

Abstract:
This study has for purpose bringing in a quick foray of Financial Audit History and Evolution in Romania. The financial audit is the outcome of social and economic development and at the same time it proves itself to be an essential constitutive while building the optimum developing framework in the context of the companies’ activity globalization. Over the time, crisis situations have raised when the financial audit specific standards and regulations weren’t complete or not understood well enough, or wrong implemented even in the circumstances of a continue development. \r\n\r\nIn consequence, changing the current regulations or releasing new ones represent a tentative to solve the problems. The most important efforts in building audit’s controls have been made by United States and Western European countries, where, there is already a tradition in this filed. For Romania, the verifications in organizing, developing and managing financial-accounting activities have a short history mostly because of the political and social disorder in our country during its development. \r\n\r\nThe financial audit, with the contemporary signification – as assimilated and implemented in the developed countries, came in Romania in the last two decades and it has suffered a spectacular development significantly sustained by the international existing standards and regulations, many of them adopted and applied recently here in order to meet the social and economic actors, preoccupations for harmonization and normalization processes.\r\n

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