European Requirements For The Statutory Audit Of The Public Interest Entities

Author:PhD. Student Monica BIZON

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Keywords:public interest entities, special provisions, transparency report, audit committee, rotation of the key audit partners

Abstract:
In order to reach a high level of the harmonization of the European requirements in the field of the statutory audit, it was published during the past year, the Directive of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC.\r\n\r\nThe obligation for transposing of the Directive on statutory audit in the Romanian legislation refers to the end of the month of June 2008.\r\n\r\nThe Directive addresses all the statutory auditors and audit firms, regardless the audited entities.\r\n\r\nHowever, having in view the importance and the visibility on the market of the public interest entities, the directive contains a special chapter for the statutory audit of this category of entities. \r\n\r\nWithin the Romanian legislation, the legal persons of public interest are defined by the Accounting Law no. 82/1991, republished, with the consequent modifications and completions. The legal obligation consisting in the auditing of the financial statements is stipulated in the case of these legal persons.

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