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Author:Bernand COOKE

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Keywords:International Accounting Standards, International Standards on Auditing, European Union, auditor responsibility, independence

Abstract:
Important progresses in advancing effective commercial methods will be essential for the economic agents in Romania to survive in an expanded European Union. However, the need for high quality and reliable financial reporting still continue to exist. On order to have reliable information, we need respected professional auditors and with a high level of ethical attitude to certify the integrity of the financial information on which our capitalist society largely depends. During last year we experienced the effects of low quality reporting in Enron and Worldcom. This had a devastating effect on the number of investors wishing to risk their assets investing in companies. This lack of credibility leaded to a recessions that affects us all.

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