The Juridical Framework of the Financial Audit in Romania and Spain

Author:Ioana Iuliana POP (GRIGORESCU), Ph. D. Student

JEL:M42

DOI:

Keywords:harmonizing process, International Audit Standards, European Directives, juridical and professional frame, similitude, particularities

Abstract:
This article outlines the juridical framework of the financial audit from Romania and Spain and explaine the way in which have been adopted regulation of the European Directives in the legislations of the two countries. During the research it has been realised a comparative analysis of the particularities of the financial audit in the two countries, referring to the professional bodies, public surveillance, naming and demitting the auditors, independence, fees, adopting the International Standards of Audit, the responsibility of the auditors and the level of the size criteria for the firms to have the obligation to audit themselves.\r\nTherefore it is demonstrated that in Romania and Spain important steps have been made in harmonizing the financial audit process, both in the legislative and professional frame of the two countries which present several similarities, the differences being less significant.\r\nTo conclude it is recommended to the Accounting and Audit Institute from Spain to accelerate the harmonizing process of the Technical Norms with the International Standards of Audit, and for Romania – a decrease of the legal limits of audit. The authors underline the fact that, in the next years it has been taken into consideration a policy of sustaining the small and middle firms, combined with the decrease of the legal limits of audit, thus giving the possibility of audit market growing and generating more trust in the economic environment.\r\n

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