A Study on the Compulsory Audit Limits of the Financial Statements in Romania
Author:
Ioana Iuliana POP (GRIGORESCU), Ph. D. Student
JEL:
M 42
DOI:
Keywords:
compulsory audit limits, turnover, microenterprise, simplified financial statements, statutory audit missions
Abstract:
This article represents a study on the compulsory audit limits of the financial statements established in Romania. This research was realized as a result of knowing the very small number of compulsory financial audit missions that have been realized in Romania between 2011 and 2012.\r\nThe purpose of the article was to analyze if the compulsory audit limits established in Romania are according to the level of economic development of the country and to the limits established in other European countries, or if there is a need of modifying them.\r\nThe article presents the actual level of the compulsory audit limits established in Romania and the ones from the other EU member states, stressing on the comparison with Spain, which though has a higher level of economic development than Romania has established a lower level of the compulsory audit limits. In order to stress on the comparison there are brought extra- data connected to the number of audited firms from this country and the turnover realized by the auditors in Spain. \r\nAt the end of the article there are made proposals of modifying the compulsory audit limits in Romania, justifying the made proposals.\r\n\r\n