A Study on the Importance of Harmonization of the Financial Public Audit in the European Union
Author:
Univ. Assistant Melinda Timea FÜLÖP, Ph. D.; Andrei Răzvan CRIŞAN
JEL:
M41, M40, M42, M48
DOI:
Keywords:
financial public auditing, harmonization, European Commission, regulations
Abstract:
The aim of the study has targeted the need for harmonization of public audit and applying international auditing standards in the public sector in the Member States. The motivation that led the authors to analyze public audit harmonization in European Union was the timeliness and the importance of the role that external public audit has at the EU level. With this in view, the authors have conducted an analysis of the financial audit concept and a delimitation of fields, followed by a literature review. As a result, the authors have conducted a quantitative study of public external audit. The results reveal that the European Union takes significant efforts to harmonize external public audit activity, although this process is expensive.