10 Common Errors Identified during the Staturoy Audit of Financial Statements

Author:Oana BENDOVSCHI

JEL:M42

DOI:

Keywords:statutory audit, error, risk, financial statements

Abstract:
This paper is addressed to both companies and auditors. It presents common errors identified during statutory audits and offers the possibility to companies of analyzing whether the same situations are applicable for them in order to take the necessary measures to avoid such errors. For auditors, it facilitates the identification of risks that might lead to material misstatements of the financial statements.\r\nThe paper is mainly structured in 10 parts, each part representing an identified issue. For each of these, the paper contains the documentation extracted from the applicable law or regulation regarding the mentioned issue, the description of the error encountered, the corresponding risk and solutions proposed for mitigating the risk.\r\n

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