Financial Audit versus Statutory Audit. Required Clarifications within the Professional Practice

Author:Professor Ion MIHÄ‚ILESCU, Ph. D., Ciprian Teodor MIHÄ‚ILESCU, Ph. D.Student



Keywords:annual accounts, consolidated accounts, statutory auditor, financial auditor, practitioner, directives

The purpose of the presented paper aims to clarify some concepts regarding the statutory audit field, in what concerns the annual and the consolidated accounts, established and recognized by the European Union, and to clarify the conformity of the financial audit and financial auditor collocations, both used within the national regulation regarding the audit domain.\r\nThe authors reached to a conclusion that used a pragmatic approach of the Romanian legislation, the outlining of the theory and practice used over the decade that passed since the establishment of the Chamber of Financial Auditors of Romania.\r\nThe authors considered opportune such an explanation, having in view the possibility of misinterpretation of the Romanian legislation, as well as of the meaning of the respective concepts, in the benefit of the practitioners and of other interested parties.\r\n\r\n