eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2016-11-01 12 143 1213 1226 10.20869/AUDITF/2016/143/1213 9506 article Sanja Sever Mališ ssever@efzg.hr 6 University of Zagreb, Croatia The audit reform in the EU had as a consequence the adoption of the new regulatory framework. The European Parliament adopted Directive 2014/56/EU amending the Directive 2006/43/EC on statutory audit in the EU and the EU Regulation No. 537/2014 containing requirements that relate specifically to the statutory audit of public interest entities. Each Member State needs to transpose the Directive into its national legislation and also ensure its implementation. Within the framework of transposing the Directive into the national regulation, each Member State had many options that allows them to tailor the provisions of the national law according to their needs and specific aspects of the national audit markets. However, the number of options brings risks that are connected to additional audit procedures and inefficiencies in the process of performing audit with the potential effects on the quality and cost of audits. The aim of this article is to analyse the most important (not) used options of the Directive and Regulation according to the Croatian national legislation. In that sense, the article provides information about the definition of statutory audit and the subjects of statutory audit as well as the definition of public interest entities in Croatia. In addition, the audit profession in Croatia is analysed in the context of the “European audit passport”. The results of this research can be a base for future comparisons between Croatia and the other EU Member States. Finally, the implementation of this provisions will answer the question: Does the implementation of different options bring convergence or divergence within the single EU audit services market? http://revista.cafr.ro/temp/Article_9506.pdf Transposition Regulation 537/2014 Directive 2014/56/EU Croatia audit profession Audit Act. eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2016-11-01 12 143 1227 1234 10.20869/AUDITF/2016/143/1227 9507 article Aurelia STEFANESCU aurelia.stefanescu@cig.ase.ro 5 Gabriela Lidia TANASE gabriela.tanase@cig.ase.ro 5 University of Economic Studies, Bucharest Corporate governance is an essential component of business management, and has acquired a particularly important momentum in the private sector, in the context of the economic crisis and financial maneuvers which are questionable in terms of legality. The same imperative need to develop corporate governance is also identified in the public sector, given the large number of stakeholders and their heterogeneity, the need for accountability, efficiency, performance, transparency and sustainability. By using a qualitative research approach, a set of ideas on corporate governance was presented, as published in the specialized literature; also, a model was proposed for the assessment of corporate governance in the Romanian public sector. In the current context, the development of such a model complements the informational valences in the literature regarding the corporate governance, allows the identification of the deficiencies in the governance of Romanian public institutions, and creates the potential for the development and implementation of a governance code dedicated to the public sector. http://revista.cafr.ro/temp/Article_9507.pdf Corporate governance assessment model public institution stakeholders Romania. eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2016-11-01 12 143 1235 1245 10.20869/AUDITF/2016/143/1235 9512 article Eugeniu TURLEA eugeniu.turlea@cig.ase.ro 4 Mihaela MOCANU mihaela.mocanu@cig.ase.ro 4 Bucharest University of Economic Studies Internal audit in the banking industry is one of the most debated topics nowadays. The paper’s objective is to examine the profile of the internal auditor in the banking industry of Romania. The research design is empirical in nature. The researchers use the development of job announcements for the position of internal auditor in the Romanian banking industry. The announcements are classified according to: language of the job announcement; geographical area of the employer; the internal auditor’s tasks; the internal auditor’s professional requirements; education and qualification; practical experience; personal attributes; age; salary etc. The results of the research consist in the current profile of an internal auditor in a Romanian bank. The research fills in an important gap in the Romanian academic literature, which lacks studies regarding the internal audit in the banking industry. http://revista.cafr.ro/temp/Article_9512.pdf Internal audit banking profile Romania. eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2016-11-01 12 143 1246 1252 10.20869/AUDITF/2016/143/1246 9513 article Kartika Djati kartikadjati@gmail.com 2 Rahmawati Rahmaw2005@yahoo.com 3 Payamta payamta@yahoo.com 3 Lia Uzliawati uzliawati@yahoo.co.id 3 " The Faculty of economics and Business Sebelas Maret University, Surakarta, Indonesia The purpose of this study is to examine the influence of audit planning, fieldwork audit, audit reporting, follow-up action of the audit results, the auditor team competence, and independence of the auditor team on the internal audit quality at the General inspectorate of the Ministry of Finance, Indonesia. The study uses a research instrument in the form of a questionnaire which is submitted to the auditor team of the Inspector General and the head of office as the auditee in the Ministry of Finance. We also conducted interviews with senior auditors at the General Inspectorate and officials as the auditee at the Ministry of Finance. The sample is analysed by multiple regression analysis. The results show that the internal audit quality according to the auditor team perception is affected by audit planning, audit reporting, and auditor team competence. Fieldwork audit, follow-up action of the audit results, and the independence of the auditor team do not affect the internal audit quality. From the auditee’s perception, the internal audit quality is affected by audit planning, fieldwork audit, and the competence of the auditor team. Meanwhile, the reporting of audit results, the follow-up action of the audit results, and the independence of the auditor team do not affect the internal audit quality at the General inspectorate of the Ministry of Finance. http://revista.cafr.ro/temp/Article_9513.pdf Internal audit quality auditor team perception auditee perception General Inspectorate of the Ministry of Finance of Indonesia. eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2016-11-01 12 143 1253 1263 10.20869/AUDITF/2016/143/1253 9514 article Muhammad Aleem Aleem12884@yahoo.com 1 Alamdar Hussain Khan 1 Wasim Hamad 1 University of the Punjab, Lahore, Pakistan After its induction in the 19th century, the pharmaceutical industry covered a long way and now it became one of the most successful and influential industries in the world, with both praise and controversy on its part. The current study is performed on the pharmaceutical firms working in the Punjab (Pakistan). Like the other profit-driven organizations, the main aim of the pharmaceutical firms is to earn the maximum profit. The profitability also depends on the costing system. The current paper evaluates the costing systems, the level of satisfaction regarding the costing system, the major problems faced during the costing process and the best method of costing in the pharmaceutical sector. The questionnaire was designed for the collection of data from 130 pharmaceutical companies working in the Punjab. For the data analysis, the descriptive statistics and the graphical method were used. The significant result of the study is that most of the organizations used the marginal costing and many managers are satisfied with the costing system which they are using. http://revista.cafr.ro/temp/Article_9514.pdf Pharmaceutical industry costing system marginal costing ABC costing Punjab.