eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 619 627 10.20869/AUDITF/2019/156/619 9622 article In recent years, the accountancy profession has been significantly influenced by the amendment of EU directives in the field of accounting and statutory audit. An important change was determined by the Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. Another amendment which significantly impacts the statutory audit is Directive 2014/56/EU amending Directive 2006/43/EC on the statutory audit of annual financial statements and consolidated financial statements, together with Regulation (EU) no. 537/2014 of the European Parliament and of the Council on specific requirements regarding the statutory audit of public interest entities. The present study analyzes how the provisions of the mentioned European directives were introduced in the legislation of the EU Member States. The author’ findings highlight the diversity of attitudes towards the establishment of criteria that determine the obligation for entities to have their financial statements audited. We also indicated the organizational format of the audit oversight bodies accompanied by a few necessary comments. http://revista.cafr.ro/temp/Article_9622.pdf statutory audit oversight body of the statutory audit audit profession eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 628 641 10.20869/AUDITF/2019/156/628 9623 article In the context of dealing with an increasing volume of business, financial and audit data, this paper presents some advantages of using an interactive cloud computing-based tool, namely GiPlot, developed using Google technology, available for free use and originally meant for representing and visually exploring general purpose data. The tool itself is a sort of visual interactive simulation (VIS) application which belongs to the broader category of prescriptive Business Intelligence. It relies on online environments and data sources (e.g. Google Drive, Google Sheets) and also on the idea of collaboration, transparency and support for replication of results. The usage scenarios presented in the paper include time series and correlation diagrams, in the context of the overall objective of the paper, namely to justify the possibilities of using the GiPlot tool for economic and financial data, especially when the ex post component of the audit is concerned. http://revista.cafr.ro/temp/Article_9623.pdf ex post audit exploring business and financial data GiPlot usage scenarios advantages eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 642 652 10.20869/AUDITF/2019/156/642 9624 article Today`s students are part of Generation Y (Millennials) and have certain specific characteristics that employers cannot ignore when they enlarge their staff. The profile and expectations of this generation differ greatly from those of previous generations. In this regard, the research aims to question the undergraduate and master students that attend or have attended economic background Universities in Romania, in order to highlight the understanding and attractiveness of the profession of financial auditor for these generations. The results of the study reveal a good knowledge of the responsibilities of the auditors and the existence of an attraction for this profession among Millennials. Given the rather demanding degree of the profession, and the desire of the Y generation to have a balance between personal lives and service the study shows which aspects should focus the employers, to ensure the sustainability of the activity from a human capital point of view. http://revista.cafr.ro/temp/Article_9624.pdf generation Y financial auditor workplace human capital sustainability eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 653 665 10.20869/AUDITF/2019/156/653 9625 article Nowadays, the communication between the auditors and both shareholders and stakeholders has a significant role in delivering value. Therefore, the new format of the audit reports that will be analysed in the following chapters, has not only the role to improve the dialogue between shareholders and directors, but also to provide the key to the audit „black box” in order to explain in details what is the work performed by an auditor, leading to an increase in the trust placed in an auditor by the shareholders. This study has two main objectives, the first one being represented by the identification and analysis of the components of an audit report, while the second one is represented by identifying and analysing the key audit matters. The third objective which is an adjacent one is represented by a comparative analysis of the audit fees by taking into account different indicators, such as profit before tax or total assets. http://revista.cafr.ro/temp/Article_9625.pdf banking sector audit reports key audit matters voluntary disclosures audit fees eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 666 679 10.20869/AUDITF/2019/156/666 9626 article The quality of financial information is a decisive landmark in the decision-making process of all users. This is why meeting the quality criteria should be a desideratum for all the stakeholders involved in the development and verifying of financial reports. In this context, this paper aims to analyze the influence exercised by the audit opinion on the quality of the financial information reported by Romanian companies listed on the regulated market of the Bucharest Stock Exchange. Quality is assessed in terms of the degree of manipulation of operational activities (intervention in the conduct of commercial transactions and controlling the cost of the goods sold via overproduction, respectively). The analyzed data cover a time frame of 6 financial years (2012-2017), and the dependency relations are also tested by introducing control variables such as: company size, indebtedness, profitability and reputation of the auditor. The results obtained highlight the contribution of the audit opinion to boosting the quality of financial information, measured based on the degree of manipulation of sales (under the aspect of value and the time when the transactions were made). In case of manipulation via overproduction, the audit opinion does not exercise significant influences, reflecting possible limitations of the audit endeavor in terms of its capacity to identify corrupt activities associated with production. The auditor’s reputation does not have a significant impact on the manipulation of sales, only in overproduction case this characteristic having a positive role. http://revista.cafr.ro/temp/Article_9626.pdf quality of financial information real earnings management the audit opinion eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 680 688 10.20869/AUDITF/2019/156/680 9627 article The purpose of this article is to emphasize the strong connection between managers and controllers, as well as some of the benefits of their relationship. The complexity of the operations within a company, as well as the dynamic environment have led to the development of the controlling department. Due to the changes that the controller profession has undertaken, it was considered necessary to carefully analyze the literature that puts into discussion this subject. Moreover, the information discovered within the literature will be correlated with the ones from the companies which have controlling departments, in order to ensure the relevance of the study. http://revista.cafr.ro/temp/Article_9627.pdf controlling manager organizational objectives eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2019-11-06 17 156 689 696 10.20869/AUDITF/2019/156/689 9628 article Tax evasion is a very complex phenomenon, with wide social implications, but with a special manifestation in the economic sector, managing in some cases to seriously affect the standard of living of citizens. The research of this phenomenon started from studies commissioned in 2015 by the European Parliament, which established the losses registered by each member country of the European Union as a result of the phenomenon of tax evasion. Based on this information, new elements have been added from the studies of other authors as well as from our own investigation and in this way the connection between the size of the tax evasion and the volume of the underground economy at the level of the European Union states has been demonstrated. An important role in this demonstration was represented by the variable, the level of taxation, which showed that the fiscal pressure can to some extent influence the evasive behavior of the commercial entities that choose to increase their profit by techniques located outside the legal boundaries. An improvement of evasion behavior can come from auditors who, through the recommendations they make to their clients, can make them aware of the danger posed by the tax evasion on the health of the national economy. http://revista.cafr.ro/temp/Article_9628.pdf tax evasion underground economy European Union level of taxation