eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 323 338 10.20869/AUDITF/2020/158/323 9636 article Accounting is a mirror of society and therefore reflects the shock of the financialization and globalization of the economy. From 1970 to 2000, international accounting standards were based on three standards: the American, which, like the dollar, could in fact become hegemonic, European and global but of private origin, the IASC. In the 2000s, the IASB, which succeeded the IASC, asserted its power, especially with the adoption of its standards, IFRS, by the European Union. After this victory, the IASB now faces two new challenges: how to develop global standards for SMEs when they do not have access to the capital market; how to account for the non-financial dimensions of corporate performance when all dimensions are interdependent and, beyond investors, of interest to all stakeholders. http://revista.cafr.ro/temp/Article_9636.pdf accounting; financialization; globalization; standardization eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 339 351 10.20869/AUDITF/2020/158/339 9637 article This research aims to be a contribution in the specialized literature in the field of the implementation of Directive 95/2014/EU at the level of the member countries and in the field of the non-financial reporting. The purpose of the study is to present how the provisions of the Directive have been introduced in the Romanian legislation and to analyse how the companies obliged to report non-financial elements have responded. The article is a qualitative study. It uses a content analysis of the legislative documents and a study over a period of 3 years, 2016, 2017 and 2018, on a sample of 10 companies, with majority Romanian capital, which are part of the BetPlus index. The study concluded that the implementation of the Directive in the Romanian legislation represented a step forward in the non-financial reporting, the response of the companies being positive, and in most cases giving it a considerable importance in the annual statements. http://revista.cafr.ro/temp/Article_9637.pdf Directive 2014/95/EU; non-financial reporting; Romanian legislation; listed companies eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 352 360 10.20869/AUDITF/2020/158/352 9638 article This study highlights the impact of adopting the International Financial Reporting Standards (IFRS) on audit fees for all the companies that trade European shares on the Bucharest Stock Exchange (ATS INT – Alternative international trading systems). The total sample that is the basis of this study is made up of 15 companies that trade European shares through the International Alternative Trading Systems. The data was collected manually, from the Thomson Reuters BDI, for the period 2000-2018, so we could easily observe the real size of the audit fees after the adoption of IFRS became mandatory, which is the share of companies audited by Big 4 and their audit opinion. In this paper a CrossTabulation was used in SPSS, to test our hypothesis, according to which the adoption of IFRS led to the growth of the audit fees, which registered considerable increases after 2012. At the same time, it was observed that most of the companies are audited by Big 4 and an unqualified opinion is given above all by them. http://revista.cafr.ro/temp/Article_9638.pdf audit fees; audit opinion; discretionary accrual; IFRS adoption eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 361 375 10.20869/AUDITF/2020/158/361 9639 article Non-financial reporting has become a concern of managers because companies are evaluated financially, but also social. The objective of this paper is to show the degree of observance of the items within the Global Reporting Initiative (GRI), the understanding of the ESG dimension (environmental, social and governance) and the conformity of the sustainability reports with G4 GRI Standards, of the Romanian companies indexed on the official website of the Global Reporting Initiative (GRI). Thus, to achieve this objective, were analysed the companies indexed on the official website of the Global Reporting Initiative (GRI). The research method used is based on awarding scores for the level of compliance of the reports with a rating grid developed from the literature review. The case study highlighted three types of isomorphisation mechanisms: coercive, normative and the mimetic isomorphism mechanism, in order to produce sustainability reports. The study demonstrates the growing tendency of companies to publish sustainability reports in line with GRI Standards every year. http://revista.cafr.ro/temp/Article_9639.pdf ESG; GRI; isomorphism; non-financial reporting; Romania eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 376 384 10.20869/AUDITF/2020/158/376 9640 article An IFRS-based accounting should provide many advantages, both from the point of view of presenting and reporting financial information, as well as from the point of view of decision-making processes, giving companies the opportunity to use the global financial markets to raise capital. In this context, the objective of this research was to identify the perceptions and trends of the Romanian companies’ executive directors as a result of applying international financial reporting standards, especially to identify if the application of IFRS created the opportunity to attract external financing sources at the level of Romanian companies. Most respondents are aware of the benefits that companies should get when applying IFRSs. Thus, 96% of the interviewed managers consider that the main advantages offered by the application of IFRS consist, on the one hand, in increasing the level of transparency and comparability of financial information at international level, and, on the other hand, in increasing the role of accounting in the decision-making process. Such advantages should lead to the increase of the confidence of the potential foreign investors in the Romanian companies and subsequently improve the investment process in the Romanian companies, a benefit that, at the moment, the Romanian entities seems to not get yet. http://revista.cafr.ro/temp/Article_9640.pdf IFRS; accounting; external financing sources; foreign capital; domestic capital eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 385 394 10.20869/AUDITF/2020/158/385 9641 article The sustainable development of national and international markets highlights the link between the emissions of greenhouse gases and climate change, a problem that cannot be overlooked during the development of financial audit as a profession, implicitly by the financial auditor’s spectrum of activities. Knowing the role of the financial auditor in providing reasonable or limited assurance on environmental issues, by developing an understanding of the circumstances and specificity of such financial audit engagement opens up a research niche that seeks to answer several questions such as: how the impact of greenhouse gas emissions on the environment can be credibly measured/evaluated? Is it necessary in the assurance engagement for the financial auditors to use the activity of other practitioners/experts? How useful is the result of such an assurance service, within the national and European context? The authors consider that the answers highlight the role of the assurance services in affirming the credibility of the statements regarding greenhouse gases emission. The study addresses issues concerning the assurance engagement on non-financial statements regarding greenhouse gases in the specific situation in Romania, evaluating the perception of the respondents – financial auditors and representatives from the academic environment – on the opportunity of developing the financial audit services market, as well as identifying the need for development and improvement of the legislative framework in connection with the involvement of financial auditors in such assurance engagements. http://revista.cafr.ro/temp/Article_9641.pdf financial audit; assurance engagements; ISAE 3410; greenhouse gases; environmental policy interdisciplinary teams eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 395 410 10.20869/AUDITF/2020/158/395 9642 article Over the time, corporate governance has become a central pawn in the health and strength of the global economy, representing how organizations are run and controlled. But behind this evolution, there were numerous challenges and scandals that marked the economy. This is also the case of Romania, the country where corporate governance emerged after the 2000s, a delay based on various economic, social, but especially political reforms. Things have improved over the time, adhering to governance codes that reflect sufficient transparency that is useful to investors, but also to other stakeholders. The main objective of this research is to analyze the corporate governance in the companies which are listed and controlled by the state, from the Romanian energy system, with the role of identifying certain points that deserve to be improved in the future, so that the users of information can associate the entity with a high degree of transparency. Secondary objectives consist of analyzing other elements such as internal control, ethics, internal audit and external audit, which ultimately have an impact on corporate governance. http://revista.cafr.ro/temp/Article_9642.pdf corporate governance; energy system; state-controlled companies; unitary model; internal and external audit; ethics eng Chamber of Financial Auditors of Romania Audit Financiar 18448801 2020-04-29 18 158 411 422 10.20869/AUDITF/2020/158/411 9643 article As a component with high sensitivity, tourism is a sector of consequence, sensitive to the imbalances of the socio-economic metasystem that includes it. In the context of establishing the state of emergency on the Romanian territory as a result of the pandemic with SARS-CoV-2 coronavirus, the activity of the economic operators was severely affected or even suspended. Considering the importance of tourism in the Romanian economy, the authors consider peremptory the joint effort of the decision makers in the field and those with significant incidence in its support, in order to limit the losses, to relaunch the activity and to avoid the longterm effects. This approach aims to identify the main characteristics of the hospitality industry, with the highlight of the specificities of the impact of the pandemic context depending on the typology of tourism and of the sufficiency and viability of the adopted measures. For this reason, in this study has been used qualitative research methods, resorting to inductive, deductive, comparative reasoning in studying the particularities of tourism, in evaluating decisions in the pandemic context, in notifying the created interdependencies and in the cause-effect analyzes. Differences in the amplitude of the impact according to the typology identified and the need to extend the facilities to compensate the difficulties induced to the tourism area have resulted from the research undertaken. http://revista.cafr.ro/temp/Article_9643.pdf pandemic context; state of emergency; regulations; tourist typology