Dimensions of Financial Audit in Romania and Spain

• Author: Laptes R., Sofian I.
• Pages: 289-302

Bulletin of the Transilvania University of Braşov

Series V: Economic Sciences • Vol. 8 (57) No. 2 - 2015

Dimensions of Financial Audit in Romania and Spain

Ramona LAPTEŞ1, Ioana SOFIAN2

Abstract: The main objective of this paper is to realize a comparative study regarding the

theory and practice of financial audit in Romania and Spain. To achieve this goal, we

performed a documentary research of the main papers in this area and of the applicable

regulations research that allowed us to identify convergences and differences as concerns

the financial audit in Romania and Spain. There are many divergences, on different levels:

the perimeter of regulations, the conditions for becoming a financial auditor, but also

regarding the evolution of the financial audit markets, the mandatory limits for auditing the

financial statements, etc. Although Spain has a longer tradition in the area of financial audit,

in Romania, there were also conducted financial audit missions in accordance with the

international audit standards since the recognition of this activity, in 1999.

Key-words: financial audit, statutory audit, dynamics, Romania, Spain

1. Introduction

This crisis of the financial markets has revealed weak aspects of the existing control

systems, based more on further intervention than on preventive controls. Today,

more than ever, in an age of information in which the credibility of financial

statements becomes critical for each company, institution or government, the

importance of the accuracy of the accounting information included in these

documents finds materialization through financial audits.

The role of the financial audit and, therefore, of the financial auditor is,

ultimately, to protect the public’s interest. However, we have to consider that the

value of the financial audit is dependent on the quality and utility of the financial

statements, which involves a general approach of the accountancy profession, as the

main provider of real information that presents a fair image of the financial position

and performance of an economic entity (Toma 2011, 5).

Initially, the audit activity was realized by accountants and priests, known in

society for their moral qualities, and aim to keep the sincerity of the people with

1 Faculty of Economic Sciences and Business Administration, Transylvania University of Brasov,

ramona.laptes@unitbv.ro

2 Student at Faculty of Economic Sciences and Business Administration, Transylvania University of

Brasov, ioana.sofian@yahoo.com