Study on the Importance of the Statutory Auditor

Marioara Molociniuc (Hritcan)

doi:doi:10.11648/j.ebm.20220802.11

| Peer-Reviewed

Study on the Importance of the Statutory Auditor

Marioara Molociniuc (Hritcan)

Published in European Business & Management (Volume 8, Issue 2)

Received: 11 November 2021 Accepted: 3 December 2021 Published: 23 March 2022

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

The global economy is constantly changing and innovating, new situations are emerging and adaptability to these conditions is essential. Thus, the importance of the statutory auditor has become more and more accentuated, the value offered by him through the mission he carries out as well as through the opinion he issues is much more substantial than it is seen at first sight. This article aims to highlight the importance of the statutory auditor in the global economy. The image of the entities is transposed in an audit report and through a positive opinion it brings credibility, respect, prosperity and trust both economically and socially. The auditor offers perspectives and open doors to creditors, investors and collaborators and internally contributes to staff accountability, business transparency and devotion from stakeholders. In order to give credibility to the audit report, we need to know who prepares it, what are the skills and competencies required and what kind of training and professional experience is required to practice this profession. Through a research on the conditions imposed by the legislation as well as on the path that an auditor must follow in order to acquire this quality, I will demonstrate the professionalism of the auditor as well as the value that he brings to the audited entity.

Published in	European Business & Management (Volume 8, Issue 2)
DOI	10.11648/j.ebm.20220802.11
Page(s)	28-37
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Credibility, Statutory Audit, Audit Mission, Prudence

References

[1]	Ardelean, A. (2015), Perceptions on Audit Quality Based on the Ethical Behavior of Auditors. Audit Financiar, XIII. Nr. 3 (123), 61–67.
[2]	Azizkhani, M., Daghani, R., & Shailer, G. (2018), Audit Firm Tenure and Audit Quality in a Constrained Market. The International Journal of Accounting, 53 (3), 167–182. https://doi.org/10.1016/j.intacc.2018.07.002.
[3]	Directive 56 / EU of the European Parliament and of the Council amending Directive 2006/43 / EC on statutory audit of annual financial statements and consolidated annual financial statements, published in Official Journal no. L 157 / 27.05.2014.
[4]	Floarea I., Macovei I., Floarea R., Berheci M. (2005), Introducere în expertiza contabilă şi auditul financiar [Introduction to accounting expertise and financial auditing] Editor C. E. C. C. A. R., Bucharest.
[5]	IFAC (2016-2017), Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements.
[6]	IAASB (2018), Manual de reglementări Internaţionale de control a calităţii, audit, revizuire, alte servicii de asigurare şi servicii conexe, Traducere ASPAAS, Bucureşti, p. 92.
[7]	Legea nr. 162/2017 privind auditul statutar al situaţiilor financiare anuale şi al situaţiilor financiare anuale consolidate şi de modificare a unor acte normative, publicată în Monitorul Oficial nr. 548/12.07.2017.
[8]	Loebbecke A. (2003), Oabordare integrată, Editura ARC, ediţia a 8-a, Bucureşti.
[9]	Martinez, A. L., & Moraes, A. J. (2014). Association between independent auditor fees and firm value: A study of Brazilian public companies. Journal of Modern Accounting and Auditing, 10 (4), 442–450. https://doi.org/10.1177/0269216313489367.
[10]	Munteanu A., Ţurlea E. (2001), Audit financiar contabil, Editura Economică, Bucureşti.
[11]	Munteanu V. (2020), Auditul Finanicar-contabil, Editura Universitară, Bucureşti, p. 57.
[12]	Oprean I., Popa I. E., Lenghel R. D. (1997), Procedurile auditului şi ale controlului financiar. Risoprint.
[13]	Păunescu M., Radu G. (2018), Misiuni de asigurare şi nonasigurare, altele decât cele de audit financiar [Insurance and non-insurance assignments other than financial audit assignments], editor CECCAR, Bucharest.
[14]	Radu G. (2010), Normativ şi constructiv în profesia liberală de audit financiar de practică publică [Normative and constructive in the liberal profession of financial audit of public practice], editor Transversal.
[15]	Robu, I. B., Grosu, M., & Istrate, C. (2016), The Effect of the Auditors Rotation on the Accounting Quality in the Case of Romanian Listed Companies under the Transition to IFRS. Audit Financiar, XIV. r. 1 (133), 65–77.
[16]	Regulation (EU) no. Regulation (EC) No 537/2014 of the European Parliament and of the Council on specific requirements regarding the statutory audit of public interest entities and repealing Commission Decision 2005/909 / EC, published in Official Journal no. L 158 / 24.05.2014.
[17]	Rusovici A., Farmache S., Rusu G. (2008), Manager în activitatea de audit [Manager in the audit activity], Official Gazette R., Bucharest, pp. 9-20.
[18]	Sailendra, S., Murwaningsari, E., Mayangsari, S. (2019), The Influence of Free Float Shares and Audit Quality on Company Performance: Evidence from Indonesia, Audit Financiar, vol. XVII, no. 2 154)/2019, pp. 274-282, DOI: 10.20869/AUDITF/2019/154/010.
[19]	Toma M. (1995), Norme de audit financiar şi certificare a bilanţului contabil [Financial audit rules and certification of the balance sheet], CECCAR, Bucharest, p. 7.
[20]	Tudor Tiron A. (2007), Romanian accountingand audit reform in theway of accession into the European Union. Scientific papers of the University of Pardubice.

Cite This Article

Plain Text BibTeX RIS

APA Style

Marioara Molociniuc (Hritcan). (2022). Study on the Importance of the Statutory Auditor. European Business & Management, 8(2), 28-37. https://doi.org/10.11648/j.ebm.20220802.11

Copy | Download

ACS Style

Marioara Molociniuc (Hritcan). Study on the Importance of the Statutory Auditor. Eur. Bus. Manag. 2022, 8(2), 28-37. doi: 10.11648/j.ebm.20220802.11

Copy | Download

AMA Style

Marioara Molociniuc (Hritcan). Study on the Importance of the Statutory Auditor. Eur Bus Manag. 2022;8(2):28-37. doi: 10.11648/j.ebm.20220802.11

Copy | Download

@article{10.11648/j.ebm.20220802.11,
  author = {Marioara Molociniuc (Hritcan)},
  title = {Study on the Importance of the Statutory Auditor},
  journal = {European Business & Management},
  volume = {8},
  number = {2},
  pages = {28-37},
  doi = {10.11648/j.ebm.20220802.11},
  url = {https://doi.org/10.11648/j.ebm.20220802.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20220802.11},
  abstract = {The global economy is constantly changing and innovating, new situations are emerging and adaptability to these conditions is essential. Thus, the importance of the statutory auditor has become more and more accentuated, the value offered by him through the mission he carries out as well as through the opinion he issues is much more substantial than it is seen at first sight. This article aims to highlight the importance of the statutory auditor in the global economy. The image of the entities is transposed in an audit report and through a positive opinion it brings credibility, respect, prosperity and trust both economically and socially. The auditor offers perspectives and open doors to creditors, investors and collaborators and internally contributes to staff accountability, business transparency and devotion from stakeholders. In order to give credibility to the audit report, we need to know who prepares it, what are the skills and competencies required and what kind of training and professional experience is required to practice this profession. Through a research on the conditions imposed by the legislation as well as on the path that an auditor must follow in order to acquire this quality, I will demonstrate the professionalism of the auditor as well as the value that he brings to the audited entity.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Study on the Importance of the Statutory Auditor
AU  - Marioara Molociniuc (Hritcan)
Y1  - 2022/03/23
PY  - 2022
N1  - https://doi.org/10.11648/j.ebm.20220802.11
DO  - 10.11648/j.ebm.20220802.11
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 28
EP  - 37
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20220802.11
AB  - The global economy is constantly changing and innovating, new situations are emerging and adaptability to these conditions is essential. Thus, the importance of the statutory auditor has become more and more accentuated, the value offered by him through the mission he carries out as well as through the opinion he issues is much more substantial than it is seen at first sight. This article aims to highlight the importance of the statutory auditor in the global economy. The image of the entities is transposed in an audit report and through a positive opinion it brings credibility, respect, prosperity and trust both economically and socially. The auditor offers perspectives and open doors to creditors, investors and collaborators and internally contributes to staff accountability, business transparency and devotion from stakeholders. In order to give credibility to the audit report, we need to know who prepares it, what are the skills and competencies required and what kind of training and professional experience is required to practice this profession. Through a research on the conditions imposed by the legislation as well as on the path that an auditor must follow in order to acquire this quality, I will demonstrate the professionalism of the auditor as well as the value that he brings to the audited entity.
VL  - 8
IS  - 2
ER  -

Copy | Download

Author Information

Marioara Molociniuc (Hritcan)

Faculty of Economics, Administration and Business, Stephen the Great University, Suceava, Romania

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Marioara Molociniuc (Hritcan). (2022). Study on the Importance of the Statutory Auditor. European Business & Management, 8(2), 28-37. https://doi.org/10.11648/j.ebm.20220802.11

Copy | Download

ACS Style

Marioara Molociniuc (Hritcan). Study on the Importance of the Statutory Auditor. Eur. Bus. Manag. 2022, 8(2), 28-37. doi: 10.11648/j.ebm.20220802.11

Copy | Download

AMA Style

Marioara Molociniuc (Hritcan). Study on the Importance of the Statutory Auditor. Eur Bus Manag. 2022;8(2):28-37. doi: 10.11648/j.ebm.20220802.11

Copy | Download

@article{10.11648/j.ebm.20220802.11,
  author = {Marioara Molociniuc (Hritcan)},
  title = {Study on the Importance of the Statutory Auditor},
  journal = {European Business & Management},
  volume = {8},
  number = {2},
  pages = {28-37},
  doi = {10.11648/j.ebm.20220802.11},
  url = {https://doi.org/10.11648/j.ebm.20220802.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ebm.20220802.11},
  abstract = {The global economy is constantly changing and innovating, new situations are emerging and adaptability to these conditions is essential. Thus, the importance of the statutory auditor has become more and more accentuated, the value offered by him through the mission he carries out as well as through the opinion he issues is much more substantial than it is seen at first sight. This article aims to highlight the importance of the statutory auditor in the global economy. The image of the entities is transposed in an audit report and through a positive opinion it brings credibility, respect, prosperity and trust both economically and socially. The auditor offers perspectives and open doors to creditors, investors and collaborators and internally contributes to staff accountability, business transparency and devotion from stakeholders. In order to give credibility to the audit report, we need to know who prepares it, what are the skills and competencies required and what kind of training and professional experience is required to practice this profession. Through a research on the conditions imposed by the legislation as well as on the path that an auditor must follow in order to acquire this quality, I will demonstrate the professionalism of the auditor as well as the value that he brings to the audited entity.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Study on the Importance of the Statutory Auditor
AU  - Marioara Molociniuc (Hritcan)
Y1  - 2022/03/23
PY  - 2022
N1  - https://doi.org/10.11648/j.ebm.20220802.11
DO  - 10.11648/j.ebm.20220802.11
T2  - European Business & Management
JF  - European Business & Management
JO  - European Business & Management
SP  - 28
EP  - 37
PB  - Science Publishing Group
SN  - 2575-5811
UR  - https://doi.org/10.11648/j.ebm.20220802.11
AB  - The global economy is constantly changing and innovating, new situations are emerging and adaptability to these conditions is essential. Thus, the importance of the statutory auditor has become more and more accentuated, the value offered by him through the mission he carries out as well as through the opinion he issues is much more substantial than it is seen at first sight. This article aims to highlight the importance of the statutory auditor in the global economy. The image of the entities is transposed in an audit report and through a positive opinion it brings credibility, respect, prosperity and trust both economically and socially. The auditor offers perspectives and open doors to creditors, investors and collaborators and internally contributes to staff accountability, business transparency and devotion from stakeholders. In order to give credibility to the audit report, we need to know who prepares it, what are the skills and competencies required and what kind of training and professional experience is required to practice this profession. Through a research on the conditions imposed by the legislation as well as on the path that an auditor must follow in order to acquire this quality, I will demonstrate the professionalism of the auditor as well as the value that he brings to the audited entity.
VL  - 8
IS  - 2
ER  -

Copy | Download