Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body

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 rel...

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Format: Article
Language:English
Published: Chamber of Financial Auditors of Romania 2019-11-01
Series:Audit Financiar
Subjects:
Online Access: http://revista.cafr.ro/temp/Article_9622.pdf
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collection DOAJ
description 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.
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spelling doaj.art-7d4ca959861340a89d535340ce65bad82022-12-22T01:44:12ZengChamber of Financial Auditors of RomaniaAudit Financiar1844-88012019-11-011715661962710.20869/AUDITF/2019/156/6199622Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight BodyIn 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 auditoversight body of the statutory audit audit profession
spellingShingle Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
Audit Financiar
statutory audit
oversight body of the statutory audit
audit profession
title Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
title_full Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
title_fullStr Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
title_full_unstemmed Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
title_short Comparative Study at European Level on the Criteria that Determine the Obligation to Audit the Financial Statements and the Organizational Structure of the Statutory Audit Oversight Body
title_sort comparative study at european level on the criteria that determine the obligation to audit the financial statements and the organizational structure of the statutory audit oversight body
topic statutory audit
oversight body of the statutory audit
audit profession
url http://revista.cafr.ro/temp/Article_9622.pdf