Following the bankruptcy of large firms (Enron, Parmalat, WorldCom) due to incompetence and failure of procedures is necessary to improve the audit work, paying special attention to risk management and taking into account the recommendations of the auditors. This paper presents a detailed...

The accounting profession fulfills a vital role in the development of modern economy, contributing to the thorough knowledge of business environment, the improvement of economic performance and solving some of the many problems the post-modern society is facing. Accounting profession fulfills a...

The paper analyses the profit and loss account from the Romanian accounting regulations’ perspective in terms of format, structure, content, which is subject to the approval of OMPF no.3055/2009 harmonized with the European accounting directives. Even if from the name it appears the compliance...

The main role of corporate governance is to restore market confidence and in this process plays an important role the audit committee. The purpose of this case study is to analyze the correlations between the Audit Committee and profitability indicators. Considering the achievement of the...

The process of accounting harmonization in Europe has started in 1978 with the adoption of the Fourth Council Directive 78/660/EEC regarding the annual accounts of limited liability companies. The harmonization process continued with the regulation of the consolidated annual accounts with the...

Accounting scandals exploded at the beginning of 2000s and the collapse of Arthur Andersen highlighted the importance of implementing engagement risk management strategies in audit firms. Engagement risk refers the overall risk associated with an audit engagement and it consists of three...

Information technology can contribute significantly to business efficiency, including also enterprise governance, through appropriate and effective use. In most cases, it is difficult to determine which technologies are relevant to business needs and the use of appropriate options is not always...

Accounting harmonization has imposed on a certain stage of economic and social development, as a practical necessity, seeking coordination based on uniform standards of accounting work. The purpose of this paper is to highlight the importance of general accounting framework for harmonization...

The purpose of the given article is to explore, describe, compare and sum up the process of internationalization of financial accounting in Estonia in the period of market economy. The research methods used comprised investigating specialist literature and valid international and local standard...

Control covers debts and liabilities, outstanding liabilities and purchases and expenses in the profit and loss and long-term liabilities, provisions and funding costs. The validation tests applied to cover all, claims liabilities in the financial statements but with less emphasis on testing for...