EU regulatory framework for financial statements auditing (CROSBI ID 619733)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Žager, Lajoš ; Sever Mališ, Sanja
engleski
EU regulatory framework for financial statements auditing
The financial statements auditing in the European Union is regulated by the EU Directive (2006/43/EC) adopted by the European Parliament in 2006. However, recent financial crises revealed many shortcomings in conducting statutory financial statements audit in the EU member states. This was an incentive to change EU Directive (2006/43/EC) in order to reinforce the public trust in audited financial statements. The EU Directive on conducting statutory financial statements auditing of annual and consolidated financial statements is changed to increase the quality of auditing in the EU member countries. These changes have been implemented primary to protect investors and creditors whose decision making processes are based on the true and fair presentation of financial statements. This newly adopted EU directive passed the European Parliament in April 2014. The aim of this paper is to introduce newly adopted EU rules regarding statutory audits. This Directive (2014/43/EC) introduced innovative ideas about the recognition of audit firms, approval of audit firm form another member states, professional ethics and scepticism, preparation for statutory audit and assessments of threats to independence, internal organization of statutory audits and audits firms, auditing standards, statutory audits of consolidated financial statements and auditing reporting. Besides this, the Directive introduced special requirements considering investigations and sanctions. Among other amendments, special attention is dedicated to the responsibilities and the role of the audit committees in auditing process. This new legislation should have a positive effect on the transparency in conducting statutory financial statements auditing among the EU member states.
financial statements auditing; EU Directives; statutory audits
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Podaci o prilogu
2014.
objavljeno
Podaci o matičnoj publikaciji
Podaci o skupu
16th Symosium of the Accountants in the Republic of Macedonia – Accounting, Financial Reporting and Auditing in the Function of the Mangement and Economic Development
predavanje
09.10.2014-11.10.2014
Struga, Sjeverna Makedonija