Research on the Evolution of Financial Audit in Romania – Past, Current and Future Trends

Abstract

In the early 2000s, the phenomenon of globalization of economies led to much reconsideration in the Romanian accounting. At that time, the economic, domestic and international context, characterized by extraordinary dynamics of international capital flows, required greater concern for the quality and credibility of accounting information improvement. As a natural consequence and, equally, an imperative measure, due to changes in the economic environment, the accounting profession has seen new values in Romania since 1999, when the financial audit was defined for the first time, and the financial auditors profession has been formally recognized. From that moment until today, we witnessed the market consolidation of the financial audit in Romania: only during 2001-2005, the number of economic entities required to be audited increased from 197 to 2402. The main objective of this paper is to highlight the main development directions of the financial audit in Romania from its early attempts to today, as well as its future perspectives.