Pragmatic objectives for the Chamber strategy during this year
Author:
University professor, PhD. Ion MIHĂILESCU
JEL:
DOI:
Keywords:
strategy, objectives, priorities, transparency, continuous professional development, quality
Abstract:
The most important responsibilities of the Chamber are ensuring the quality of the audit for the Romanian economy and also the need to ensure that members of the Chamber keep high quality standards.\r\n\r\nThe importance of the quality control resides in this that many segments of the society, in general, when making economic decision, base their decision on information they have no control over it. In these circumstances they ask for the financial auditors to help them to assess the reliability of some information. In order for the public make their decision based on economic and financial information available it is crucial for the audit and assurance engagements review to be more rigorous than the review for other services. And changes in the proposed EU Eighth Directive come to stress again the importance of a financial audit well regulated and permanently monitored.\r\n\r\nChamber will intensify its efforts in order to bring to the financial auditors’ attention the latest developments in the International Standards on Auditing, Assurance and Quality Control issued by the International Federation of Accountants (IFAC).\r\n\r\nEssentially, observance of all the provisions in the professional standards and norms while performing an audit represents a guarantee for the quality of financial statements audit, this helping in increasing the trust of the investors in the information provided by the audited financial statements based on which the investments decisions are made. Also, as you are probably aware, the Chamber adopted from the beginning the IFAC Code of Ethics. Considering the financial events at the global level, the Code is under a process of modernizing, with an accent on the auditor’s independence. The Chamber continuously watches the developments in this area and does its best in order to make the financial auditors in Romania aware about the changes in this field at the international level.\r\n\r\nA very important objective is the development of Chamber’s international relationships, by establishing and developing cooperation relations with prestigious professional institutes, by continuing the cooperation with Institute of Chartered Accountants of Scotland, Association of Chartered Certified Accountants, Order des Experts Compatbles or Conseil National des Commisaires aux Comptes in France.\r\nStarting with 2005, IFAC invited the Chamber to participate in the pilot program for the member bodies in answering to the second questionnaire for self-assessment, this being now in the process to be completed. And this year we focus our efforts in this field in order to achieve membership of the Federation des Experts Compables Europeens (FEE), as well as of the regional organization South Eastern Partnership on accountancy Development (SEEPAD).