FINANCIAL AUDIT AND FINANCIAL REPORTING UNDER IFRS IN THE CONTEXT OF CORONAVIRUS

Marta Tache, Rafaela Cazazian and Valentin Moldoveanu
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Marta Tache: DOCTORAL SCHOOL OF ACCOUNTING, BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, BUCHAREST, ROMANIA
Rafaela Cazazian: DOCTORAL SCHOOL OF ACCOUNTING, BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, BUCHAREST, ROMANIA
Valentin Moldoveanu: DOCTORAL SCHOOL OF ACCOUNTING, BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, BUCHAREST, ROMANIA

Annals - Economy Series, 2020, vol. 6, 103-111

Abstract: This article examines how the event following the preparation of the financial statements for the year ended on December 31, 2019, namely Coronavirus pandemic caused by Sars-Cov2 virus, was presented in the audit reports issued by financial auditors and by management in the financial statements or in the explanatory notes. The main purpose of this research is to investigate the audit reports and reports prepared by companies whose shares are traded on the regulated market of Bucharest Stock Exchange(BVB), taking in to account the changes brought by COVID pandemic. In this survey, a sample of 84 companies listed on BVB was analysed, taking as a reference time, the year 2019 given that, starting with March 15, 2020, Romania entered into the state of emergency. The study involves a quantitative and qualitative model based on the analysis of all reports issued by companies listed on BVB and the issuance of statistics about the degree of congruence between financial reporting under IFRS and financial audit in the context of Coronavirus. The results show that only a small part(14.81%)of the audit reports contains aspects or elements communicated by the auditor to the users of the financial statements, regarding possible economic effects caused by the current pandemic. In the same time, mostcompanies(70.37%)presented in the explanatory notes of the financial statements or in the management reports of the directors, the subsequent event from the end of the financial year until the preparation and the approval of the financial statements.

Keywords: Financial Audit; Financial Reporting; IFRS; Audit Opinion; COVID (search for similar items in EconPapers)
Date: 2020
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