THE PLANIFICATION OF AN AUDIT OF ANNUAL FINANCIAL SITUATIONS FROM THE VIEWPOINT OF THE INTERNATIONAL STANDARD OF AUDIT 300

Viorel Turcanu (), Ionel Bostan (), Dorel Mates (), Marian Socoliuc () and Veronica Grosu ()
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Viorel Turcanu: Academy of Economic Studies of Moldova, Republic of Moldova
Dorel Mates: West University of Timisoara, Faculty of Economic Studies, Timisoara, Romania

The Annals of the "Stefan cel Mare" University of Suceava. Fascicle of The Faculty of Economics and Public Administration, 2008, vol. 8, issue 1(8), 136-141

Abstract: The annual financial situations are represented by a set of documents (situ ations) that are meant to be a structured representation of the financial position, of the performances, of the modification of the financial position, of the treasury flows and of the way of administration of the ressources of the entity that regards the closed financial exercise. The plannification of an audit supposes the settlement of the general strategy of audit for the engagement and the elaboration of an audit plan in order to reduce the audit risk at an acceptably low level. The aim of this international audit standard (ISA) is to establish rules and to offer reccomendations regarding the aspects and the activities that are applicable for the planification of an audit of the financial situations. The auditor must planify the audit activity in such a manner that the audit activity should be developped in the most efficient way. The adequate planification comes to support and to ensure the efficiency of an audit activity, the identification of the possible issues and their solutions in due time and t hat the audit engagement is organized and managed adequately for it to be efficient in an effective manner.

Keywords: annual financial situations; plannification; audit plan; the audit risk; international audit standard (ISA). (search for similar items in EconPapers)
Date: 2008
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