Assurance of a Credible Financial Information: A Product of Convergence Between Prudence and Continuity by Statutory Audit and a Good Corporation Governance

Bogdan Ionescu (), Flavia Stoian (), Tudose Geanina Gabrela () and Grazia-Oana Petroianu ()
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Bogdan Ionescu: The Bucharest University of Economic Studies
Flavia Stoian: The Bucharest University of Economic Studies
Tudose Geanina Gabrela: “Constantin Brancoveanu” University of Pitesti
Grazia-Oana Petroianu: The Bucharest University of Economic Studies

A chapter in Entrepreneurship, Business and Economics - Vol. 2, 2016, pp 113-126 from Springer

Abstract: Abstract The current economic world is dominated by market globalization. The economic and social development presupposes an economic balance and cultural globalization. These manifestations also influence the business common language, that of accountancy and determine the company way of thinking and expressing, the entity management, the control and administration of their resources, as well as its principles, accountancy methods and specific practices of elaborating and presenting financial statements. The business globalization recommends and obliges the entity management to implement corporation governance and calls for statutory audit to offer, in general, the users a guarantee that the financial statement is correct and credible. Moreover, the entire accountancy process, by which a financial statement is obtained and which must be transparent for the users, is totally grounded starting from the idea of investment protection and of a credible management for the users. The accountancy logic starts and permanently has in view to apply correctly the prudence principle—a basis for accountancy conventions and a condition of provisional character of accountancy offered by going concern.

Keywords: Financial information; Prudence principle; Activity continuation; Corporation governance; Statutory audit (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-3-319-27573-4_7

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