The Future of Statutory Audit

Lately, more and more analysts have remarked different activities susceptible to fraud or/and complicity between the boards of certain big companies and accountants/ auditors, which ended up with handing in untrue financial statements, the main indicators being mystified and rendering unreal images. It is obvious that the authorities in real estates have mainly adopted solutions that aimed at ignoring the procedure in accordance with which the same company should not offer both accounting services and audit services, or sometimes even fiscal consulting to the same client. Thus, statutory audit has acquired more importance, and the regulation has become more stretched and was included in the legislation related to trading companies and special legislation: real estates, banking sector, insurances and re-insurances, criteria for great tax payers.

The statutory audit performed only by financial auditors was accepted by the E.U. under surveillance through E.C. Directive 3/2006, which required for a new additional legislation with supplementary requirements regarding the job itself. In the last year, people have discussed about a new Directive or even Regulation that is meant to adjust strongly the statutory audit to a dangerous component for a liberal profession, namely the involvement of the state bodies in the job description related to financial auditor. Such an intention is a sort of nationalization of this profession, a return in time and the waiving of all the achievements of the profession. In this context, it is natural to think of the future of statutory audit.