Audit of the Consolidated Financial Statements – Intricate Aspects Based on Romanian Regulatory Statements

The active societies from Romania have to elaborate the consolidated financial statements according to the International Financial Reporting Standards or the European Directives. The objective of this paper is to present a comparative analysis of these mentioned settlements and see how such accounting alternative – IFRS or EU Directives - affects the explanatory notes to the consolidated financial statements, especially regarding to the revaluation basis of the assets. Also, the study seeks to determine if this mentioned accounting diversity influences the work of the financial auditor in the audit of the consolidated financial statements. The results indicate that the two accounting frameworks in elaborating the consolidated financial statements have a significant influence on the audit of the group financial statements.