THE ROLE AND UTILITY OF FINANCIAL AUDIT IN ROMANIA AND SPAIN - AN EMPIRIC STUDY

Our research includes the main results of an empiric study on the role and utility ofthe financial audit in Romania and Spain.We undergone our research on a statistic population formed by the main three groups involved infthe financial audit process: the financial auditors, financial managers of the audited firms and theusers of the audited accounting information. The main results of research, namely the questionnairehave been analysed with the help of Mann WhitneyTest, which has shown that for every statementthe differences between the three groups from the two countries are significant. Next the resultshave been interpreted globally.This way has been demonstrated the hypothesis according to which there are differences betweenperspectives and expectances between the pairs of groups the financial auditors, financialmanagers of the audited firms and the users of the audited accounting information in Romaniaregarding the role and utility of the financial audit.Finally our study proposes solutions as how to meet the expectances of the three groups fromRomania and Spain concerning the role and utility of the financial audit.