CONSIDERATIONS ON AUDIT OF GROUP FINANCIAL STATEMENTS

Abstract

The objective of this paper is to present a comparative analysis of the consolidatedfinancial statements according to the International Financial Reporting Standards or the EuropeanDirectives and see how such accounting alternative affect the explanatory notes to the consolidatedfinancial statements, especially regarding to the revaluation basis of the assets. The study seeks todetermine if the accounting diversity influences the work of the financial auditor. The resultsindicate that the two frameworks in elaborating the consolidated financial statements have asignificant ascendancy on the audit of the group financial statements.Consolidated Financial Statements, The 7th European Directive, Financial Audit