POST-ENRON DEVELOPMENTS OF THE IFAC STRATEGY AND ITS IMPLICATIONS ON NATIONAL AUDIT REGULATION
Supp/2008 , p564..574
Author(s):
Laurentiu DOBROTEANU
Liliana DOBROTEANU
Daniela CIOLPAN
Keywords:
Strategy, audit, regulation, oversight, ethics
Abstract:
In 2000, the international financial markets faced a major turmoil which triggered large companies’ failures. During the following years, international community regulators undertook consistent steps toward preserving and strengthening the financial reporting credibility. The International Federation of Accountants (IFAC) has moved forward to keep the path of its strategy with post-Enron developments. The paper examines the major changes of the IFAC strategy during 2000-2007 and the implications of such changes on external audit regulation in Romania. Given that the Chamber of Financial Auditors of Romania (CAFR) is an IFAC associated member our findings reveal that national audit regulation has consequently absorbed most of the changes induced. Consolidation of quality control, greater emphasis on professionalism and ethics, institutional developments in the sense of setting up an oversight body represent only a few examples of the identified implications on national external audit regulation.
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