CONSIDERATIONS ON AUDIT OF GROUP FINANCIAL STATEMENTS

                 Attila Tamas Szora, “1 Decembrie 1918” University of Alba Iulia
                Iulian Bogdan Dobra, “1 Decembrie 1918” University of Alba Iulia


ABSTRACT: The objective of this paper is to present a comparative analysis of the consolidated
financial statements according to the International Financial Reporting Standards or the European
Directives and see how such accounting alternative affect the explanatory notes to the consolidated
financial statements, especially regarding to the revaluation basis of the assets. The study seeks to
determine if the accounting diversity influences the work of the financial auditor. The results
indicate that the two frameworks in elaborating the consolidated financial statements have a
significant ascendancy on the audit of the group financial statements.

Keywords: Consolidated Financial Statements, The 7th European Directive, Financial Audit

JEL codes: M42, M41