The Global Financial Crisis As Incentive For Enhancing Assurance For Financial Reporting
Source: University of Craiova
The paper aims to analyze world-wide financial crisis' impact and implications as regards assurance for financial reporting, starting with and comparing reactions of international accounting and audit professional organizations, as regards possible accounting professional's contributions to economical stability, and establishes the global crisis as incentive for enhancing assurance for financial reporting. International reactions, due to unexpected gravity and consequences of credit crisis, which presents unique challenges for management and auditors, appeared subsequently. As an answer to economical global crisis, accounting and audit professionals, at international level, through organizations such as IFAC(International Federation of ACcountants), FEE(Fédération des Experts comptables Européens), IASC (International Accounting Standards Committee) laborates reactions to the actual global crisis environment with global resonances.