AF 1 2016 - Site 5040 PDF

Anul XIV, nr.
133 - 1/2016
1/2016
l Calitatea informaiei
financiare i valoarea
companiilor cotate
l Relevana deprecierii fondului
comercial n contextul rotaiei

partenerului de audit
l Utilizarea instrumentelor
informatice n auditul financiar

l Influena raportrii capitalului
intangibil asupra
performanei companiilor
Un nou model al auditului extern,
bazat pe utilizarea datelor deschise
Efectul rotaiei
auditorilor asupra
calitii informaiilor
raportate
The Effect of the
Auditors' Rotation on
the Accounting Quality
l The Quality of Financial
Information and the Value of

Listed Companies
l The Relevance of the Goodwill
Impairment in Context of Audit

Partner's Rotation
l The Use of IT Instruments in
Financial Audit
l The Influence of Reporting
Intangible Capital on the

Performance of Companies
External Audit A New Open Data Approach
Sumar / Content
Ioan Bogdan ROBU, Maria GROSU, Costel ISTRATE
Efectul rotaiei auditorilor asupra calitii informaiilor
raportate de ctre firmele romneti cotate la burs n
condiiile trecerii la IFRS Click here! ........................................ 3
The Effect of the Auditors Rotation on the Accounting
Quality in the Case of Romanian Listed Companies under
the Transition to IFRS Click here! .......................................... 65
Mihai CARP
Studiu empiric privind influena calitii informaiei
financiare asupra valorii companiilor cotate Click here! ......... 15
Empirical Study regarding the Influence of the Quality of
Financial Information on the Value of Listed
Companies Click here!........................................................... 78
Mihaela DUMITRACU, Radu Daniel LOGHIN

Studiu privind relevana deprecierii fondului comercial
n contextul rotaiei partenerului de audit Click here! ............. 25
A Study on the Relevance of the Goodwill Impairment
in Context of Audit Partners Rotation Click here! .................. 88
Cristina CARANICA
Cercetri privind utilizarea instrumentelor informatice
n auditul financiar Click here!................................................ 32
Research Regarding the Use of IT Instruments
in Financial Audit Click here! ................................................. 95
Cristina PRECOB, Marilena MIRONIUC

Influena raportrii capitalului intangibil asupra performanei
companiilor romneti Click here! .......................................... 40
The Influence of Reporting Intangible Capital on the
Performance of Romanian Companies Click here! .............. 103
Elena Doina DASCLU

Un nou model al auditului extern, bazat
pe utilizarea datelor deschise Click here! .............................. 52
External Audit - A New Open Data Approach Click here! .... 115
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Recenzii i Manuscrise.
Audit financiar,
XIV, Nr.
1(133)/2016, asupra
3-14
Efectul
rotaiei
auditorilor
calitii informaiilor raportate
ISSN: 1583-5812; ISSN on-line: 1844-8801
Efectul rotaiei
auditorilor
asupra calitii
informaiilor
raportate de ctre firmele
romneti cotate la burs
n condiiile trecerii la IFRS
Dr. n Contabilitate i drd. Cibernetic i
statistic economic Ioan-Bogdan ROBU,
Universitatea Alexandru Ioan Cuza din Iai, Romnia,
e-mail: bogdan.robu@feaa.uaic.ro
Confereniar universitar dr. n Contabilitate

Maria GROSU,
e-mail: mberheci@uaic.ro
Confereniar universitar dr. n Contabilitate

Costel ISTRATE,
Rezumat
n asigurarea calitii informaiei financiare fcute publice
de ctre firmele cotate la burs rolul auditorului financiar
este de a-i exprima opinia cu privire la conformitatea
situaiilor cu un cadru de raportare financiar. Pentru ca
aceast opinie s fie una credibil, auditorul trebuie s o
formuleze innd cont de cerinele de competen,
conduit etic i profesional specifice. Respectarea
acestor cerine presupune eforturi susinute din partea
auditorilor, a organismului profesional cruia le aparin,
precum i din partea firmelor auditate. Se apreciaz c
independena i obiectivitatea auditorilor financiari sunt
asigurate i prin rotaia periodic a acestora. Scopul
acestui studiu l reprezint analiza i evaluarea influenei
rotaiei auditorului asupra relevanei informaiilor din
situaiile financiare individuale i din cele consolidate
supuse auditrii. Studiul s-a realizat la nivelul unui
numr de 64 de firme romneti cotate la Bursa de
Valori Bucureti, n perioada 2006-2014. Obiectivele
cercetrii au avut n vedere estimarea influenei rotaiei
auditorului asupra relevanei informaiilor raportate de
ctre firmele romneti cotate la BVB. Rezultatele
studiului indic faptul c rotaia auditorului contribuie
semnificativ la modificarea gradului de relevan a
informaiilor financiare.
Cuvinte-cheie: calitatea informaiei, relevan,
independen, rotaia auditorului, Big 4 - Non Big 4,
Bursa de Valori Bucureti
Clasificare JEL: C58, M41, M42

e-mail: istrate@uaic.ro
Nr. 1(133)/2016
Introducere
n asigurarea conformitii informaiilor din situaiile
financiare cu un cadru de raportare financiar aplicabil
rolul auditorului financiar este esenial (Jaba et al.,
2015). n baza mandatului primit, auditorul exprim o
opinie competent, obiectiv i independent cu privire
la calitatea informaiilor din situaiile financiare auditate
(IAASB, 2013).
Opinia de audit poate fi influenat ns de calitatea
misiunii de audit financiar, susinut de cerinele de
competen, conduit etic i profesional de care
auditorul trebuie s in cont n ndeplinirea mandatului
primit. Competena este necesar pe tot parcursul
misiunii i conduce la emiterea opiniei pe baza probelor
de audit obinute, garantat prin independena i
obiectivitatea auditorului. Pstrarea unei atitudini
independente i neprtinitoare a auditorului se poate
realiza i prin rotaia periodic a acestuia, cu impact
direct asupra calitii misiunii de audit financiar i,
implicit, asupra opiniei de audit (Garcia-Blandon &
Argiles-Bosch, 2013).
Rotaia auditorilor are n vedere limitarea numrului
succesiv de ani n care acelai auditor poate presta
serviciul de audit financiar statutar al situaiilor financiare
pentru un client anume. Rotaia poate fi obligatorie sau
voluntar. n ceea ce privete rotaia obligatorie a
auditorului financiar, scopul principal declarat al
introducerii acesteia este de a reduce riscul unor audituri
neconforme, de a crete independena auditorilor i de a
ajunge la o ncredere sporit a investitorilor n opinia de
audit emis i n informaiile din situaiile financiare
(Barton, 2002).
Avnd n vedere rezultatele destul de contrastante din
literatur n ceea ce privete efectele rotaiei auditorilor,
ne propunem n acest studiu s msurm influena
rotaiei auditorului asupra calitii informaiilor din
situaiile financiare (individuale i consolidate) ale
firmelor cotate la Bursa de Valori Bucureti (BVB), cu
impact direct asupra deciziilor investitorilor. Studiul s-a
realizat la nivelul firmelor romneti cotate la BVB, n
perioada 2006 2014. Eantionul analizat cuprinde un
numr de 64 de firme, ceea ce asigur un numr total
de observaii de 576 firme/an.
n studiu, pentru analiza influenei rotaiei auditorului
asupra deciziilor investitorilor s-a avut n vedere
relevana informaiilor din situaiile financiare supuse
auditrii. Relevana a fost evaluat pe baza efectelor
publicrii unor informaii din situaiile financiare asupra

variaiei cursului bursier, sub influena rotaiei
auditorului.
Principalele rezultate ale studiului au n vedere
estimarea influenei rotaiei auditorilor asupra relevanei
informaiilor din situaiile financiare supuse auditrii. n
studiu, auditorii au fost structurai n dou mari categorii,
Big 4 (B4) i non Big 4 (NB4), i au fost luate n
considerare patru sensuri ale rotaiei (de la B4 la B4; de
la B4 la NB4; de la NB4 la B4; de la NB4 la NB4).
Trecerea n revist a literaturii de

specialitate privind rotaia
auditorului
Literatura privind rotaia voluntar sau obligatorie a
auditorilor este bogat i cerceteaz numeroase aspecte
ale acestui tip de aciune: costurile de audit,
oportunitatea unei astfel de reguli, implicaiile asupra
calitii informaiei contabile, reacia investitorilor,
distincia dintre rotaia voluntar i cea obligatorie,
probabilitatea apariiei unor fraude, efectele asupra
independenei i obiectivitii auditorilor, efectele asupra
pieei financiare, distincia dintre auditorii aparinnd
Big4 i ceilali auditori, negocierile firmei de audit cu
clienii.
n ce privete costurile suportate de firma de audit i,
implicit, de firmele auditate o prere acceptat este c
se ajunge la o cretere a acestora, justificat de
eforturile pe care trebuie s le depun firma de audit
pentru a nelege afacerea i modelul organizaional ale
firmei auditate, precum i de efectele acestei iniieri
asupra managementului firmei auditate (PCAOB, 2011;
Ho, 2010). GAO (2003) citeaz estimri ale firmelor de
audit care consider c rotaia auditorilor va crete
costurile de audit cu 20%. Said & Khasharmeh (2014)
propun o recenzare a literaturii i constat c, n
general, se ajunge la o cretere a costurilor, att pentru
firmele auditate, ct i pentru auditori, cu de la 20%
pn la 50%. Aceasta reprezint n fapt, o constant
pentru auditorul care preia o firm, indiferent c este
vorba de rotaie sau de o misiune ncredinat din alt
motiv primul an de audit este mereu mai costisitor
dect ceilali ani (GAO, 2003). De asemenea, s-a
dovedit existena unei relaii indirecte ntre durata
mandatului i costurile de audit. Pe de alt parte, rotaia
obligatorie poate avea i un efect n sensul diminurii
AUDIT FINANCIAR, anul XIV
Efectul rotaiei auditorilor asupra calitii informaiilor raportate
unor tarife de audit de ctre firmele care doresc s

obin o misiune de audit financiar (Barton, 2002
identific o astfel de situaie pentru firmele italiene de
audit).
Argumentele principale invocate n favoarea rotaiei
auditorului sunt (Barton, 2002; Ho, 2010): ameliorarea
independenei i a calitii auditului, suflul nou pe care l
aduce un auditor nou fa de eventuala inerie a unui
mandat lung, probabilitatea mai mare de a detecta erori
pe care auditorului precedent nu le-ar fi detectat,
creterea competiiei dintre firmele de audit i creterea
numrului de auditori implicai n misiuni de audit
financiar, prevenirea utilizrii de ctre conducerea firmei
a apropierii de finalul mandatului ca o prghie de
influenare a auditorului. Argumente n favoarea rotaiei
partenerului de audit sunt furnizate i de Garcia-Blandon
& Argiles-Bosch (2013) care, analiznd date aferente
firmelor cotate la bursa spaniol, ajung la concluzia c o
durat prea mare a mandatului auditorului i poate afecta
independena i c, deci, rotaia ar putea favoriza
independena auditorului i calitatea auditului.
Din partea oponenilor rotaiei obligatorii, PwC (2013)
subliniaz c oportunitatea adoptrii unei reglementri
care impune rotaia este contestat de studii publicate n
Europa (doar 17% de rspunsuri care accept rotaia
obligatorie) i n SUA (doar 10% din respondeni
accept aceast msur). Prerile unei firme de audit
despre rotaia obligatorie trebuie ns privite cu o
oarecare reinere, avnd n vedere faptul c aceasta
este afectat direct de rotaie. Argumentele PwC (2013)
mpotriva rotaiei obligatorii a auditorilor sunt
urmtoarele: se reduce calitatea auditului, se limiteaz
competiia pe piaa auditului i se introduc restricii n
funcionarea piee libere, apar costuri suplimentare i
auditul devine mai complex, este o poziie mpotriva
consensului de pe pia, are consecine nefavorabile
asupra unor tipuri de activiti (cele complexe, precum
cele din domeniul petrolier sau activitile financiare).
Barton (2002) adaug i faptul c s-ar putea s nu
existe destui auditori dintre care s se aleag (avnd n
vedere fuziunile de pe aceast pia i competenele
cerute pentru derularea corect a unei misiuni),
probabilitatea apariiei mai multor audituri de calitate
ndoielnic, redundana unor msuri prin care se asigur
independena auditorului. Choi et al. (2015) invoc i
efecte ale schimbrii auditorului n sensul obinerii unei
opinii favorabile (opinion shopping). Kim et al. (2015)
ajung la concluzia c efectul schimbrii obligatorii a
Nr. 1(133)/2016
auditorului poate duce la o descurajare a clienilor n a

manipula profitul i la o mai bun calitate a accruals. Un
alt aspect care poate caracteriza negativ rotaia
auditorului este c aceast regul ncetinete procesul
de audit prin timpul necesar noului auditor s se
familiarizeze cu activitatea i particularitile firmei
auditate (Asthana, 2014). Said & Khasharmeh (2014)
recenzeaz cteva reacii negative la obligativitatea
rotaiei auditorilor i merg chiar pn la a afirma c
efectele se vor concretiza ntr-o scdere a calitii
serviciilor de audit (PwC, 2013), pe lng creterea
costurilor cu auditul.
O prere sceptic privind rolul auditorilor financiari n
general este furnizat de Sikka (2015), care spune c
rotaia auditorilor (ca i alte msuri n sensul
mbuntirii calitii auditului) poate avea efecte
favorabile asupra unor stakeholders mai sceptici i
poate conduce la mbuntirea unor practici de audit,
dar nu va conduce la nici un fel de schimbare
fundamental.
Rotaia auditorului i creterea calitii

informaiilor din situaiile financiare supuse
auditrii
Studiile despre efectele schimbrii auditorului
asupra calitii informaiei contabile au concluzii
divergente. Kwon et al. (2010) gsesc c, n
Coreea de Sud, schimbarea auditorului conduce la
creterea numrului de ore dedicat misiunii i la
creterea costurilor asociate, n timp ce calitatea
lucrrii de audit (msurat prin accruals
discreionare) rmne aceeai sau scade uor.
Choi et al. (2015) afirm c, ex ante, este neclar
dac schimbrile frecvente ale auditorului
mbuntesc calitatea auditului, dar c, pentru
Coreea, firmele cotate care i-au schimbat
auditorul au avut o mai mic lichiditate a aciunilor
dect cele care nu au efectuat o astfel de
schimbare (mai ales la trecerea de la un Big 4 la
un non-Big 4). ntr-un context diferit (firmele cotate
din Iran), Abdoli et al (2014) nu gsesc o asociere
semnificativ ntre mrimea auditorului i tipul de
auditor, pe de o parte, i variabila care msoar
rotaia auditorilor, pe de alt parte. Blouin et al
(2007), folosind accruals discreionare ajustate, ca
variabil pentru calitatea raportrii financiare, nu
gsesc mbuntiri semnificative ale schimbrii
obligatorii de auditor.
Heliodoro et al. (2015) scriu despre schimbarea

auditorului ca despre un comportament intenionat al
firmelor cotate, cu scopul de a evita o opinie
nefavorabil din partea acestuia. Pentru firmele
portugheze cotate ajung la concluzia c o opinie cu
rezerve duce la schimbarea auditorului n 50% din
cazuri. Pentru Spania, rotaia auditorilor a fost
obligatorie ntre 1988 i 1995, ceea ce a permis
realizarea de studii care s msoare diferenele n
calitatea auditului ntre perioada de schimbare
obligatorie i perioada de schimbare voluntar (RuizBarbadillo et al, 2009); autorii nu au gsit dovezi n
sensul unei creteri a calitii auditului i care s justifice
rotaia obligatorie a auditorului. n Italia, schimbarea
obligatorie a auditorului este n vigoare de mai mult de
20 de ani. Cameran et al. (2014) folosesc prudena
contabil drept proxi pentru calitatea raportrii financiare
(un nivel mai mare de pruden nseamn o mai bun
calitate a auditului). Astfel, n Italia, unde mandatul este
de trei ani, rennoibil de dou ori, Cameran et al (2014)
ajung la concluzia c prudena cifrelor contabile (i deci
calitatea auditului) tind s creasc n ultima parte a
mandatului, adic atunci cnd acesta nu mai poate fi
rennoit.
Velte & Freidank (2015) analizeaz efectele principalelor
reglementri cu privire la rotaia auditorilor, oprindu-se
asupra rotaiei interne (a partenerilor de audit),
comparat cu rotaia extern (a auditorului n sine);
autorii constat c legtura dintre rotaia auditorilor i
calitatea auditului i a cifrelor contabile raportate este
controversat att timp ct Comisia European nu a
oferit un cadru teoretic sau evidene empirice prin care
s justifice msurile de reform propuse n acest
domeniu. Datele empirice i analizele furnizate de Velte
& Freidank (2015) arat c rotaia extern a auditorilor
nu conduce la o cretere a calitii contabile i a
auditului, n timp ce pentru rotaia intern nu se pot
determina efectele asupra calitii.
ntr-un studiu extrem de cuprinztor cu privire la
independena i la calitatea auditului, n urma analizei
unui numr impresionant de articole publicate n
perioada 1976-2013 n nou jurnale de top din domeniul
auditului, Tepalagul & Lin (2015) constat c, n
literatur, concluzia cea mai frecvent este c durata
lung a mandatului unui auditor nu afecteaz calitatea
auditului. O alt concluzie a celor doi autori este c
utilizatorii situaiilor financiare au aceeai percepie
asupra duratei auditului o durat lung nu este
asociat unui audit de slab calitate. Un alt studiu care

analizeaz rezultatele raportate n literatur (73 de
articole) cu privire la opiniile de audit (Habib, 2013)
ajunge la concluzii asemntoare: o durat mai lung a
mandatului este asociat cu o mai bun calitate a
auditului i cu o mai mic nclinaie spre rapoarte cu
rezerve. Ho (2013) analizeaz o perioad lung (19962003) i ajunge la concluzia c o durat mai mare a
mandatului conduce la o mai mic probabilitate de a
ntlni o manipulare a rezultatelor n sensul creterii
acestora.
n China, Firth et al (2012) analizeaz opiniile de audit i
gsesc, n anumite condiii, un efect pozitiv al rotaiei
partenerilor de audit asupra claritii auditului, fr a fi
foarte clar dac rotaia firmelor de audit aduce vreun
beneficiu. n cazul firmelor cotate din Taiwan, pentru
care rotaia partenerului de audit este obligatorie din
2004, rezultatele raportate de Chi et al (2009) arat c
nivelul calitii auditului nu este diferit n mod
semnificativ la firmele obligate s-i roteasc auditorii n
raport cu cele care nu aveau aceast obligaie ori cu
cele pentru care rotaia a fost voluntar.
Schmidt & Cross (2014) ajung la concluzia c rotaia
partenerilor de audit cerut de SOX n SUA i de
Comisia European are implicaii nu doar asupra
comportamentului i independenei auditorului, ci i
asupra comportamentului clienilor, n sensul c acetia
din urm sunt mai puin conflictuali i fac mai multe
concesii noilor auditori.
Normalizatorii i unele grupurile de investitori
justific necesitatea rotaiei auditorilor mai ales prin
creterea independenei acestora n raport cu firma
auditat. GAO (2003) ajunge la concluzia c rotaia
partenerilor de audit conduce la ntrirea independenei
auditorului n aceeai msur ca rotaia firmei de audit,
dar c percepia diferitelor categorii de utilizatori
(investitori instituionali, investitori ocazionali, ali
utilizatori) nu converge ntotdeauna. n fapt, cele mai
multe studii msoar percepia unor categorii de
utilizatori asupra independenei auditorilor i nu
independena n sine. Analiznd comportamentul
investitorilor ne-profesionali, Kaplan & Mauldin (2008)
ajung la concluzia c, n comparaie cu rotaia
partenerilor firmei de audit n relaia cu acelai client,
rotaia auditorilor nu duce la o ntrire aparent a
independenei acestora. Lu & Sivaramakrishnan (2009)
ajung la rezultate conform crora, n absena opinion
shopping, rotaia obligatorie a auditorului afecteaz
mereu negativ eficiena investiiei. La rndul lor, Daniels

& Booker (2011) constat c ofierii de credite percep
rotaia auditorilor ca genernd o cretere a
independenei acestora, dar fr ca percepia despre
calitatea auditului s se schimbe (este vorba despre
creditori din SUA).
Cameran et al. (2014) afirm c rotaia obligatorie a
auditorului este diferit n mod semnificativ de rotaia
voluntar, din punct de vedere al cadrului n care se
realizeaz i al efectelor asupra calitii auditului.
Reglementri europene privind rotaia

auditorilor
Directiva european n domeniul auditului (Directiva
2006/43/CE) - intrat n vigoare n 2008 - impunea
statelor membre s se asigure c auditorul sau
partenerul cheie responsabil pentru efectuarea auditului
legal (n 2006 se utiliza expresia audit legal) se rotesc
n cadrul misiunii de audit n termen de cel mult apte
ani de la data numirii ca auditori ai unei entiti i pot
participa din nou la auditarea aceluiai client dup o
perioad de cel puin doi ani. Se observ c, la nivelul
anului 2006, Reglementrile europene nu obligau la o
rotaie a firmei de audit, ci permiteau fie rotaia firmei de
audit, fie a partenerului cheie, desemnat de firma de
audit ca responsabil principal pentru efectuarea auditului
n numele acesteia.
Prevederile Directivei europene au fost transpuse i n
Reglementrile naionale (OUG nr. 90/2008), dar ntr-o
variant modificat. Mai exact, n cadrul articolului cu
titlul: Independena n cazul auditrii entitilor de
interes public se precizeaz c este obligatorie o rotaie
a partenerului cheie, responsabil pentru efectuarea
auditului statutar al entitilor de interes public, n termen
de cel mult apte ani de la data numirii acestuia i c
poate s participe la o nou auditare a aceleiai entiti
dup o perioad de cel puin doi ani.
Se constat, aadar, c la nivel naional s-au preluat
parial prevederile Directivei europene n domeniul
auditului financiar. Cu alte cuvinte, este vorba doar
despre o rotaie intern a partenerilor cheie, fr ca
firma de audit cu care entitatea-client a ncheiat
contractul s fie schimbat. Toate aceste aspecte erau
valabile la data la care au intrat n vigoare actele
normative menionate anterior.
n prezent, lucrurile par s fie, oarecum, schimbate.
Afirmaia se bazeaz pe faptul c Parlamentul
Nr. 1(133)/2016
European, Comisia European i statele membre au

ajuns la un acord pentru creterea concurenei n
sectorul de audit, care prevede obligativitatea pentru
companiile listate s schimbe firmele de audit o dat la
zece ani, perioad care poate fi prelungit o singur
dat. Aceast obligativitate a fost impus prin
Regulamentul UE nr. 537/2014, care se va aplica direct
n toate statele membre ale UE ncepnd cu 17 iunie
2016. Cu toate acestea, n Regulament se precizeaz
c statele membre pot stabili chiar o durat maxim mai
mic de zece ani. n plus, firma de audit va putea
participa la auditarea aceleiai entiti de interes public
doar dup o perioad de patru ani. Ca de la aproape
orice regul, exist i excepii. Astfel, statele membre
pot prevedea ca duratele maxime stabilite (zece ani sau
mai puin) s poat fi prelungite chiar pn la 24 de ani,
atunci cnd mai multe firme de audit au desfurat
misiuni simultane dup expirarea duratelor maxime, cu
condiia ca auditul statutar s aib drept rezultat
prezentarea raportului de audit comun.
Important este faptul c, dei rotaia firmei de audit
trebuie s fie efectuat, n principiu, la fiecare zece ani,
totui partenerii-cheie de audit trebuie s-i nceteze
participarea la auditul statutar al entitii auditate n cel
mult apte ani de la data desemnrii lor sau chiar mai
puin, dac statele membre impun o durat mai mic.
Ulterior, acetia nu mai pot participa din nou la auditul
statutar al entitii auditate dect dup trei ani de la
ncetarea mandatului anterior.
Despre aceste aspecte, unele surse afirm c noile
reguli vor pune capt oligopolului deinut de firmele din
Big4 (Business24, 2013). La polul opus, opozanii au
catalogat aceste prevederi legislative ca fiind o afacere
nefavorabil pentru investitori, o iniiativ nefavorabil
pentru afaceri i pentru locurile de munc, o afacere
nefavorabil pentru economia european i mondial
(Tudor, Ziarul financiar, 2014).
Ipoteza de cercetare propus spre testare i

obiectivele studiului
Prezentul studiu urmeaz un demers statistic, de tip
deductiv-inductiv, n formularea, testarea i validarea
ipotezei de cercetare propuse. n studiu, calitatea
informaiei financiare este msurat prin intermediul
gradului de relevan a acesteia pentru investitori.
Relevana informaiei are n vedere capacitatea
acesteia de a influena semnificativ deciziile
investitorilor. Valoarea informativ (sau value relevance)

se refer la legtura de cauzalitate dintre preurile
aciunilor pe piaa financiar (sau modificrile acestor
preuri), pe de o parte, i anumite informaii contabile, pe
de alt parte (Robu, 2015). n acelai timp, value
relevance reprezint o component important a
studiilor privind calitatea informaiilor raportate de firme,
inclusiv a calitii auditului financiar care nsoete
raportrile financiare.
Pornind de la cele prezentate n literatura de specialitate
privind factorii care determin rotaia auditorilor, precum
i efectele rotaiei asupra calitii misiunii de audit i
implicit asupra calitii informaiilor financiare raportate,
n studiu se propune spre testare i validare urmtoarea
ipotez de cercetare:
H: n cazul firmelor romneti cotate la BVB, rotaia
auditorilor are o influen semnificativ asupra
relevanei informaiilor financiare destinate
investitorilor.
Astfel, n studiu ne propunem s estimm i s testm
msura n care rotaia auditorului contribuie la o
cretere/descretere a gradului de relevan a
informaiilor financiare din situaiile raportate i supuse
auditrii.
seciunea BVB piaa reglementat, sunt cotate un

numr de 82 de firme romneti.
Eantionul analizat cuprinde doar firmele cotate la
seciunea BVB (piaa reglementat), pentru care s-au
avut n vedere situaiile financiare individuale i
consolidate. Din cele 82 de firme cotate, au fost
eliminate cele pentru care nu s-au gsit informaii privind
rotaia auditorilor, cele reprezentnd intermediarii
financiari, bncile, fondurile de investiii i instituiile de
asigurri, precum i firmele care au fost suspendate.
Astfel, eantionul analizat conine un numr de 64 de
firme cotate n perioada 2006-2014, ceea ce asigur un
numr de 576 observaii (firm/an).
Variabile analizate, modele propuse spre

testare i sursa datelor
Pentru alegerea variabilelor analizate, n studiu se
pornete de la modelul propus de Feltham & Ohlson
(1995) pentru evaluarea relevanei:
Pi,t+1 = 0 + 1BVPSi,t + 2EPSi,t + 1,t
unde:
- Pi,t+1 reprezint preul aciunii firmei i la momentul t+1,
raportat la preul aciunii la 31.12.t;
Principalele obiective ale cercetrii urmresc

prezentarea unor statistici descriptive privind numrul de
rotaii ale auditorilor n perioada analizat (per total, dar
i n funcie de sensul rotaiilor), precum i estimarea
influenei rotaiei asupra relevanei informaiilor
financiare i, implicit, asupra calitii raportrilor
financiare.
- BVPSi,t reprezint valoarea capitalurilor proprii ale

firmei i la momentul t (raportat la numrul de aciunii
emise ), raportat la preul aciunii la 31.12.t;
Metodologia cercetrii
- 1 i 2 reprezint parametrii modelului, ale cror

estimaii semnificative indic existena influenei
informaiei financiare asupra valorii de pia.
Odat formulat ipoteza de cercetare propus spre

validare, n studiu se urmeaz un demers statistic pentru
testarea acesteia: identificarea populaiei int, alegerea
eantionului analizat, identificarea variabilelor de
analizat i stabilirea modelului econometric, stabilirea
sursei datelor i alegerea metodelor de analiz a
datelor, cu ajutorul instrumentarului specific.
Populaia int i eantionul analizat

Populaia studiat este reprezentat de totalitatea
firmelor romneti cotate la Bursa de Valori Bucureti
(BVB). Aceste firme aplic IFRS n raportarea financiar
i sunt supuse auditului financiar statutar. n prezent, la
(1)
- EPSi,t reprezint rezultatul net pe aciune pentru firma i

la momentul t, raportat la preul aciunii la 31.12.t;
- i,t ~ N(0, 1) reprezint componenta eroare a modelului
propus;
Avnd n vedere aceste variabile i modul de calcul al

acestora, se poate considera c valoarea de pia a unei
aciuni este o funcie (f) de forma:
P = f(Cpr; Rez net) +
(2)
Cpr = At Dt
(3)
iar,
ceea ce conduce la o nou funcie (g) de forma:
P = g(Dt; Rez net) +
(4)
pentru care vom mpri fiecare variabil cu Cpr:

P/Cpr = g(Dt/Cpr; Rez net/Cpr) +
(5)
unde: At activ total; Dt valoarea datoriilor totale; Ren

net rezultatul net; Cpr valoarea capitalurilor
proprii; iar P/Cpr = valoarea de pia raportat la
valoarea net contabil, Dt/Cpr = FL (levier
financiar) i Rez net/Cpr = ROE (rentabilitate
financiar).
unde estimaii semnificative ale parametrilor 3, 4 i 5

evideniaz existena unei influene a rotaiei auditorului
asupra deciziilor investitorilor i implicit asupra relevanei
informaiilor financiare auditate.
Datele aferente variabilelor analizate i incluse n
modelele propuse au fost colectate manual din situaiile
financiare ale firmelor incluse n eantion. Pentru
variabilele de natur financiar pentru care s-au
nregistrat valori lips a fost utilizat procedeul the
expectation maximization algorithm (Do & Batzoglou,
2008) din SPSS, pentru completarea bazei de date.
Pe baza acestor variabile, n studiu se propune spre

analiz urmtorul model econometric:
P/Cpri,t+1 = 0 + 1FLi,t + 2ROEi,t + 1,t
(6)
unde 1 i 2 reprezint parametrii modelului, ale cror

estimaii semnificative indic existena influenei
informaiei financiare asupra valorii de pia.
Rezultate i discuii
Pentru testarea influenei rotaiei de audit asupra

relevanei informaiilor financiare se pornete de la
modelul din ecuaia (6) la care se va aduga o nou
variabil, AR (rotaia auditorului), de tip dummy, care ia
valoarea 1 dac exist rotaie n exerciiul financiar
auditat (trecerea la un nou auditor n exerciiul financiar
curent, fa de cel din exerciiul financiar precedent) i
valoarea 0, n caz contrar:
n urma analizei datelor colectate la nivelul eantionului

considerat, principalele rezultate au n vedere:
prezentarea numrului de rotaii ale auditorilor (la nivelul
perioadei analizate), prezentarea unor statistici
descriptive la nivelul variabilelor de natur financiar
utilizate n analiz, precum i prezentarea estimaiilor
parametrilor modelului econometric analizat.
Informaiile privind numrul de firme cotate la BVB care
i-au schimbat cel puin o data auditorul, la nivelul
perioadei analizate, sunt prezentate n Tabelul 1.
P/Cpri,t+1 = 0 + 1FLi,t + 2ROEi,t + 3AR +

4ARFLi,t + 5ARROEi,t + 1,t
(7)
Tabel 1. Numrul de firme cotate la BVB care i-au schimbat auditorul n perioada 2006-2014
Rotaie
Da
Nu
Total
An:
2006
2007
1
63
64
2008
8
56
64
2009
8
56
64
2010
7
57
64
2011
9
55
64
2012
14
50
64
2013
12
52
64
2014
8
56
64
5
59
64
Total
72
504
576
Surs: prelucrri proprii n SPSS 20.0
Din datele prezentate n Tabelul 1, se poate observa c

cele multe rotaii ale auditorilor s-au nregistrat la nivelul
exerciiului financiar din 2011. Pentru situaiile financiare
din 2011, 14 firme din cele incluse n eantionul analizat
au decis rotaia auditorului i nlocuirea celui din 2010.
De asemenea, n 2012 se menine aceeai tendin de
schimbare a auditorului, posibil determinat de
introducerea obligatorie a raportrii informaiilor din
situaiile financiare n conformitate cu IFRS.
n funcie de tipul de rotaie (se are n vedere tipul
auditorului schimbat i tipul noului auditor), n Tabelul 2
sunt prezentate o serie de informaii privind numrul de
rotaii pe fiecare tip n parte.
Nr. 1(133)/2016
Din datele prezentate n Tabelul 2 se poate observa c

cele mai mult rotaii au avut n vedere schimbarea unui
auditor din Non Big 4 cu unul tot din Non Big 4, pe tot
parcursul perioadei 2006-2014. n acest sens, se
menine o dominaie a firmelor din Non Big 4 la nivelul
pieei de audit din Romnia. Mai mult dect att, se
poate concluziona c rotaia nu este determinat
neaprat de criterii de competen profesional, ci mai
degrab de cerinele de meninere a independenei i
obiectivitii auditorului.
ns odat cu trecerea la IFRS (obligativitatea din 2012),
se observ o cretere a numrului de rotaii n care
auditorul nou este din Big 4. n acest caz, rotaia poate fi

determinat i de cerinele de experien anterioar n
aplicarea IFRS - firmele din Big 4 putnd fi avantajate n

acest sens.
Tabel 2. Numrul de rotaii n funcie de tipul auditorului schimbat, pentru firmele cotate la BVB
n perioada 2006-2014
Tip rotaie
B4B4
B4NB4
NB4B4
NB4NB4
Total
An:
2006
2007
0
0
0
1
2008
1
0
1
6
2009
2
1
1
4
2010
0
0
3
4
2011
1
2
2
4
2012
4
0
2
8
2013
2
2
3
5
14
1
1
2
4
12
Total
2014
1
0
0
4
12
6
14
40
72
n ceea ce privete numrul de rotaii ale auditorilor,

realizate de ctre firmele cotate la BVB, din Tabelul 3 se
poate observa numrul de firme care au avut cel puin o

rotaie la nivelul perioadei analizate.
Tabel 3. Numrul de rotaii n care au fost implicate firmele cotate la BVB n perioada 2006-2014
Numr de rotaii
Cel puin o rotaie
Numr de firme
56
Cel puin dou

rotaii
18
Cel puin trei rotaii

5
Cel puin patru

rotaii
2

n perioada 2006-2014, marea majoritate a firmelor
(87,% din totalul firmelor incluse n eantionul analizat)
au nregistrat cel puin o rotaie a auditorului. n acest

sens, durata medie a mandatului auditorului pn la
efectuarea unei rotaii este prezentat n Tabelul 4.
Tabel 4. Durata medie a mandatului unui auditor n perioada 2006-2014, pentru firmele cotate la BVB
Categorie de auditor schimbat
Durata (n ani)
De la B4
De la B4
la B4
la non-B4
4,18
4,85
3,30
max: 10 ani; min: 1 an; mediana: 4 ani
Total
De la nonB4 la B4
3,94
De la non-B4
la non-B4
4,18
n funcie de apariia sau nu a rotaiei auditorului, n

Tabelul 5 sunt prezentate o serie de statistici descriptive
(pe total i pe categorii), ale variabilelor introduse n
analiz.
firmele care au efectuat rotaii ale auditorilor au
nregistrat n medie valori de pia (P/Cpr) mai reduse
fa de firmele care nu au efectuat rotaii ale auditorilor.
Acest lucru se poate explica prin faptul c percepia
10
investitorilor cu privire la rotaia auditorilor este

determinat de dorina executivului de a cumpra un
anumit tip de opinie de audit. n acelai timp, apare
nencrederea investitorilor n calitatea misiunilor de audit
realizate, schimbrile frecvente conducnd auditorul la o
mai slab cunoatere a mediului firmei i la
imposibilitatea identificrii tuturor riscurilor (inerente, de
control i de nedetectare), cu impact direct asupra
riscului de audit calculat i implicit a opiniei de audit.
Tabel 5. Statistici descriptive privind variabilele analizate

Variabile
N
Medie
Cu rotaie
0,7583
P/Cpr
Fr rotaie
0,9124
Total
0,8931
Cu rotaie
0,8711
FL
Fr rotaie
0,7671
Total
0,7801
Cu rotaie
-0,0312
ROE
Fr rotaie
-0,0005
Total
-0,0043
* Diferene semnificative pentru un prag de 15%
Std. Deviation
0,7428
0,7779
0,7746
1,0536
1,0052
1,0514
0,1826
0,1658
0,1681
Min.
-0,1500
-0,2800
-0,2800
-1,3600
-1,3600
-1,3600
-0,5300
-0,5300
-0,5300
Max.
3,6100
3,6100
3,6100
3,5200
3,5200
3,5200
0,1900
0,1900
0,1900
ANOVA
Sig.*
0,114
Sig.
0,433
Sig.*
0,147
n ceea ce privete influena rotaiei auditorului asupra

relevanei informaiilor din situaiile financiare anuale
asupra investitorilor, n Tabelul 6 sunt prezentate
estimaiile parametrilor modelelor de regresie propuse n
analiz. Astfel, modelul 1 corespunde modelului
econometric din ecuaia (6), modelele 2 i 3 pornesc de la
ecuaia (7), ns analizeaz individual influena FL i ROE
asupra P/Cpr, iar modelul 4 corespunde ecuaiei de regresie (7), unde se analizeaz influena rotaiei auditorului
asupra relevanei informaiilor raportate ctre investitori.
Totodat, se poate observa c firmele cu rezultate

economice mai puin favorabile (pierderi
nregistrate la nivelul rezultatului net i creteri ale
gradului de ndatorare) au recurs la cel puin o
rotaie a auditorului. Astfel, se poate concluziona
c, pentru a obine un anumit tip de opinie de audit,
firmele cotate BVB cu rezultate economice
nefavorabile au fost nclinate s schimbe mai des
auditorii, spre deosebire de cele cu rezultate mai
favorabile.
Tabel 6. Estimaiile parametrilor modelelor de regresie propuse n analiz

Variables
Model 1
Coef.
Sig.
Intercept
0,739
0,000
FL
0,205
0,000
ROE
1,403
0,000
AR
ARFL
ARROE
Observaii
576
R2
0,155
Variabila dependent: P/Cpr
Model 2
Coef.
0,767
0,189
-
Coef.
0,000
0,000
Coef.
0,913
-
0,159
-0,017
0,194
0,848
-
576
0,069

informaiile privind poziia (FL) i performana financiar
(ROE) sunt relevante pentru investitorii de la BVB i au
o influen semnificativ asupra valorii de pia a
firmelor cotate (Modelul 1).
n ceea ce privete rotaia auditorului, prin modelele 2, 3
i 4 se va testa influena apariiei rotaiei asupra
Nr. 1(133)/2016
Model 3
Sig.
0,000
1,396
-1,370
-
Model 4
-0,837
576
0,085
0,000
0,148
0,110
Coef.
Sig.
0,754
0,000
0,208
0,000
1,502
0,000
-0,138
0,237
-0,019
0,825
-0,791
0,118
576
0,162
relevanei informaiilor financiare. Astfel, din modelul 2

se poate observa c pentru firmele care au nregistrat
cel puin o rotaie a auditorului, n exerciiul financiar
pentru care s-a recurs la un nou auditor, informaiile
privind gradul de ndatorare nu prezint o relevan
crescut fa de firmele care nu au recurs la rotaia
auditorului. Din modelul 3 se observ c pentru firmele
11
care au nregistrat cel puin o rotaie a auditorului, n

exerciiul financiar pentru care s-a recurs la un nou
auditor, informaiile privind rentabilitatea financiar
prezint o relevan crescut (dei nesemnificativ) fa
de firmele care nu au recurs la rotaia auditorului.
Dac modelele 2 i 3 analizeaz separat influena
rotaiei auditorului asupra relevanei poziiei i
performanei financiare, n modelul 4 acestea sunt
analizat mpreun. Pe baza raportului de determinaie
(R2) se poate observa o cretere a relevanei apariiei
rotaiei auditorului la nivelul informaiilor raportate ctre
investitori (pentru cazul n care nu sunt informaii cu
privire la rotaia auditorului: R2 = 0,155; pentru cazul n
care sunt informaii cu privire la rotaia auditorului: R2 =
0,162). O astfel de rotaie poate transmite pieei
informaii cu privire la independena, obiectivitatea i
competena att a noului auditor, ct i a celui nlocuit.
Pe baza estimaiilor parametrilor de regresie din modelul
4, se poate aprecia c informaiile privind poziia
financiar (FL) raportate de ctre firmele care au
nregistrat cel puin o rotaie a auditorului nu conduc la o
modificare a relevanei acestora la nivelul investitorilor.
ns, cu un risc de 15% se poate aprecia c informaiile
privind performana financiar (ROE), raportate de ctre
firmele care au nregistrat cel puin o rotaie a auditorului
conduc la o modificare a relevanei acestora fa de
investitori i implicit la diminuarea valorii de pia a
firmei. n acest sens, se poate concluziona c apariia
rotaiei intervine ca urmare a dorinei executivului firmei
de a achiziiona un anumit tip de opinie audit, optnd
pentru un anumit auditor.
Concluzii
Pe baza rezultatelor obinute n urma analizei datelor
colectate la nivelul firmelor incluse n eantion, n
perioada 2006-2014, ipoteza de cercetare a fost validat
i au fost atinse obiectivele cercetrii.
Astfel, se poate aprecia c la nivelul firmelor
romneti cotate la BVB, rotaia auditorilor are o
influen semnificativ asupra relevanei
informaiilor financiare destinate investitorilor. O
astfel de informaie este util investitorilor pentru
aprecierea calitii misiunii de audit, precum i a calitii
informaiilor raportate. n acelai timp, informaiile privind
rotaia auditorului (n funcie de cele patru sensuri ale
rotaiei: de la B4 la B4; de la B4 la NB4; de la NB4 la B4;
de la NB4 la NB4) sunt utile investitorilor n evaluarea
obiectivitii, independenei i competenei auditorilor.
12
n acest sens, rotaia auditorului poate fi determinat

att de trecerea la un nou referenial (2012, odat cu
trecerea la IFRS) din motive ce in de experienele
profesionale, ct i din dorina firmelor cotate de a obine
un anumit tip de opinie de audit (cu impact direct asupra
afectrii independenei).
Din rezultatele obinute, cele mai importante fac referire
la existena unei influene semnificative a informaiilor
privind rotaia auditorului asupra relevanei informaiilor
din situaiile financiare destinate investitorilor. ns, luate
individual, relevana informaiilor privind poziia (FL) i
performana financiar (ROE) nu sunt influenate
semnificativ de rotaia auditorilor.
Rezultatele obinute n urma analizei evideniaz faptul
c, n medie, exist diferene semnificative ntre ceea ce
privete valoarea de pia a firmelor care au nregistrat
cel puin o rotaie i valoarea de pia a firmelor care nu
au nregistrat nici o rotaie. n medie, valoarea de pia a
firmelor la care s-a nregistrat rotaia auditorilor este
inferioar valorii de pia a firmelor care nu au recurs la
rotaie. Apariia rotaiei poate avea n acest caz un
impact negativ asupra calitii misiunii, ca urmare a
imposibilitii noului auditor de a cunoate ntrutotul i
rapid mediul n care funcioneaz firma, precum i de a
identifica toate riscurilor cu impact negativ asupra
riscului de audit i, implicit, a opiniei de audit.
Mai mult dect att, informaiile privind poziia financiar
raportate de ctre firmele care au nregistrat cel puin o
rotaie a auditorului nu conduc la o modificare a relevanei
acestora la nivelul investitorilor, ns informaiile privind
performana financiar raportate de ctre firmele care au
nregistrat cel puin o rotaie a auditorului conduc la o
modificare a relevanei acestora fa de investitori i
implicit la diminuarea valorii de pia a firmei.
Limitele studiului sunt determinate n principal de volumul
redus al eantionului analizat, prin includerea n analiz
doar a firmelor romneti cotate la BVB. Direciile viitoare
vor urmri realizarea de studii comparative, la nivel
european, pentru a evalua influena rotaiei auditorului
asupra relevanei informaiilor raportate de ctre firme pe
diferite piee financiare. n acelai timp, n studiu nu s-a
inut cont (cel puin n partea de modelare) de tipul i
sensul rotaiei, n funcie de cele 4 scheme propuse. n
acest sens, ntr-un studiu viitor se va testa influena
trecerii de la un anumit tip de audit la un alt tip de audit
(B4/NB4) asupra calitii informaiilor financiare i asupra
calitii misiunii de audit. Nu n ultimul rnd, utilizarea
metodelor statistice n cadrul auditului financiar, dar i
interconectarea acestuia cu analiza financiar i

contabilitatea pot deschide o direcie nou de cercetare.
Acest domeniu nou i va propune analiza fenomenelor
economico-financiare din cadrul auditului financiar pe
baza unor indicatori din analiza financiar, utiliznd
metode statistice i econometrice avansate, fiind numit
ipotetic auditometrie (auditometrics).
Recunoatere
Pentru Ioan-Bogdan ROBU aceast lucrare a fost
finanat de Universitatea Alexandru Ioan Cuza din
Iai, n cadrul proiectului Granturi de cercetare anuale
nr. 23/03.12.2015, Cod: GI 20/2015, competiia Granturi
pentru tinerii cercettori ai UAIC.
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Audit financiar, XIV, Nr. 1(133)/2016, 15-24

Calitatea
informaiei financiare i valoarea companiilor cotate
ISSN: 1583-5812; ISSN on-line: 1844-8801
Studiu empiric
privind
influena
calitii
informaiei
financiare
asupra valorii
companiilor
cotate
Asist. univ. dr. Mihai CARP,
Universitatea Alexandru Ioan Cuza Iai, Romnia,
e-mail: mihai.carp@feaa.uaic.ro
Abstract
n condiiile economiei actuale, caracterizat de intense
schimbri, att structurale, ct i dimensionale,
estimarea eficient a valorii investiiilor contribuie la
evitarea unor posibile derapaje ale pieelor specifice, cu
semnificative implicaii n sfera economico-social.
Metodele de evaluare actuale introduc n analiz
preponderent date financiare, de a cror capacitate
informativ depinde relevana output-ului informaional.
Diversitatea modelelor utilizate i chiar caracterul aleator
al utilizrii lor n procesul de evaluare contribuie la
sporirea incertitudinilor prezente n acest areal. Aceast
vulnerabilitate deriv att din volumul informaiilor
prelucrate, ct mai ales din calitatea acestora,
identificndu-se, astfel, necesitatea includerii unor
elemente de atestare a calitii informaiilor financiare.
Prezenta lucrare i propune ca, prin raportare la
caracteristicile companiilor cotate pe seciunea
reglementat a Bursei de Valori Bucureti, s analizeze
impactul calitii informaiilor financiare raportate asupra
dimensiunii valorice a entitilor. Utiliznd datele
specifice unui eantion format din 62 de companii, pe un
orizont temporal definit de exerciiile financiare 20102014, studiul estimeaz relevana, reprezentarea exact
a faptelor i fenomenelor economice i persistena
informaiilor financiare. De asemenea, este analizat
influena acestor caracteristici asupra valorii de pia,
implicnd, totodat, n dezbatere i factori nefinanciari,
precum: reputaia auditorului, natura opiniei de audit sau
specificul normelor contabile aplicate. O serie de modele
econometrice consacrate n literatura de specialitate,
precum Ohlson (1995), Jones (1991) i Dechow et al.
(1995), au permis reprezentarea cantitativ a trsturilor
informaiilor financiare (value relevance, earnings
management, persistence).
Cuvinte-cheie: calitatea informaiei financiare, IFRS,
Big4, opinie de audit, valoare de pia
Clasificare JEL: G30, L25, M41
Nr. 1(133)/2016
15
Mihai CARP
Introducere
ntr-o societate marcat constant de obsesia dezvoltrii
prin crearea de bogie, estimarea echivalentului
monetar al diferitelor tipuri de active a constituit un
perpetuu spaiu de dezbatere doctrinar. Utilizat att ca
reper n perceperea eficienei socio-economice, ct i
drept baz de formare a preurilor de tranzacionare,
valoarea reprezint un concept complex, caracterizat de
o semnificativ volatilitate, a crui reprezentare concret
este supus necondiionat schimbrii. Volatilitatea
conceptului poate fi analizat att din perspectiva
temporal valoarea este valabil practic doar n
momentul evalurii, ct i din cea spaial, la acelai
moment influena factorilor sociali, politici, de mediu
impregneaz informaiei obinute caracteristicile proprii.
Dac preul reprezint o noiune concret, generat de
confruntarea cererii cu oferta, valoarea reclam
raportarea la subiectiv, o diversitate de factori endogeni
sau exogeni mediului n care aceasta este estimat
punndu-i amprenta asupra dimensiunii sale.
Efortul de estimare a valorii activelor, fie ele elemente
distincte sau entiti economice n ansamblu, este
subsumat unui demers metodologic menit s elimine
inconsistena asociat procesului menionat. O pleiad
de metode de evaluare ncearc s ofere o informaie
pertinent privind cuantumul valoric, ns capacitatea
limitat a acestora de a surprinde impactul factorilor de
influen confer nc valorii caracteristici ce navigheaz
ntre certitudine i percepie.
Aceast vulnerabilitate a metodelor de evaluare deriv
att din volumul informaiilor prelucrate, ct i din
calitatea acestora.
Prezenta lucrare analizeaz nivelul calitativ al
informaiilor financiare raportate de companiile
romneti cotate pe seciunea principal a Bursei de
Valori Bucureti (BVB), sub aspectul relevanei,
neutralitii (nealterrii prin manipulare) i a persistenei,
precum i influena acestor caracteristici asupra valorii
de pia a entitilor.
1. Stadiul actual al cunoaterii

Modelele actuale de estimare a valorii implic n analiz
preponderent informaii financiare, de a cror capacitate
informativ i de asigurare n vederea evitrii
manipulrilor depinde relevana output-ului
informaional.
16
Diversitatea metodelor de evaluare i chiar caracterul

aleator al includerii lor n procesul de evaluare contribuie
la sporirea incertitudinilor prezente n acest areal,
genernd, totodat, dileme n legtur cu relevana
datelor oferite pieelor activelor evaluate, cu efecte
semnificative asupra preurilor de tranzacionare.
n aceste condiii, se identific necesitatea elaborrii de
noi metode i modele de evaluare, care s surprind
eficient condiiile mediului economic actual. Astfel, este
necesar includerea elementelor de atestare a calitii
informaiilor financiare, sub aspectul relevanei i al
reprezentrii exacte a realitii economice, respectiv a
informaiilor nefinanciare precum: structura
acionariatului, reputaia auditorului, opinia de audit etc.
1.1. Perspective ale calitii informaiei

financiare n procesul de estimare a
valorii
Complexitatea conceptului de valoare i dificultatea
cuantificrii acesteia, dat fiind multitudinea factorilor de
influen, a reprezentat un cmp de dezbatere pentru un
impresionant volum de lucrri tiinifice. Literatura n
domeniu ncearc s identifice i s analizeze legturile
existente ntre dimensiunea valoric a entitilor
economice i factorii determinani ai acesteia, deseori
evideniind faptul c metodele actuale de evaluare au o
for explicativ limitat.
Astfel, Carricano (2014) noteaz c abordrile
tradiionale privind formarea preurilor (valoarea fiind un
element suport) sunt inadecvate ntr-un mediu economic
att de volatil, iar probabilitatea de a adopta corect
decizia este minim.
De asemenea, este remarcat legtura semnificativ
existent ntre contabilitate i metodele de evaluare a
ntreprinderii. Dicu (2015) remarc contribuia situaiilor
financiare la eficientizarea procesului decizional, specific
utilizatorilor informaiilor raportate, n acest mod
facilitndu-se aprecierea calitii managementului
entitilor, respectiv capacitatea acestuia de a gestiona
resursele avute la dispoziie. Penman (2010) afirm c
metodele de evaluare sunt modele pentru contabilitatea
viitorului i eficiena acestor tehnici deriv din modul n
care sunt implementate principiile contabile. n acest
sens, calitatea informaiilor financiar-contabile, sub
aspectul relevanei, reprezentrii exacte a faptelor i
fenomenelor economice i a persistenei acestora,
reprezint o condiie pentru obinerea unei dimensiuni
valorice reprezentative.
Calitatea informaiei financiare i valoarea companiilor cotate
Relevana constituie, alturi de reprezentarea exact,

caracteristica fundamental pe care trebuie s o dein
informaia financiar publicat de entitile economice,
att n viziunea normelor internaionale (International
Financial Reporting Standards - IFRS), ct i n a celor
naionale, OMFP 1802/2014 pentru aprobarea
Reglementrilor contabile privind situaiile financiare
anuale individuale i situaiile financiare anuale
consolidate. Toma (2012) noteaz c relevana se
manifest prin capacitatea predictiv i cea
confirmatorie pe care trebuie s le dein informaiile
financiare, impunnd, totodat, prezena capacitii de a
genera o diferen n deciziile adoptate de ctre
utilizatori.
Prezentate drept deziderate ale informaiilor publicate,
caracteristicile calitative au solicitat o reprezentare
cantitativ, necesar n cuantificarea dimensiunilor
proprii i a influenelor pe care le exercit asupra unei
largi game de fenomene.
Astfel, asociat relevanei, a fost conceptualizat n
literatura de specialitate termenul de capacitate
informativ (value relevance), care, prin raportare la
piaa financiar, reflect, n opinia lui Barth et al. (2001),
abilitatea cifrelor contabile de a colecta informaii care
afecteaz preul aciunilor, respectiv valoarea entitii
economice.
Reprezentarea exact a faptelor i evenimentelor
economice impune, concomitent cu lipsa erorilor i
caracterul complet, neutralitatea aciunilor de aplicare a
tehnicilor contabile i de raportare a informaiilor
financiare. n acest sens, este necesar un proces de
asigurare privind absena aciunilor de alterare a
informaiei, prin manipularea rezultatelor (earnings
management). n opinia lui Healy i Wahlen (1999),
earnings management reprezint demersul prin care
managerii utilizeaz, n procesul de raportare financiar
i n cel de organizare a tranzaciilor, raionamente care
conduc la alterarea rezultatelor publicate i care induc n
eroare prile interesate (shareholders) asupra
fundamentelor performanei economice sau care
influeneaz beneficiile contractuale dependente de
datele contabile comunicate.
O alt perspectiv a calitii informaiei financiare este
reprezentat de persistena (persistence) rezultatelor
raportate. Volatilitatea redus a rezultatelor confer
acestora o utilitate sporit n adoptarea deciziilor
investiionale, respectiv n evaluarea entitilor (Dechow
et al., 2010). Autorii afirm c un grad ridicat de
Nr. 1(133)/2016
persisten a rezultatelor genereaz indicatori mai

relevani (fluxuri de rezultate sau fluxuri de trezorerie),
utilizai n cadrul modelelor de evaluare. Dac piaa
financiar identific i corecteaz ateptrile privind
fluxurile de trezorerie viitoare, atunci preul aciunilor va
fi decuplat de evoluia indicatorilor care reflect situaia
economico-financiar a entitii (Cupertino et al., 2015),
n acest mod manifestndu-se vulnerabiliti ale
modelelor de evaluare care utilizeaz astfel de mrimi.
Studiile din acest areal de cercetare sunt focalizate, pe
lng estimarea calitii rezultatelor publicate, asupra
factorilor care determin variaii ale nivelului acesteia.
Este implicat, astfel, o diversitate de caracteristici
prezente att n mediul economic (sistem legislativ,
mediul cultural etc.), ct mai ales trsturi ce reflect
activitatea entitilor economice.
1.2. Rolul informaiilor nefinanciare n

obinerea unei dimensiuni valorice
reprezentative
Informaiile publicate prin intermediul situaiilor financiare
particip ntr-o msur limitat la deplina informare a
utilizatorilor, n completarea analizelor efectuate diverse
informaii nefinanciare fiind solicitate a-i aduce
contribuia. Astfel, informaii precum: structura
acionarilor, guvernana corporativ, reputaia
auditorului, opinia de audit, specificul normelor contabile
aplicate .a. pot reprezint elemente cu influen
semnificativ n analiza i explicarea evoluiilor datelor
financiare, cu implicaii asupra deciziilor investiionale.
n acest sens, Jouber & Fakhfakh (2012) identific
prezena manipulrii rezultatelor, n special n companii
n care managerii dein aciuni, iar aplicarea principiilor
guvernanei corporative este considerat de Ahsan i
Istiaq (2008) drept factor de sporire a calitii
informaiilor financiare. Apostol (2015) n studiul efectuat
asupra companiilor cotate la BVB, noteaz c
efectuarea auditului financiar n condiiile aplicrii
principiilor guvernanei corporative i accentueaz rolul
de factor de asigurare a calitii informaiilor raportate.
Chebaane i Othman (2014) remarc o cretere a
gradului de relevan a informaiilor financiare
determinat de utilizarea normelor contabile
internaionale (IFRS). De asemenea, capacitatea
informativ (value relevance) este influenat pozitiv n
cazul entitilor care i desfoar activitatea n spaii
reglementate de dreptul cutumiar, n economii cu piee
economice i financiare funcionale, n care exist o
puternic protecie a investitorilor.
17
Mihai CARP
Trecerea la IFRS a contribuit, n opinia lui Marra et al.

(2011), la creterea calitii informaiilor financiare, prin
diminuarea gradului de manipulare (earnings
management - EM) a rezultatelor, un aport semnificativ
n acest sens fiind oferit i de aplicarea concomitent a
unor principii de guvernan corporativ, referitoare la
independena consiliului director i existena unui
comitet de audit.
Impactul opiniei de audit asupra deciziilor adoptate de
investitori este analizat de ctre Ianniello i Galloppo
(2015), n studiul asupra pieei financiare italiene.
Autorii remarc faptul c orice meniune asociat
opiniei exprimate (opinie cu rezerve, opinie contrar,
imposibilitatea exprimrii) genereaz un impact
negativ asupra preului aciunilor, menionnd,
totodat, rolul determinant al rapoartelor de audit la
informarea utilizatorilor informaiei financiare. Grosu et
al. (2015) evideniaz o asociere semnificativ ntre
tipul opiniei de audit formulate, apartenena la un
anumit auditor i referenialul contabil aplicabil. Lee i
Lee (2013) cerceteaz influena reputaiei auditorului
asupra calitii informaiei financiare. n context asiatic,
este identificat o relevan superioar a informaiilor
publicate de companiile ale cror rapoarte anuale au
fost analizate de un auditor membru Big4, comparativ
cu situaia n care auditorul este reprezentat de o
entitate non-Big4. De asemenea, Rusmin (2010)
concluzioneaz c nivelul manipulrii rezultatelor
(earnings management) este semnificativ inferior n
cazul companiilor care angajeaz serviciile companiilor
membre Big4, fa de cel nregistrat n cazul firmelor
care apeleaz la ali auditori.
Calitatea informaiilor financiare raportate de
companiile romneti a fost analizat n numeroase
studii, precum cele realizate de Filip i Raffournier
(2010), Jianu et al. (2014), Nechita (2014), Robu
(2015), identificndu-se un trend ascendent al
acesteia, concomitent cu influene pozitive generate
de o serie de factori disjunctivi, cum sunt: aplicarea
IFRS, maturitatea pieei bursiere, gradul de
ndatorare, dimensiunea sau domeniul de activitate
al entitii.
2. Ipoteze de lucru
Pornind de la elementele identificate n literatura de
specialitate, studiul i propune testarea urmtoarelor
ipoteze de lucru:
18
H1: Nivelul calitii informaiilor financiare raportate de

companiile romneti cotate este semnificativ influenat
de specificul normelor contabile, reputaia auditorului i
natura opiniei de audit.
H2: Persistena rezultatelor raportate, nivelul
angajamentelor discreionare (ca element de msurare a
manipulrii rezultatelor) i capacitatea informativ a
datelor financiare exercit o influen semnificativ
asupra valorii de pia a entitilor economice.
3. Metodologia cercetrii
Lucrarea analizeaz calitatea informaiei financiare
publicate de companiile romneti cotate i impactul pe
care aceasta l genereaz asupra valorii de pia a
entitilor, implicnd n dezbatere i factori nefinanciari
precum: reputaia auditorului, natura opiniei de audit sau
specificul normelor contabile aplicate. Studiul are un
caracter empiric i i propune s valideze ipotezele de
lucru printr-un un demers deductiv-inductiv, specific
perspectivei pozitiviste privind fenomenele economice.
3.1. Date, populaie i eantion

Populaia analizat este reprezentat de ansamblul
companiilor romneti cotate la BVB, eliminndu-se n
scopul asigurrii comparabilitii datelor, instituiile
financiare. Orizontul temporal asupra cruia se
concentreaz studiul, reprezentat de intervalul 20102014 (5 exerciii financiare), a facilitat efectuarea a 310
observaii, asupra celor 62 companii care constituie
eantionul analizat. Totui, aplicarea, ncepnd cu
exerciiul financiar 2011-2012, a Ordinului ministrului
finanelor publice (OMFP) 1286/2012 pentru aprobarea
Reglementrilor contabile conforme cu Standardele
internaionale de raportare financiar a determinat
eliminarea datelor specifice anului de tranziie, din cauza
numeroaselor dificulti ntmpinate n raportarea pentru
prima dat conform IFRS. Astfel, au fost reinute n
analiz doar informaiile aferente exerciiilor financiare
2010, 2011, 2013 i 2014, respectiv 248 observaii.
Datele au fost colectate din situaiile financiare i
rapoartele anuale publicate pe site-ul BVB i site-urile
proprii companiilor selectate.
3.2. Modele utilizate n estimarea calitii

informaiilor financiare
Reprezentarea cantitativ a caracteristicilor calitative a
constituit preocuparea unui mare numr de cercettori,
fiecare ncercnd s surprind factorii care conduc la o

estimare ct mai eficient a relevanei informaiilor
financiare, reprezentrii exacte a realitilor economice
i a persistenei rezultatelor raportate. n studiu au fost
utilizate cele mai reprezentative modele econometrice,
ale cror ecuaii i repere explicative sunt prezentate n
cele ce urmeaz.
Modelul Ohlson (1995) reprezint un instrument de
calcul al capacitii informative (value relevance) a
datelor financiare, ecuaia modelului fiind prezentat n
relaia nr. 1.
Pt=0 +1 ANCPSt+2EPSt + t
Ctst = variaia creditelor pe termen scurt n anul t

fa de anul t-1;
Chadt = cheltuieli cu deprecierea i amortizarea n
anul t;
Modelul Dechow et al. (1995), prezentat n relaia nr. 3,
identific msura n care angajamentele non-discreionare (AND), cele recunoscute prin aplicarea conform
cu reglementrile a tratamentelor contabile, explic
variaia angajamentelor totale, mrimea factorului eroare
din analiza de regresie propus, reflectnd intensitatea
fenomenului de manipulare a rezultatelor.
(1)
n care:
ATt= 0 + 1(CAt-Crt)+ 2ICt + t
(3)
n care:
Pt= curs bursier la jumtatea anului t+1;

ANCPSt = activul net contabil pe aciune la sfritul
anului t;
EPSt = rezultatul net pe aciune la sfritul anului t;
0,1;2 = coeficieni de regresie;

Relevana este apreciat prin dimensiunea raportului de
determinaie R2, care arat msura n care informaiile
financiare (activul net contabil i rezultatul net) contribuie
la explicarea variaiei preului aciunilor.
Manifestarea procesului de manipulare a rezultatelor
(earnings management) este indicat de dimensiunea
angajamentelor discreionare (AD), component a
angajamentelor totale (AT), considerat a fi creat
intenionat de ctre management, n scopul alterrii
informaiilor financiare publicate. Angajamentele totale
(AT) sunt constituite de diferenele generate de aplicarea
principiilor contabilitii de angajamente, comparativ cu
rezultatele obinute prin utilizarea contabilitii de cas. AT
pot fi calculate, conform Jones (1991), n absena celor
dou tipuri de informaii, prin utilizarea datelor din contul
de profit sau pierdere, potrivit relaiei nr 2.
n care:
AT= angajamente totale n anul t;
ACt = variaia activelor curente n anul t fa de
anul t-1;
Dispt = variaia disponibilitilor n anul t fa de
anul t-1;
DCt = variaia datoriilor curente n anul t fa de
anul t-1;
Nr. 1(133)/2016
Crt = variaia creanelor n anul t fa de anul t-1.

ICt = imobilizrile corporale aferente anului t;
1,2,3 = coeficieni de regresie;
t = variabil aleatoare, eroare;
ATt=(ACt -Dispt)-( DCt-Ctst)-Chdt
CAt = variaia cifrei de afaceri n anul t fa de

anul t-1;
(2)
t = variabil aleatoare, eroare (angajamente

discreionare), un nivel redus al acesteia indic un
grad de manipulare a rezultatelor minim.
Indicatorii au fost denominai cu numrul aciunilor
emise de entitile analizate.
Prin utilizarea modelului econometric obinut la nivelul
eantionului analizat pot fi estimate AND, iar prin deducerea acestora din AT pot fi calculate valorile unitare ale
angajamentelor discreionare (AD), conform relaiei nr. 4.
AD=AT AND
(4)
Persistena face referire la dependenele existente ntre

fluxurile anuale de rezultate i poate fi exprimat prin
relaia nr. 5.
EPSt= 0 + 1EPSt + t
(5)
Persistena rezultatelor este apreciat prin dimensiunea

coeficientului de regresie , un nivel ridicat al acestuia
relevnd o volatilitate sczut.
Testarea ipotezei H2 presupune estimarea influenelor
generate de persistena rezultatelor raportate, nivelul
angajamentelor discreionare i capacitatea informativ
a datelor financiare asupra valorii de pia a entitilor
economice, n acest scop propunndu-se modelul
prezentat n relaia nr. 6.
Vat= 0 + 1 EPSt + 2 ADt +3(ANCPS- EPS)t + t
(6)
19
Mihai CARP
Pentru prelucrarea datelor a fost utilizat programul

informatic dedicat SPSS 19.
4. Interpretarea rezultatelor
obinute
Utilizarea analizei de regresie multipl, care st la baza
modelelor econometrice folosite pentru testarea
ipotezelor de lucru, a condus la identificarea intensitii
legturilor stabilite ntre elementele proprii fenomenelor
studiate. Au fost calculai estimatori specifici fiecrei
relaii, permindu-se, astfel, reprezentarea n
perspectiv cantitativ a caracteristicilor calitative ale
Testarea ipotezei H1 a presupus studiul relaiilor de
dependen, la nivelul fiecrui sub-obiectiv enunat
(relevan, reprezentare exact, persistena
rezultatelor), sporirea profunzimii cercetrii solicitnd

implicarea, drept variabile de control, a normelor
contabile n funcie de care s-a realizat elaborarea
situaiilor financiare, a reputaiei auditorului (companii
Big4 i non-Big4), naturii opiniei de audit.
Tabelul 1 prezint n sintez rezultatele privind procesul
de estimare a capacitii informative (value relevance),
realizat att la nivelul ntregului eantion, ct i
structurat, n funcie de factorii disjunctivi menionai.
Modelul pe preuri, Ohlson (1995), a permis identificarea
unei dependene semnificative ntre ratele financiare
(ANCPS i EPS) i preul aciunilor, ca indicator al
performanei bursiere a entitilor. Dimensiunea
raportului de determinaie (R2total_eantion = 0,978) reflect
reacia pieei de capital la informaiile publicate de
companiile romneti cotate, artnd, astfel, un grad de
relevan sporit al acestora.
Tabel 1. Estimarea capacitii informative a datelor financiare raportate de companiile romneti cotate
Criteriu
Eantion
Model econometric
Modelul Ohlson Pt= 0 +1 ANCPSt + 2EPSt + t

Total eantion
Pt= 0,315 + 0,415ANCPSt + 0,623EPSt
Norme
IFRS
Pt= 0,459 +0,486ANCPSt + 0,626EPSt
RAS
Pt= 0,817 + 0,633ANCPSt + 0,335EPSt
Auditor
BIG4
Pt= 0,185 + 0,498ANCPSt + 0,619EPSt
Alte comp.
Pt= 0,901 + 0,603ANCPSt + 0,383EPSt
Opinie
Cu rezerve
Pt= 0,513+ 0,439 ANCPSt + 0,624EPSt
Fr rezerve
Pt= -0,067+ 0,972 ANCPSt - 0,043EPSt
SIG Model
0,000
0,000
0,000
0,000
0,000
0,000
0,000
Estimator al
fenomenului
R2
0,978
0,924
0,674
0,923
0,695
0,839
0,936
Sursa: Proiecie proprie
Din analiza secvenial realizat, se remarc faptul c

aplicarea IFRS, ncepnd cu exerciiul financiar 20112012, a determinat o sporire a relevanei informaiilor
raportate de companii (R2IFRS = 0,924 > R2RAS = 0,674),
comparativ cu perioada n care elaborarea situaiilor
financiare avea la baz normele contabile romneti
(RAS). Activitatea de asigurare a elaborrii situaiilor
financiare n conformitate cu reglementrile este
implicat din perspectiva reputaiei auditorului i a
opiniei de audit. Astfel, investitorii prezeni pe piaa
bursier romneasc includ n analizele privind
oportunitatea plasrii capitalului disponibil ntr-o msur
superioar informaiile provenite din rapoarte auditate de
companii membre Big4, fa de datele auditate de alte
companii (R2Big4 = 0,923 > R2alte_comp = 0,695). Reputaia
auditorului, determinat de specializarea superioar a
20
personalului, puterea de negociere ridicat sau

capacitatea de a anticipa schimbrile legislative,
confer, astfel, un spor de utilitate informaiilor financiare
raportate. Opinia de audit, exprimat pentru situaiile
financiare anterioare exerciiului financiar analizat,
genereaz niveluri diferite de reprezentare a informaiilor
financiare n procesul decizional. Astfel, unei opinii cu
rezerve i este asociat un nivel inferior al relevanei, n
comparaie cu situaia exprimrii unei opinii fr
rezerve (R2fr_rezerve= 0,936 > R2cu_rezerve = 0,839),
investitorii fiind tentai s adopte un comportament
prudent n cazul semnalrii de ctre auditor a unor
elemente neconforme cu reglementrile contabile.
Reprezentarea exact, sub aspectul neutralitii, a
realitii economice este surprins prin rezultatele
referitoare la nivelul contribuiei angajamentelor
discreionare la explicarea variaiei angajamentelor

totale, sintetizate n Tabelul 2. Cuantificat prin dimensiunea factorului eroare, care cuprinde partea rmas
neexplicat din variaia angajamentelor totale, dup
msurarea influenei angajamentelor non-discreionare
( =1-R2), procesul de alterare a rezultatelor raportate
nregistreaz, la nivelul ntregului eantion, o
dimensiune semnificativ ( total_eantion)=0,882). Din
cauza lipsei de omogenitate a eantionului, din punctul
de vedere al factorilor nefinanciari implicai n studiu,
dezvoltarea cercetrii pe subgrupuri de uniti statistice
a reprezentat o stringent necesitate. Astfel, prin
raportare la specificul normelor contabile, se identific
un grad de manipulare a rezultatelor superior, n cazul
cluster-ului format din observaiile care au drept
caracteristic aplicarea IFRS, fa de grupul caracterizat
de utilizarea RAS ( IFRS = 0,899 > RAS = 0,516).
Relaia poate fi explicat prin dificultile inerente
implementrii unor noi reglementri, dimensiunea
semnificativ a angajamentelor discreionare putnd fi
pus att pe seama unor interpretri eronate ale
normelor, ct i pe
specularea, de ctre manageri, a unor perioade propice

pentru cosmetizarea situaiilor financiare. Implicarea
serviciilor de asigurare a conformitii cu regula, n ceea
ce privete rapoartele anuale ale companiilor, relev o
discrepan mai semnificativ, la nivelul aciunilor de
manipulare a rezultatelor. n acest sens, auditarea
situaiilor financiare de ctre o companie membr Big4
determin o reducere masiv a manipulrii rezultatelor
( Big4 = 0,137), comparativ cu prezena unui grad de
alterare semnificativ atunci cnd auditorul nu este
membru Big4 ( alte_comp = 0,873). Acest fapt s-ar putea
datora exigenelor procedurale specifice marilor cabinete
de audit. Opinia de audit, ca variabil de control, vine s
confirme rolul decisiv al auditului n creterea calitii
informaiilor financiare, natura opiniei exprimate
asociindu-se cu nivelul aciunilor de manipulare a
rezultatelor. O opinie cu rezerve exprimat n exerciiul
anterior determina o reducere a EM, comparativ cu
situaia exprimrii unei opinii fr rezerve ( cu_rezerve =
0,672 < fr_rezerve = 0,827), reliefndu-se, astfel, rolul
coercitiv al auditului.
Tabel 2. Analiza gradului de manipulare a rezultatelor, n contextul pieei financiare romneti

Criteriu
Eantion
Model econometric
Modelul Dechow ATt= 0 + 1(CAt-Crt)+ 2ICt + t

Total eantion
ATt= -0,140+0,093 (CAt Crt) - 0,311ICt
Norme
IFRS
ATt= -0,220 0,178 (CAt Crt) - 0,186ICt
RAS
ATt= -0,047+0,520 (CAt Crt) - 0,506ICt
Auditor
BIG4
ATt= 0,021-0,834 (CAt Crt) - 0,431ICt
Alte comp.
ATt= -0,158+0,114 (CAt Crt) - 0,307ICt
Opinie
Cu rezerve
ATt= 0,004+0,597 (CAt Crt) - 0,0144ICt
Fr rezerve
ATt= -0,184- 0,086 (CAt Crt) - 377ICt
SIG Model
Estimator al
fenomenului
0,000
0,005
0,000
0,000
0,000
0,000
0,000
0,882
0,899
0,516
0,137
0,873
0,672
0,827
Analiza persistenei rezultatelor raportate,

sistematizat n cadrul Tabelului 3, relev o
volatilitate redus a informaiilor financiare publicate
de companiile romneti cotate, cu efecte pozitive
asupra indicatorilor utilizai n cadrul modelelor de
evaluare a entitilor. Estimat prin intermediul
coeficientului de regresie , persistena rezultatelor,
analizat la nivelul ntregului eantion, arat o
capacitate predictiv sporit a EPS
(total_eantion=0,954). Totui, analiza secvenial
Nr. 1(133)/2016
realizat identific variaii ale nivelului de volatilitate

a rezultatelor, n special n cazul testrii modelului pe
cluster-ele formate n funcie de reputaia auditorului
(Big4=0,969 > alte_comp=0,570) i de natura opiniei de
audit (fr_rezerve=0,959 > cu_rezerve=0,764). Normele
contabile care au stat la baza elaborrii situaiilor
financiare nu genereaz un impact semnificativ
asupra persistenei rezultatelor raportate
(IFRS=0,958; RAS=0,952).
21
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Tabel 3. Analiza persistenei rezultatelor raportate

Criteriu
Eantion
Model econometric
R2
Model : EPSt = 0 + 1EPSt-1 + t

Total eantion
EPSt =0,086+ 0,954EPSt-1
Norme
IFRS
EPSt =0,196+ 0,958EPSt-1
RAS
EPSt =-0,034+ 0,952EPSt-1
Auditor
BIG4
EPSt =0,005 + 0,969EPSt-1
Alte comp.
EPSt =0,095+ 0,570EPSt-1
Opinie
Cu rezerve
EPSt =-0,044+ 0,764EPSt-1
Fr rezerve
EPSt =0,075 + 0,959EPSt-1
0,910
0,918
0,905
0,940
0,325
0,583
0,919
SIG Model
0,000
0,000
0,000
0,000
0,000
0,000
0,000
Estimator al
fenomenului
0,954
0,958
0,952
0,969
0,570
0,764
0,959
Implicaiile generate de calitatea informaiilor financiare

asupra procesului de estimare a valorii entitilor i a
pertinenei output-ului obinut au fost analizate prin
testarea ipotezei H2. n acest sens, modelul
econometric propus estimeaz influena persistenei
rezultatelor, manipulrii acestora i capacitatea
informativ a datelor financiare (value relevance)

asupra valorii de pia a entitilor. Acest demers este
realizat n scopul aprecierii necesitii includerii n
cadrul modelelor de evaluare a reperelor informative
generate de factori nefinanciari, n special caracteristici
calitative ale informaiilor financiare.
Tabel 4. Influena calitii informaiilor financiare asupra valorii de pia a companiilor

Criteriu
Eantion
Model econometric
Vat= 0 + 1 EPSt + 2ADt +3 (ANCPS- EPS)t+ t

Total eantion
Vat= -0,947 + 0,549 EPSt + 0,251ADt - 0,087 (ANCPS- EPS)t
Norme
IFRS
Vat= 0,256+ 0,784EPSt + 0,125ADt +0,425(ANCPS- EPS)t
RAS
Vat= -0,140+ 0,523EPSt + 0,097ADt +0,138 (ANCPS- EPS)t
Auditor
BIG4
Vat= -18,432-1,858 EPSt + 1,120ADt +1,517 (ANCPS- EPS)t
Alte comp.
Vat= 1,729+ 0,546 EPSt -0,038ADt +0,065 (ANCPS- EPS)t
Opinie
Cu rezerve
Vat= 0,204+ 0,276EPSt + 0,036ADt +0,499 (ANCPS- EPS)t
Fr rezerve Vat= -1,573 + 0,572 EPSt + 0,280ADt -0,137 (ANCPS- EPS)t
SIG Model
0,000
0,000
0,000
0,000
0,000
0,000
0,000
Estimator al
fenomenului
R2
0,398
0,958
0,524
0,719
0,319
0,349
0,404
Pentru aceasta, variabilelor independente le-au fost

aduse corecii n funcie de rezultatele privind calitatea
informaiilor financiare, obinute n urma testrii ipotezei
H1. Astfel, rezultatul net pe aciune (EPS) a fost corectat
cu gradul de persisten a rezultatelor, reflectat de
dimensiunea coeficientului de regresie , nivelul
manipulrii rezultatelor a fost constituit de volumul
angajamentelor discreionare, a cror valoare unitar a
fost obinut prin scderea din angajamentele totale a
angajamentelor non-direcionare unitare. Activul net
contabil a fost redimensionat n funcie de gradul de
22
relevan a informaiilor financiare obinut n urma

aplicrii modelului pe preuri.
Cu un nivel maxim al semnificaiei modelelor
(SIG=0,000) relaiile, prezentate n Tabelul nr. 4,
confirm influena caracteristicilor calitative asupra
valorii de pia pe aciune. Datorit valorilor
semnificative ale raportului de determinaie [R2
(0,319; 958)], indicatorii asociai perspectivelor calitative
ale informaiilor financiare contribuie la explicarea
variaiei valorii de pia a entitilor cu proporii cuprinse
ntre 31,9% i 95,8%. Analiza structural a legturii
relev intensiti diferite ale acesteia, corespondente cu
R2RAS = 0,524), prezena unui auditor membru Big4

(R2Big4 = 0,719 > R2alte_comp = 0,319) i exprimarea unei
opinii fr rezerve (R2fr_rezerve= 0,404 > R2cu_rezerve =
0,349).
Intensitatea acestor relaii deterministe indic
oportunitatea i chiar necesitatea includerii n modelele
de evaluare a datelor privind calitatea informaiilor
financiare raportate.
Concluzii
Calitatea informaiilor financiare publicate de entitile
economice condiioneaz eficiena deciziilor investitorilor,
cu efecte semnificative asupra echilibrului pieelor de
capital. Pentru o complet informare, utilizatorii datelor
prezentate n situaiile financiare includ n analizele proprii
i informaii nefinanciare, care pot conduce la sporirea
gradului de certitudine n adoptarea deciziilor.
Prezenta lucrare identific nivelul calitativ al informaiilor
financiare raportate de companiile romneti cotate pe
seciunea reglementat a Bursei de Valori Bucureti,
estimnd, totodat, i influena pe care aceasta o
exercit asupra valorii de pia a entitii. Au fost
introduse n studiu variabile de control, care au contribuit
la aprofundarea analizelor efectuate, remarcndu-se,
astfel, contribuia normelor contabile, a reputaiei
auditorilor i a opiniei de audit la creterea calitii
Prin validarea ipotezei H1 au fost evideniate niveluri
sporite ale calitii informaiilor financiare, sub aspectul
relevanei, reprezentrii exacte i a persistenei
rezultatelor raportate, n special n cazul aplicrii
normelor contabile internaionale (IFRS), a auditrii
situaiilor financiare de ctre o companie membr a
Big4, respectiv atunci cnd, pentru exerciiul financiar

anterior, a fost exprimat o opinie fr rezerve.
Excepia este constituit de nregistrarea unui nivel
sporit de manipulare a rezultatelor, n cazul aplicrii
IFRS, situaie explicat prin dificultile inerente
existente n cazul implementrii unor noi reglementri
contabile, legate att de posibile interpretri eronate ale
normelor, ct i de specularea, de ctre manageri, a
unor perioade propice pentru cosmetizarea situaiilor
financiare.
Testarea ipotezei H2 a permis identificarea unui impact
semnificativ al calitii informaiilor financiare asupra
valorii de pia a companiilor. Intensitatea relaiilor
deterministe a indicat, astfel, necesitatea includerii n
modelele de evaluare utilizate a datelor privind calitatea
informaiilor financiare raportate
Limitele cercetrii sunt reprezentate de dimensiunea
redus a eantionului utilizat, de culegerea manual a
datelor prelucrate i de includerea n analiz doar a trei
factori de control (normele contabile, reputaia
auditorului i opinia de audit).
Direciile viitoare de cercetare vizeaz eliminarea
acestor limite, precum i completarea arealului studiat
cu noi perspective ale calitii informaiilor financiare
Recunoatere
Aceast lucrare a fost publicat cu sprijinul financiar al
proiectului Sistem integrat de mbuntire a calitii
cercetrii doctorale i postdoctorale din Romnia i de
promovare a rolului tiinei n societate,
POSDRU/159/1.5/S/133652, finanat prin Fondul Social
European, Programul Operaional Sectorial Dezvoltarea
Resurselor Umane 2007-2013.
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Relevana
deprecierii fondului comercial n contextul rotaiei partenerului de audit
ISSN: 1583-5812; ISSN on-line: 1844-8801
Rezumat
Studiu privind
relevana
deprecierii
fondului
comercial n
contextul
rotaiei
partenerului
de audit
Lect. univ. dr. Mihaela DUMITRACU,
Academia de Studii Economice Bucureti, Romnia,
e-mail: red_mille_ro@yahoo.com
Drd. Radu Daniel LOGHIN,

e-mail: racronus2@yahoo.co.uk
n prezent contabilitatea se afl n plin proces de

armonizare, ntre cele dou refereniale, cel emis de
FASB (Financial Accounting Standards Board) - IFRS
(International Financial Reporting Standards), respectiv
cel al US GAAP (United States General Accepted
Accounting Principles/Principii Contabile General
Acceptate). n prezenta lucrare se analizeaz avantajele
oferite de adoptarea unor practici de guvernan
corporativ adecvate, care s aib n vedere nevoia de
asigurare a investitorului cu privire la calitatea
informaiilor financiare. Metodologia cercetrii presupune
analiza principalelor studii n domeniul adoptrii IAS IFRS la nivelul pieelor emergente, utiliznd tehnici de
cercetare calitativ, documentare realizat pe baza
literaturii de specialitate. Scopul articolului este de a
prezenta o imagine asupra aplicrii Standardelor
Internaionale de Contabilitate, ilustrnd relevana
deprecierii fondului comercial n contextul rotaiei
partenerului de audit. Aplicarea IFRS a survenit din
necesitatea alinierii la reglementrile Uniunii Europene,
deschiznd totodat accesul la pieele de capital
internaionale i sporind comparabilitatea i transparena
informaiilor cuprinse n situaiile financiare. Datele
supuse cercetrii au fost extrase din situaiile financiare
ale companiilor supuse investigaiei. n vederea
ndeplinirii obiectivelor cercetrii au fost selectate i
analizate, pe lng articolele care formeaz baza
literaturii de specialitate i un numr de 262 de
companii. Rezultatele relev faptul c diferena dintre
capacitatea de explicare a celor dou modele pentru
testarea impactului rotaiei partenerului de audit asupra
relevanei informaiilor financiare anuale, unul cu
variabila RA inclus i unul n care variabila RA este
exclus, rezid n faptul c rotaia partenerului de audit
are un impact distinct asupra relevanei situaiilor
financiare n raport cu celelalte variabile cuprinse n
model, inclusiv cele privitoare la fondul comercial brut i
la deprecierea acestuia. Astfel, se poate observa lipsa
unei interaciuni semnificative dintre deprecierea
fondului comercial i percepia investitorilor asupra
acesteia datorat calitii misiunii de audit la nivelul
pieelor emergente analizate.
Cuvinte-cheie: IFRS, fond comercial, relevan, burse
de valori
Clasificare JEL: M41, G34, C30
Nr. 1(133)/2016
25
1. Introducere
n prezent contabilitatea se afl n plin proces de
armonizare ntre cele dou refereniale, cel emis de FASB
(Financial Accounting Standards Board), respectiv US
GAAP (United States General Accepted Accounting
Principles/Principii Contabile General Acceptate), care
impun companiilor cotate n Statele Unite ale Americii s
ntocmeasc situaii financiare conforme cu US GAAP.
Standardele emise de IASB (International Accounting
Standards Board) sunt cunoscute sub acronimul de IAS IFRS (International Accounting Standards-International
Financial Reporting Standards) i sunt utilizate n mai
multe state membre ale Uniunii Europene, n special de
ctre companiile cotate n Australia, Rusia, Africa de Sud,
Singapore, Marea Britanie. Pentru a putea fi utilizate n
Uniunea European standardele trebuie s fie avizate de
ARC (Accounting Reglementation Committee/Comitetul de
Reglementare Contabil), n cooperare cu EFRAG (Grupul
Consultativ European pentru Raportarea
Financiar/European Financial Reporting Advisory Group).
Adoptarea Standardelor Internaionale de Contabilitate
IFRS are un impact pozitiv, dovedit prin studii empirice,
n ceea ce privete creterea calitii informaiei
financiar-contabile. Adebimpe O. Umoren, Ekwere
Raymond Enang, 2015, IFRS Adoption and Value
Relevance of Financial Statements of Nigerian Listed
Banks, International Journal of Finance and Accounting,
ISSN: 2168-4812, ISSN: 2168-4820, 4(1): 1-7,
doi:10.5923/j.ijfa.20150401.01, analizeaz ntr-un studiu,
pe baza unui eantion constituit din 12 instituii financiar
bancare, influena relevanei asupra situaiilor financiare.
Analiza se desfoar att pentru perioada pre-adoptare
a standardelor IFRS, ct i pentru perioada ce urmeaz
acesteia. Rezultatele atest faptul c valoarea capitalurilor proprii este relevant n momentul aplicrii IFRS.
2. Perioada de raportare
n vederea satisfacerii nevoilor informaionale ale
utilizatorilor, situaiile financiare sunt ntocmite la sfritul
perioadei de raportare, respectiv, pe plan naional ne
referim la exerciiul financiar sau bugetar (dac discutm
despre entiti economice, respectiv instituii publice) i
coincide, de obicei, cu anul calendaristic, mai exact
ncepe la 1 ianuarie sau la nfiinarea companiei i se
termin la 31 decembrie sau la dizolvarea companiei. n
Statele Unite ale Americii perioada de referin este
reprezentat de anul fiscal, n timp ce n ri precum
26
Australia i Noua Zeeland ncepe la 1 iulie i se ncheie

la 30 iunie, n Japonia i Canada ncepe la 1 aprilie i se
ncheie la 31 martie.
3. Forma, structura, coninutul

situaiilor financiare
Forma de prezentare este cea vertical (cu mici excepii,
precum Italia, Germania), preferat i de reglementrile
de la nivelul Statelor Unite ale Americii. Structura i
coninutul situaiilor financiare difer, astfel, legislaia
naional ordoneaz activele cresctor, n funcie de
lichiditate i datoriile i capitalurile proprii - cresctor, n
funcie de exigibilitate. Conform US GAAP activele sunt
prezentate n bilan n ordine descresctoare i datoriile
n ordine cresctoare. Contul de profit i pierdere, din
punct de vedere al legislaiei naionale cuprinde
veniturile i cheltuielile dispuse dup natura lor, n timp
ce conform legislaiei internaionale elementele sunt
ordonate att dup natur, ct i dup funcii. Situaia
fluxurilor de trezorerie are aceeai structur, conform
IAS 7 Situaia Fluxurilor de Trezorerie, fiind utilizat att
metoda direct, ct i cea indirect. Situaia modificrilor
capitalurilor proprii prezint elementele de capitaluri
proprii. n varianta american, exist situaia repartizrii
profitului i situaia aciunilor. Ultima component a
pachetului de situaii financiare difer, respectiv poart
denumirea de Note explicative la situaiile financiare, n
timp ce la nivelul Statelor Unite ale Americii poart
denumirea de Alte elemente. Aceast situaie prezint
informaii suplimentare necesare tuturor utilizatorilor.
Auditorii, n calitate de utilizatori ai informaiei financiar
contabile, sunt implicai n normalizarea contabil, avnd
n vedere c funcia de audit reprezint un mecanism
important de guvernan corporativ. n acest scop este
necesar o interaciune puternic ntre funcia de audit
extern i investitori.
Au participat la sesiunea de consultri publice a IASB
firme de audit. Aceste firme de audit au manifestat
susinerea pentru msurile evalurii la valoarea just a
fondului comercial (att n seciunea referitoare la IMMuri, ct i la cea referitoare la entitile de interes public).
Dup actualizarea normelor contabile pentru
ntreprinderile de interes public firmele de audit au
promovat evaluarea la valoarea just i pentru IMM-uri,
invocnd problema comparabilitii rapoartelor financiare
anuale. n acest sens, auditori ca BDO (BDO Global
Coordination, 2007) susineau n 2007 tratamentul
Relevana deprecierii fondului comercial n contextul rotaiei partenerului de audit
prevzut de IFRS 3 Combinri de ntreprinderi i

pentru ntreprinderi mici i mijlocii.
Se poate observa din cazul Iron Workers Mid-S. Pension
Fund ex rel. Caterpillar Inc. vs. Oberhelman (2013) c
firmele de audit nu dispun nc de o baz metodologic
adecvat pentru evaluare n cazul combinrilor de
ntreprinderi i recunoaterea iniial a fondului
comercial. Revizia necorespunztoare de ctre firma de
audit responsabil cu asigurarea investitorilor Caterpillar
a generat n 2013 un scandal fr precedent dup
adoptarea Sarbanes-Oxley Act.
Una dintre problemele care au fost evidente prin analiza
situaiilor financiare anuale ale firmei americane au fost
rotaia partenerului de audit. Emby i Favere-Marchesi
(2005) au demonstrat n 2005 c probabilitatea
nregistrrii deprecierii fondului comercial este mai redus
n cazul firmelor care nu au avut o rotaie adecvat a
partenerului de audit. Una dintre explicaiile pentru acest
fenomen este dat de Brown i Knechel (2013), care
justific relaia de compatibilitate dintre partenerii de audit
i clienii acestora prin dimensiunea lor similar.
Din acest punct de vedere, se poate afirma c pentru
pieele emergente este foarte probabil s se formeze o
concuren de tip oligopol, care s favorizeze doar acele
firme de audit internaionale cu resurse financiare
adecvate. Aa cum reiese din metodologia furnizat de
agenia de rating S&P (McGraw Hill Financial, 2014),
pieele emergente trebuie s aib o pia de capital
dezvoltat, ns criteriile cantitative nu prezint dispoziii
privitoare la numrul de entiti listate i, astfel, pot exista
burse de valori cu un numr restrns de entiti listate
pentru care s concureze firmele de audit. Putem afirma,
aadar, c problema rotaiei frecvente a partenerilor de
audit este mult mai grav n cazul pieelor emergente
dect n cazul economiilor dezvoltate.
4. Metodologia cercetrii i
rezultatele obinute
Obiectivul contabilitii l reprezint furnizarea de informaii,
necesare tuturor categoriilor de utilizatori, n ceea ce
privete poziia financiar a companiei, ct i performana
acelei entiti. Scopul cercetrii este reprezentat de analiza
avantajelor oferite de adoptarea unor practici de
guvernan corporativ adecvate, care s aib n vedere
nevoia de asigurare a investitorului cu privire la calitatea
informaiilor financiare. Metodologia cercetrii presupune
analiza principalelor studii n domeniul adoptrii IAS - IFRS
la nivelul pieelor emergente, utiliznd tehnici de cercetare
Nr. 1(133)/2016
calitativ, documentare realizat pe baza literaturii de

specialitate. Datele supuse cercetrii au fost extrase din
situaii financiare ale companiilor cuprinse n eantionul
supus investigrii. n vederea ndeplinirii obiectivului
cercetrii au fost selectate un numr de 262 de companii
listate la bursele de valori din pieele emergente. Eantionul este reprezentativ, nealeatoriu, care considerm c
reflect structura unei economii emergente, precum i
ateptrile privitoare la deprecierea fondului comercial. n
studiul efectuat de ACCA n 2014 (Tsalavoutas et al.,
2014) au fost selectate un numr de 23 de piee dezvoltate
i emergente pentru evaluarea gradului de conformitate cu
normele IASB referitoare la deprecierea fondului
comercial. Similar, eantionul nostru prezint un numr de
23 de piee emergente. Din punctul de vedere al
concentrrii observaiilor, indicele Hirshman-Herfindahl
pentru distribuia pe jurisdicii reflect o distribuie relativ
izotropic (n sensul n care valoarea coeficientului este de
11%, comparat cu 4% ct s-ar fi obinut dac distribuia
ar fi fost una pur uniform ntre jurisdicii).
Criteriile principale pentru selecia eantionului au fost:
prezena soldului sau rulajului de fond comercial pe
parcursul exerciiului financiar analizat; certificarea
Shariah pentru firmele care activau pe o pia islamic
(Nigeria, Egipt, Arabia Saudit, Emiratele Arabe Unite,
Malaezia i Indonezia) i apartenena la sectorul retail
pentru economii emergente dependente de sectorul public
sau de factorii de decizie politici (India, Brazilia, China,
Hong Kong). Deoarece, conform bazei de date Thompson
Reuters Eikon, numrul operaiunilor de combinri de
ntreprinderi efectuate la nivelul pieelor emergente ntre
companiile listate reprezenta 13% din totalul la nivel
mondial n iulie 2015 i semnalul de depreciere al fondului
comercial este unul rar, conform raportului ACCA
(Tsalavoutas et al., 2014), procesul de eantionare a fost
influenat de nevoia de a obine un numr semnificativ de
entiti care i-au depreciat fondul comercial egal sau mai
mare de 31% din totalul companiilor analizate. Ultimul
criteriu luat n calcul pentru modelarea eantionului a fost
acela al eliminrii riscului de dublare a observaiilor prin
includerea companiilor mam i a filialelor n eantion,
dac acestea erau listate simultan. Pentru observarea
distribuiei eantionului i a reprezentativitii sale s-a optat
pentru o reea neuronal adaptat problemelor de tipul
clustering, care s surprind distribuia observaiilor pe
sectorul de activitate (implementat prin codul Thompson
Reuters aferent activitii respective), sediul (n baza
prefixului telefonic), concentrarea expunerii la riscurile
aferente celor mai mari 10 piee de capital la nivelul crora
i desfoar activitatea (aplicnd indicele IHH asupra
procentajelor alocate de Thompson Reuters Eikon) i opi-
27
nia din raportul de audit aferent situaiilor financiare anuale

raportate (1 - dac este opinie necalificat, 0.5 - dac este
necalificat cu explicaii i 0 - dac este calificat).
Figura 3. Distribuia observaiilor, reea neuronal

de tip clustering
(a treia rulare)

de tip clustering
(prima rulare)
46% din totalul posibilitilor

Surs: proiecia autorilor n MatLab 2011b
48% din posibilitile la nivel mondial


de tip clustering
(a patra rulare)

de tip clustering
(a doua rulare)


28
Rulnd patru simulri succesive (Figura 1, Figura 2,

Figura 3, Figura 4) la nivelul reelei neuronale
construite n Matlab 2011b, constatm c, n medie,
eantionul selectat reflect 45,5% din totalul de
combinaii posibile care se puteau formula ntre

domeniul de activitate, opinia de audit, distribuia
geografic i expunerea la riscul specific pieelor
financiare cu care interacioneaz. n opinia noastr,
aceast topografie reflect reprezentativitatea
eantionului.
Dei studii referitoare la evaluarea relevanei
deprecierii fondului comercial s-au efectuat n
principal pe eantioane tip panel (Ojala, 2007; Xu
et al, 2011, Hamberg i Beisland, 2014), s-a optat
pentru o analiz transversal, similar cu cea
efectuat de LaPointe-Antunes et al (2009). n
principiu, la nivelul studiilor din literatura de
specialitate cercettorii prefer pieele dezvoltate
de capital, cum ar fi Finlanda, Suedia, Marea
Britanie sau Canada. Deoarece exerciiile
financiare difer de la jurisdicie la jurisdicie, s-a
optat pentru acele exerciii financiare care se
ncheiau la 30.06.2013, 31.12.2013, 30.06.2014,
30.09.2014 i 31.10.2014 pentru a se asigura
omogenitatea datelor.
n privina variabilelor de interes pentru studiu,
acestea sunt capitalizarea bursier la data raportrii,
ajustat cu numrul de aciuni ordinare (CBA),
capitalurile proprii, ajustate cu valoarea fondului
comercial (KA), profitul net naintea deprecierii
fondului comercial (PRNA), deprecierea fondului
comercial (FCDA) i valoarea fondului comercial
naintea cheltuielii cu deprecierea acestuia (FCA).
Aceste variabile sunt abordate i n modelul elaborat
de Lapointe-Antunes et al (2009) pentru studiul
referitor la piaa canadian. Singura diferen ntre
cele dou metodologii apare la nivelul variabilei
dependente CBA, care a fost colectat chiar la data
raportrii financiare iniiale complete de ctre
entitate.
Prima variabil de control introdus n studiul nostru se
refer la interesul manifestat de analiti pentru tirile
venite din partea companiei (IA). Aceasta este o
variabil dihotomic ce ia valoarea 1, dac entitatea
este monitorizat de cel puin un analist i 0, n caz
contrar.
A doua variabil de control i de interes pentru studiu
este rotaia partenerului de audit (RA). Aceasta este o
variabil dihotomic, ce ia valoarea 1, dac n ultimele
patru exerciii financiare raportul de audit pentru situaiile
financiare anuale a fost semnat de acelai partener de
audit i 0, n caz contrar. Conform Sarbanes-Oxley Act
Nr. 1(133)/2016
(107th Congress, 2002), partenerul de audit trebuie s

fie schimbat dup maxim 5 rapoarte anuale consecutive
auditate. Drept urmare, considernd c acesta este
etalonul pentru calitatea misiunilor de audit i pentru
pieele emergente, s-a optat pentru patru exerciii
financiare consecutive, pornind de la premisa c
partenerul existent de audit i continu misiunea de
audit pn la sfritul anului curent.
Referitor la variabilele independente i dependente
numerice, acestea au fost ajustate conform
metodologiei descrise n studiul Lapointe-Antunes et
al (2009) cu numrul de aciuni ordinare. De
asemenea, pentru a omogeniza datele n privina
paritii monedei de raportare financiar s-a optat
pentru conversia informaiilor financiare n dolari
americani.
Pentru testarea impactului rotaiei partenerului de
audit asupra relevanei informaiilor financiare anuale
s-a optat pentru dou modele de regresie, unul cu
variabila RA inclus i unul n care variabila RA este
exclus, precum i pentru testul Mann-Whitney,
pentru compararea coeficienilor beta obinui din
cele dou modele. n vederea ilustrrii distribuiei
normale a variabilei dependente CBA s-a optat
pentru Legea lui Benford, potrivit creia un eantion
care prezint o distribuie anormal a primei cifre din
observaie va genera un Z-score semnificativ.
Considerm c mrimea eantionului permite
aplicarea acestui test. Pentru a detecta
multicolinearitatea s-a apelat la coeficientul VIF, care
trebuie s fie cuprins ntre 1 i 10. Independena
observaiilor s-a evaluat prin testul Durbin-Watson i
pentru verificarea homoschedasticitii s-a ales testul
Ljung-Box.
CBA = 1 + 2 FCA + 3 KA + 4 PRNA + 5
FCDA + 6 IA + 7 RA +
(model 0)
CBA = 1 + 2 FCA + 3 KA + 4 PRNA + 5
FCDA + 6 IA +
(model 1)
Rezultatele pot fi observate n Tabelele 1 i 2.
Testele Fisher, Ljung-Box i Durbin Watson se
ndeplinesc pentru ambele modele, ns modelul 1
are avantajul de a prezenta Grad de libertate (dfe)
mai mic dect modelul 0. Drept urmare, modelul 1
ofer o explicaie mai adecvat asupra fenomenului
analizat.
29
Tabel 1. Rezultatele cercetrii pentru cele dou modele

Statistic Anova
Model 0
Model 1
Statistic Anova
Model 0
Model 1
Testul Fisher
MSE linear
Adjusted R Square
Observaii
25.200
271.525
31.68%
262
21.6503
269.478
32.19%
262
Grade de libertate
Regresie
Durbin-Watson
Ljung-Box Q-test
256
5
2.0771
11.78%
255
6
2.1134
17.1%
Surs: proiecia autorilor
Tabel 2. Descriptori statistici pentru variabile

Model 0
Variabile
Termen liber
FCA
KA
PRNA
FCDA
IA
RA
Model 1
Beta
SE
t Stat
P-value
VIF
Beta
SE
t Stat
P-value
VIF
2.2733
1.6370
0.2473
0.9558
-3.993
5.416
X
1.8972
0.5140
0.0624
0.4039
1.4286
2.2517
X
1.198
3.185
3.961
2.366
-2.795
2.406
X
0.232
0.002
0.000
0.019
0.006
0.017
X
X
2.104
2.574
2.708
2.136
1.030
X
3.398
1.495
0.239
0.987
-3.809
5.569
-3.975
2.000
0.519
0.062
0.403
1.427
2.245
2.000
1.698
2.882
3.828
2.451
-2.668
2.481
-1.716
0.091
0.004
0.000
0.015
0.008
0.014
0.087
X
2.159
2.590
2.714
2.148
1.032
1.040
Surs: proiecia autorilor
Se poate observa c parametrul RA prezint n

model un coeficient negativ, care e consistent cu
rezultatele obinute de Wang i Tuttle (2009), cei
ce identific o reducere semnificativ a cooperrii
auditorilor cu clienii acestora, dac se introduce
o rotaie obligatorie a partenerilor de audit. Lipsa
acestei cooperri se poate observa prin
performane reduse la bursele de valori unde
entitatea este tranzacionat, ca urmare a limitrii
practicilor de contabilitate creativ, n special la
nivelul activelor intangibile i al fondului
comercial. Toi factorii introdui n model sunt
semnificativi i necoliniari.
5. Concluzii
Putem observa din testul Mann-Whitney i din
statisticile de multi-colinearitate c diferena
dintre capacitatea de explicare a celor dou
modele rezid n faptul c rotaia partenerului de
audit are un impact distinct asupra relevanei
situaiilor financiare n raport cu celelalte variabile
30
cuprinse n model, inclusiv cele privitoare la

fondul comercial brut i la deprecierea acestuia.
Astfel, putem observa lipsa unei interaciuni
semnificative dintre deprecierea fondului
comercial i percepia investitorilor asupra
acesteia, datorat calitii misiunii de audit la
nivelul pieelor emergente analizate.
Lipsa interaciunii dintre aceste variabile este
posibil s fie cauzat de lipsa unei seciuni din
raportul de audit dedicat problemelor speciale
de evaluare din contabilitate, cum ar fi cea
referitoare la evaluarea conformitii i
oportunitii deprecierii fondului comercial de
ctre auditori. Aceste probleme pot determina
investitorii s priveasc calitatea auditului separat
de informaiile financiare din rapoartele anuale,
inclusiv cheltuieli extraordinare, cum ar fi cele
determinate de deprecierea fondului comercial.
Direcii viitoare de cercetare, plecnd de la
problematica investigat, ar putea implica
includerea n eantion a unor piee dezvoltate.
Bibliografie
1.
Beisland, L. & Hamberg, M., 2014, Changes in the

value relevance of goodwill accounting following
the adoption of IFRS 3, Journal of International
Accounting, Auditing and Taxation, 23(2),
pp.59-73.
2.
Brown, S.V. & Knechel, W.B., 2013, Auditor-client

Compatibility And Audit Firm Selection, Available
at:
https://www.mccombs.utexas.edu/~/media/
Files/MSB/Departments/Accounting/Brownbag%20
papers/Robert%20Knechel.pdf
[Accessed 30
September 2014].
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Devi, R., Devi, J., Kumar, R. & Taylor, C., 2012,

Accountant and user perceptions of fair value
accounting: Evidence from Fiji, Global Journal of
Business Research, 6(3), pp.93-102.
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Emby, C. & Favere-Marchesi, M., 2005, The

Impact of Continuity on Concurring Partner
Reviews: An Exploratory Study, Accounting
Horizons, 19(1), pp.1-10.
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Lapointe-Antunes, P., Cormier, D. & Magnan, M.,

2009, Value relevance and timeliness of
transitional goodwill-impairment losses: Evidence
from Canada, The International Journal of
Accounting, 44, pp.5678.
6.
7.
McGraw Hill Financial, 2014, S&P Dow Jones

Indices: Country Classification Methodology,
Metodologie. McGraw Hill Financial.
Ojala, H., 2007, The value relevance of accounting
goodwill: Does the abandonment of systematic
amortization make sense to investors? The Finnish
Journal of Business Economics, 1(7), pp.9-34.
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Tsalavoutas, I., Andr, P. & Dionysiou, D., 2014,

Worldwide application of IFRS 3, IAS 38 and IAS
36, related disclosures, and determinants of noncompliance, Raport Cercetare 134. ACCA.
9.
Wang, K.J. & Tuttle, B.M., 2009, The impact of

auditor rotation on auditorclient negotiation,
Accounting, Organizations and Society, 34,
pp.22243.
10. Xu, W., Anandarajan, A. & Curatola, A., 2011, The

value relevance of goodwill impairment, Research
in Accounting Regulation, 23(2), pp.145-48.
11. 107th Congress, 2002, Sarbanes-Oxley Act of
2002,
Available
at
https://www.sec.gov/
about/laws/soa2002.pdf [Accessed 10 December
2013].
12. BDO Global Coordination, 2007, Comment Letter
135, Available at: http://www.ifrs.org/CurrentProjects/IASB-Projects/Small-and-Medium-sizedEntities/Exposure-Drafts-and-CommentLetters/Comment-Letters/Documents/CL135.pdf
[Accessed 20 May 2015].
13. Ministerul Finanelor Publice, 2014, OMFP
1802/2014, Available at: https://static.anaf.ro/
static/25/Anaf/OMFP_1802_2014.pdf [Accessed
30 April 2015].
14. United States District Court Central District of
Illinois, 2013, Iron Workers Mid-S. Pension Fund
ex rel. Caterpillar Inc. v. Oberhelman, Available at:
https://casetext.com/case/iron-workers-mid-spension-fund-ex-rel-caterpillar-inc-v-oberhelman
[Accessed 01 January 2015].
31
Audit financiar, XIV,

Nr. 1(133)/2016,
32-39
Cristina
CARANICA
ISSN: 1583-5812; ISSN on-line: 1844-8801
Cercetri
privind
utilizarea
instrumentelor
informatice
n auditul
financiar
Rezumat
innd cont de semnale primite din cadrul pieei de
servicii de audit financiar, la nivel naional i
internaional, autorul a dorit s afle care sunt aplicaiile
utilizate de firmele de audit financiar din Romnia i care
sunt punctele forte ale acestor instrumente informatice
pentru fiecare din etapele misiunii de audit, o analiz
esenial n contextul adoptrii unor soluii informatice n
cadrul angajamentelor de audit.
Cercetarea a fost realizat printr-un chestionar adresat
n anul 2015 auditorilor financiari din Romnia i a
urmrit rspunsul acestora referitor la beneficiile utilizrii
unei soluii informatice n fiecare etap a misiunii de
audit financiar.
Rezultatul cercetrii a artat tendina utilizatorilor de a
folosi instrumente informatice i n cadrul misiunilor
speciale de audit.
Cuvinte-cheie: misiunea de audit, instrumente
informatice pentru audit, eficacitate
Clasificare JEL: M40, M42, O33, I25
Drd. Cristina CARANICA,
Facultatea de Contabilitate i Informatic de Gestiune,

e-mail: cristina.caranica@cig.ase.ro
32
Utilizarea instrumentelor informatice n auditul financiar
1. Introducere
Studiul a vizat analizarea modului n care comunitatea
de auditori financiari din Romnia a asimilat i utilizat
aplicaii dezvoltate ce pot fi folosite pentru misiunile de
audit financiar.
Demersul face parte dintr-o serie de cercetri ce i
propun nelegerea problematicii cu care specialitii din
domeniu se confrunt n acest proces tocmai pentru a
primi suport tiinific din partea mediului academic. Acest
tip de suport poate porni de la adaptarea curriculei din
cadrul universitilor de profil i continu prin cursuri de
perfecionare i pregtire continu a contabililor i
auditorilor (Stanciu V, 2015).
Trebuie subliniat c studiul a fost realizat prin ntrebri
ce vizeaz fiecare etap a misiunii de audit, fiind
demonstrat n studii anterioare c pentru a asigura
eficiena i eficacitatea n diferite tipuri de misiuni de
audit exist posibilitatea de a apela la CAATs (Tehnici
de Audit Asistate de Calculator), (Curtis & Payne, 2014),
dar i de a utiliza CAATs n una sau mai multe etape ale
angajamentului (Alali & Pan, 2011).
Analiza noastr a inut cont de factorul buget, adic de
influena acestuia n utilizarea CAATs n oricare din
etapele misiunii de audit, deoarece studii anterioare au
demonstrat influena acestui factor - n alegerile
utilizatorilor angajai sau colaboratori ai Big Four din alte
ri (Curtis & Payne, 2014), alturi de nclinaia spre risc
i intenia de a folosi CAATs (Curtis and Payne, 2008).
Analiza iniiat a fost realizat cu suportul Academiei de
Studii Economice, Facultatea de Contabilitate i
Informatic de Gestiune, i a Camerei Auditorilor
Financiari din Romnia, aceasta din urm publicnd
chestionarul privind utilizarea software-ului de audit n
Romnia pe site-ul su spre a fi completat.
Menionm c persoanele interesate pot transmite n
continuare rspunsurile pentru chestionar, acesta
rmnnd deschis pentru o analiz final ulterioar.
2. Literatura de specialitate
Lucrarea analizeaz evoluia sistemelor informaionale
folosite n misiunile de audit financiar urmrind factori ce
determin creterea eficacitii angajamentului.
ntr-o er n care timpul interaciunilor digitale s-a dublat
numai n ultimii trei ani (2011-2013), aa dup cum s-a demonstrat n studii recente din ri dezvoltate (Frana, Regatul Unit al Marii Britanii, Germania i Statele Unite ale
Americii), ntreaga populaie activ trece printr-un proces
Nr. 1(133)/2016
de tranziie de la consumatori ai tehnologiei tradiionale

ctre o populaie de nativi digitali, populaie ce se consider c va deveni majoritar ncepnd cu anul 2025
(Balaban R, 2015).
n acest context procesul de pregtire a noii generaii de
profesioniti din domeniul auditului i nu numai
presupune o interconectare ntre mediul academic i cel
profesional (tefnescu & Tnase, 2014). Absolvenii
care doresc s profeseze n audit financiar trebuie s
dein cunotine teoretice, practice i abiliti
organizatorice, ct i de utilizator de tehnologie
informaional pentru a rspunde cerinelor mediului
profesional. Aceast idee este susinut i de Simkin M.
G., Rose J. M. & Norman C. S. n lucrarea Accounting
Information Systems unde se subliniaz rolul celor cinci
componente ce interacioneaz n cadrul unui sistem
informaional: hardware, software, date, oameni i proceduri. (Simkin, Rose & Norman apud Caraiman, 2015)
Un grad ridicat de utilizare a acestor aplicaii ar putea
constitui un factor pentru creterea conectivitii profesionitilor din domeniul auditului financiar la ultimele
tendine privind CAATs i a implicaiilor utilizrii
acestora n contextul fenomenului de digitizare. De
asemenea, raportul ACCA (Association of Chartered
Certified Accountants) prezint topul celor 10 tehnologii
despre care auditorii membrii ACCA i IMA (Institute of
Management Accountants) consider c vor influena
piaa serviciilor de audit internaional: tehnologie mobil,
Big Data, inteligen artificial i robotic, securitatea
cibernetic, tehnologiile educaionale, cloud, sisteme de
plat, realitatea virtual i augmentat, livrarea serviciilor digitale, tehnologiile sociale. (Raport ACCA, 2014)
Prin participarea personalului utilizator al software-ului la
diverse aciuni de asisten tehnic, misiuni pilot de
auditare susinute cu instrumente informatice poate
crete abilitatea de adaptare a acestora la schimbrile
intervenite n fluxurile tradiionale pe care le presupun
misiunile de audit. (Popa S., 2005)
Dou noiuni sunt luate n considerare n analiza noastr,
CAATs ca instrumente informatice utilizate n profesia de
audit financiar n Romnia i cea de eficien.
Apariia auditului s-a datorat tocmai necesitii creterii
eficienei i reducerii costurilor dup criza economic din
1929 de pe teritoriul american (Oprean, 2006), astfel c
n studiile iniiate de cercettorii americani i nu numai
se pleac de la ipoteza c tehnologia poate determina n
noua er creterea eficienei i eficacitii i reducerea
unor cheltuieli, cum sunt, de exemplu, cele de judecat,
dar i a nregistrrii unor posibile fraude (Braun & Davis,
2003; Curtis et al., 2009; Dowling & Leech, 2007;
Bedard et al., 2008 apud Curtis & Payne, 2014).
33
Cristina CARANICA
Software-urile de audit fac posibile misiunile de audit

continuu n care se pot detecta fraudele i erorile n timp
real (Braun & Davis, 2003 apud Alali & Pan, 2011).
n domeniul bancar, auditorii interni utilizeaz softwareul de audit pentru investigarea diferitelor cazuri aflate
sub analiz i control. (Alali & Pan, 2011)
innd cont c att legislaia din domeniul auditului de
pe teritoriul american, ct i cele adoptate de Uniunea
European, respectiv Standardele Internaionale n Audit
(ISA), nu prevd utilizarea obligatorie a CAATs n cadrul
misiunilor de audit, s-au realizat relativ puine cercetri
privind utilizarea acestora i mai ales privind utilizarea
voluntar, ceea ce puncteaz i interesul nostru n
rspunsurile utilizatorilor de CAATs din rndul
auditorilor financiari romni.
Standardele Internaionale de Audit care menioneaz
importana utilizrii de ctre auditor a CAATs sunt ISA
315, ISA 330, ISA 330, standarde reformulate ce se refer la planificarea auditului situaiilor financiare, la identificarea i evaluarea riscurilor de denaturare semnificativ
prin nelegerea entitii i a mediului su i la rspunsul
auditorului la riscurile evaluate. (ACCA, 2015)
CAATs poate fi utilizat n oricare din etapele misiunii de
audit n vederea prelucrrii diferitelor date folosind
tehnici de interogare, calculul i selecia eantionului,
utilizarea unor funcii matematice i de analiz
financiar, verificarea controlului intern i a integritii
datelor, identificarea riscurilor entitii, evaluarea acestor
riscuri, controlul prelucrrilor contabile i a altor sisteme
informatice utilizate de sistemul informaional al entitii
auditate. (Gheorghe M, 2006).
n diferite cercetri s-a demonstrat c (Alali & Pan, 2011):
procedurile de evaluare a riscurilor efectuate cu
ajutorul CAATs pot folosi auditorului n creterea
eficienei misiunii de audit financiar;
testarea unor controale interne utilizate n mod
accentuat poate determina creterea costurilor
misiunilor de audit;
34
analize financiare multivariate, calcule comparative i

automatizate pot crete eficiena auditului;
pentru creterea eficienei i eficacitii auditului un
factor cheie l reprezint realizarea auditului continuu;
software-ul de audit ncorpornd faciliti de calcul
statistic, n special cele specifice analizei trendului,
analiz n care software-ul poate utiliza informaii din
baze de date online pentru comparaii n aceeai
industrie pot determina o reducere a subiectivitii
raionamentului profesional n procedurile de
evaluare a riscurilor;
se observ o tendin a companiilor publice de a se
ndrepta spre auditul continuu;
utilizarea unui ERP (Enterprise Resource Planning)
poate influena decizia auditorului de a utiliza
CAATs n evaluarea ERP; (Cordo, 2010)
Factorii de mai sus sunt determinani ai eficacitii
misiunii de audit, dar i ai utilizrii CAATs n cadrul
misiunilor de audit financiar. Studiul prezentat n
continuare i propune s identifice instrumentele
informatice adoptate de auditorii din Romnia, subliniind
punctele forte resimite n utilizare de ctre acetia.
3. Metodologia cercetrii
Metoda de investigare utilizat n cadrul studiului este
calitativ, pe baz de chestionar adresat auditorilor din
domeniul privat i public.
Obiectivul analizei l reprezint gradul de utilizare a
software-ului de audit n diferitele faze ale unui angajament
i dac utilizarea unor anumite instrumente informatice se
face n toate misiunile de audit respectiv n toate etapele
de desfurare a unei misiuni de audit. De asemenea, s-a
urmrit dac exist interes n cutarea unui nou software
i care sunt punctele forte pe care utilizatorii le consider
importante pentru a decide s utilizeze o soluie
informatic n cadrul angajamentelor lor.
n analiza rspunsurilor primite pn la acest moment

s-a inut cont de gradul de omogenitate a colectivitii.
Analiza s-a realizat n urma primei runde de rspunsuri
primite. Ne propunem ca la finalul celei de-a doua runde
de rspunsuri s revenim cu rezultatele analizei
ntregului eantion reprezentativ.
n cadrul chestionarului au existat i ntrebri ce nu au
fost obligatorii, ceea ce a condus ca, la unele ntrebri,
suma procentelor rspunsurilor raportate s fie mai mic
de 100. Diferena o reprezint acele persoane ce nu au
raportat niciun rspuns.
S-au utilizat ntrebri cu rspuns multiplu, tip gril i cu
caset pentru completare de informaii suplimentare.
4. Rezultate
Dintre auditorii financiari chestionai, ntr-o proporie de
aproximativ 11% au fcut parte din firme organizate la
nivel internaional (Big Four). Acetia reprezint 1,25%
din totalul auditorilor financiari activi colaboratori, angajai, asociai sau administratori din cele 4 firme conform
Registrului Public Electronic al Auditorilor Financiari Persoane Fizice, publicat de Camera Auditorilor Financiari din Romnia i accesat la data de 01.10.2015.
De asemenea, 11% dintre respondeni au fcut parte
auditori financiari din companii reprezentative la nivel
naional, aproximativ 16% sunt organizai n cadrul unor
companii la nivelul zonei Bucureti-Ilfov, 26% sunt
organizai n cadrul unor companii cu reprezentativitate
la nivel de regiune i 37% sunt parte dintr-o companie
cu reprezentativitate la nivel de jude.
Din punctul de vedere al funciei ocupate de respondeni
n cadrul cabinetului de audit, la chestionare au participat
auditori de pe toate palierele, respectiv auditori stagiari,
auditori financiari juniori, seniori, auditori interni, auditori
manageri i auditori parteneri. Trebuie precizat c peste
63% din respondeni sunt auditori manageri i parteneri,
iar dintre acetia peste 90% au o vechime n domeniul
auditului mai mare de 10 ani. De asemenea, peste 63%
dintre participani au declarat c cifra de afaceri net a
clienilor lor depete 500.000 de euro anual.
Figura 1. Rspunsuri la ntrebarea n cadrul firmei dvs. de audit (activitii dvs. de audit) utilizai software
dedicat activitii de audit?
Prima ntrebare a chestionarului a urmrit

obinerea unui rspuns privind utilizarea de ctre
auditorii romni a unui instrument informatic n
cadrul misiunilor. Dup cum se poate observa n
Figura 1, aproximativ 74% dintre respondeni au
declarat c utilizeaz software de audit.
Nr. 1(133)/2016
A doua ntrebare i-a vizat pe acei utilizatori ce se afl n

cutarea unui software de audit. Astfel, am colectat
rspunsuri n procentaj de aproximativ 47% dintre
participani, care susin c utilizeaz un software de
audit i, de asemenea, c se afl n cutarea unui
software de audit care s le asigure uurin n utilizare,
cost redus i fiabilitate, conform Figurii 2.
35
Cristina CARANICA
Figura 2: Frecvena de apariie a factorilor urmrii de respondeni la software-ul de audit dorit
n cadrul acestei ntrebri s-a observat c dintre cei

ce utilizeaz software de audit i i doresc s
utilizeze un alt software de audit, menionau dorina
de a testa software-urile Gaudit i Caseware.
Preferina unui utilizator ctre soluia Caseware a
fost ntrit de rspunsurile oferite i n alte dou
ntrebri ulterioare. De asemenea, utilizatorul a
declarat c n prezent utilizeaz ca soluie alternativ
MS Office Excel.
cadrul auditului efectuat clientului acceptat,

etapa de eantionare i reeantionare a misiunii
de audit, etapa de pregtire a statisticii misiunii
de audit, etapa de reanalizare a rezultatelor din
cadrul misiunii de audit, etapa de completare n
format template a documentaiei de audit a
misiunilor, pentru a facilita revizuirea online a
acesteia (Alali & Pan, 2011), respectiv punctele forte
ntlnite la acestea.
Trebuie, de asemenea, precizat c dintre

respondeni aproximativ 22% utilizeaz MS Office
Excel, dar caut s i achiziioneze un software de
audit, urmrind la acesta s asigure suport i
updatare conform cu normele i practicile de audit,
uurin n utilizare i corelaii, analize i prelucrri
predefinite. Unul din respondeni fiind auditor intern
este interesat de a achiziiona i folosi un soft
dedicat auditului intern.
Trebuie subliniat c respondenii au putut preciza

oricare CAATs pe care o utilizeaz, pentru a
meniona punctele forte pe care le apreciaz la
aceste aplicaii. S-a utilizat o list de apte astfel de
posibile puncte forte (lista nefiind limitat la aceste
puncte forte predefinite n acord cu literatura de
specialitate i studii realizate n alte ri), respectiv:
n urma acestor ntrebri generale studiul a continuat

cu solicitarea unor rspunsuri specifice referitoare la
principalele etape ale unei misiuni de audit, astfel
nct respondenilor li s-a solicitat s atribuie fiecrei
etape o aplicaie pe care o utilizeaz n misiunile de
audit: etapa de acceptare a clientului, etapa de
analiz din cadrul auditului efectuat clientului
acceptat, etapa de reanalizare a rezultatelor din
cost redus;
36
accesarea uoar a informaiilor n cadrul

aplicaiei utilizate;
fiabilitatea aplicaiei;
posibiliti multiple de gestionare a datelor;
securitatea datelor;
uurina n utilizarea aplicaiei;
utilizarea unor rapoarte template.
Figura 3. Puncte forte ale aplicaiilor utilizate n etapele misiunii de audit indicate de auditorii financiari din
Romnia
n graficul din Figura 3 se poate observa frecvena

punctelor forte ale aplicaiilor software pe parcursul
desfurrii misiunii de audit, respectiv principalele
caliti apreciate de respondeni n utilizarea
instrumentelor informatice, i anume:
Uurina n utilizarea datelor;
Accesarea facil a informaiilor n cadrul aplicaiilor
utilizate;
Cost redus;
Posibiliti multiple de gestionare a datelor.
Trebuie menionat c rezultatele chestionarului,
nregistrate n studiul nostru pn la acest moment, se
ncadreaz n trendul internaional al utilizrii de CAATs
consemnate de sondaje dezvoltat de ITASA (subgrup
Auto - Evaluare Audit IT), al grupului de lucru IT
EUROSAI (Organizaia European a Instituiilor
Supreme de Audit). Studiul organizat de Biroul Naional
de Audit din Finlanda a fost transmis ctre 31 de state
membre ale Uniunii Europene, pentru care s-a primit un
Nr. 1(133)/2016
rspuns de la 19 dintre acestea pe diversele ntrebri

referitoare la instrumentele informatice utilizate n
practica de audit IT. Astfel referitor la utilizarea CAATs
toate SAI (Instituiile Supreme de Audit) au raportat
utilizarea cel puin a unui astfel de instrument informatic,
iar cele mai utilizate soluii raportate au fost ACL- Audit
Command Language i IDEA - Interactive Data
Extraction & Analysis. (INTOIT, 2010)
Prin intermediul chestionarului putem preciza c n
Romnia respondenii utilizeaz aplicaiile: MS Office
Excel, Ciel Audit i Revizuire, CaseWare Audit i Gaudit,
soluii informatice disponibile pe piaa din Romnia,
considernd c aceste aplicaii dein diferite puncte
forte, aa dup cum se poate observa n Figura 3. De
asemenea, s-a observat c majoritatea utilizatorilor
romni folosesc acelai instrument informatic n cadrul
tuturor etapelor misiunilor de audit desfurate.
n afara celor apte etape ale procesului de audit,
respondenii au mai fost chestionai despre experiena
nregistrat cu diferitele instrumente informatice utilizate
37
Cristina CARANICA
n misiuni deosebite de audit. Astfel, la ntrebarea: Ce

fel de software folosii n situaia n care trebuie
efectuat o testare de 100% a eantionului auditat?
17% din respondeni au menionat c utilizeaz Ciel
Audit i Revizuire datorit unui numr de 5 puncte forte
respectiv: posibiliti multiple de gestionare a datelor,
securitatea datelor, uurina n utilizarea datelor,
utilizarea unor rapoarte template. Pentru aplicaia Gaudit
6% dintre respondeni au menionat urmtoarele 5
puncte forte: accesarea uoar a informaiilor n cadrul
acestuia, fiabilitatea acesteia, posibiliti multiple de
gestionare a datelor, uurina n utilizarea datelor,
utilizarea unor rapoarte template. Utilizatorii de MS
Excel - 77% dintre respondeni - au menionat toate cele
7 puncte forte: accesarea uoar a informaiilor, cost
redus, fiabilitatea acestuia, posibiliti multiple de
gestionare a datelor, securitatea datelor, uurina n
utilizarea datelor, utilizarea unor rapoarte template.
n urma ntrebrii: Ce fel de software de audit folosii
pentru identificarea punctelor slabe ce pot conduce la
riscul de fraud?, 17% din respondeni au raportat c
utilizeaz Ciel Audit i Revizuire care le asigur un numr
de 4 puncte forte, respectiv: posibiliti multiple de gestionare a datelor, securitatea datelor, uurina n utilizarea
datelor, utilizarea unor rapoarte template. Ali 11% dintre
respondeni au raportat utilizarea aplicaiei CaseWare
Audit i consider c aceasta asigur 5 puncte forte,
respectiv: accesarea uoar a informaiilor, fiabilitatea
datelor, posibiliti multiple de gestionare a datelor,
securitatea datelor, utilizarea unor rapoarte template.
Pentru aplicaia Gaudit, folosit de 6% dintre respondeni,
s-au menionat un numr de 5 puncte forte, respectiv:
accesarea uoar a informaiilor, fiabilitatea datelor,
posibiliti multiple de gestionare a datelor, uurina n
utilizarea datelor, utilizarea unor rapoarte template. Iar
utilizatorii de MS Excel - 66% dintre respondeni - au
menionat toate cele 7 puncte forte amintite.
La ntrebarea: Ce fel de software de audit folosii pentru
realizarea unui audit continuu?, 17% din respondeni au
precizat c utilizeaz Ciel Audit i Revizuire pentru un
numr de 4 puncte forte: accesarea uoar a informaiilor,
securitatea datelor, uurina n utilizarea datelor, utilizarea
unor rapoarte template. 11% dintre respondeni au
raportat utilizarea aplicaiei CaseWare Audit, declarnd 3
puncte forte asigurate de aceasta, respectiv: accesarea
uoar a informaiilor, posibiliti multiple de utilizare a
datelor, utilizarea unor rapoarte template. Pentru aplicaia
Gaudit, folosit de 6% dintre respondeni, s-au menionat
un numr de 4 puncte forte, respectiv: accesarea uoar
38
a informaiilor n cadrul acestuia, fiabilitatea datelor,

posibiliti multiple de utilizare a datelor, uurin n
utilizarea datelor. Iar utilizatorii de MS Excel - 66% - au
menionat toate cele 7 puncte forte.
Analiza prezentat dezvluie utilizarea MS Office Excel
n cea mai mare proporie de ctre respondeni chiar i
pentru situaii deosebite (cum este auditul continuu).
Totui, a rezultat din cercetare c aceast soluie
informatic nu este adaptat pentru a asigura metodele
i tehnicile specifice misiunii de audit i legislaiei
naionale n domeniul auditului. Unele studii efectuate n
anul 2001 precizau slaba utilizare a foilor de calcul i a
altor unelte de calcul automatizat i iat c, n prezent,
aceste tehnici de calcul sunt pe scar larg utilizate.
(Curtis & Payne, 2008) Astzi, auditorii i doresc din ce
n ce mai mult s i gseasc o soluie care s le
satisfac necesitatea de a-i ncheia misiunile de audit
cu plus de eficacitate.
5. Concluzii i limitele cercetrii

Pe fondul unor fenomene cu puternice implicaii economice i sociale precum digitizarea i criza economic,
analizm rolul utilizrii instrumentelor informatice pentru
creterea eficienei misiunilor de audit.
Studii anterioare au precizat c adoptarea unui CAATs
la nivelul unui cabinet de audit poate reduce timpul i
resursa financiar angrenat n angajamentul de audit
(Fargason, 2001), ct i riscul acesteia i ajut la
obinerea unui grad mai ridicat de asigurare a
rezultatului. (Alali & Pan, 2011)
Acest studiu a analizat rspunsurile din prisma
utilizatorilor, innd cont de preferinele acestora de a
utiliza un CAATs n etapele misiunii de audit, punctnd
principalele caliti apreciate de respondeni: uurina n
utilizarea datelor; accesarea facil a informaiilor n
cadrul aplicaiilor utilizate; cost redus; posibiliti multiple
de gestionare a datelor.
Cercetarea a evideniat c marea majoritate a
utilizatorilor romni folosesc acelai instrument
informatic n cadrul tuturor etapelor misiunilor de audit
desfurate. De asemenea, majoritatea respondenilor
nu folosesc soluii informatice adaptate pentru a
asigura metodele i tehnicile specifice misiunii de audit
i legislaiei naionale n domeniul auditului, dar i
doresc utilizarea unor soluii care s ntruneasc acele
puncte forte care s sporeasc eficacitatea misiunilor
de audit.
Totodat, n urma studiului s-a observat tendina

utilizatorilor de a folosi instrumente informatice i n
cadrul misiunilor speciale de audit, printre care testarea
100% a eantionului auditat, respectiv realizarea unui
audit continuu.
n studii ulterioare se pot aborda metode de testare a
deciziei auditorilor de a utiliza anumite instrumente
informatice innd cont de variabilele declarate de

respondeni i de impactul acestora n modelul decizional.
De asemenea, un studiu ulterior poate analiza modul n
care aceste soluii CAATs se adapteaz schimbrilor
tehnologice, devenind disponibile i n form web
accesabil online, putnd fi utilizate i la nivel de tablet
sau telefon mobil.
Bibliografie
1.
Alali Fatima; Pan Fang, Use of audit software:

Review and Survey, Internal Auditing 26.5
(Sep/Oct 2011): 29-36.
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2.
Balaban Rzvan, PwC Romania, Revoluia digital:

Sunt pregtite companiile din Romnia s fac fa
saltului ctre competiia digital global?, articol
disponibil la adresa http://www.wall-street.ro/
articol/IT-C-Tehnologie/186267/revolutia-digitalasunt-pregatite-companiile-din-romania-sa-facafata.html#ixzz3ldwSyjxi
10. Gheorghe Mirela, Tehnici de audit asistate de

calculator (2004), Editura InfoMega
3.
Bunget Ovidiu Constantin, Audit financiar contabil

(2010), Editura Mirton, Timisoara
4.
Caraiman Adrian-Cosmin, Integrated ERP Systems

at Trade Entities, Ovidius University Annals,
Economic Sciences Series, Volume XV, Issue 1
/2015, 687-691
5.
Cordo Vasile-Daniel, How financial auditors use

CAATS and perceive ERP systems?, Annals of the
University of Oradea : Economic Science 01/2010
6.
Curtis Mary B., Payne Elizabeth A., An

examination of contextual factors and individual
characteristics affecting technology implementation
decisions in auditing, International Journal of
Accounting Information Systems 06/2008; 9(2):
104-121. 2008
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Curtis Mary B., Payne Elizabeth A., Modeling

voluntary CAAT utilization decisions in auditing,
Managerial Auditing Journal, Vol. 29 Iss: 4, pp.304326, 2014
Fargason Scott, Using Audit Software for Risk
Management, Continuous Monitoring, And Data
Analysis (2001), Louisiana State University, For
The IIA Research Foundation, Esther R. Sawyer
Scholarship Award
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Gheorghe Mirela, Impactul tehnologiilor informaionale n auditul financiar, Annales Universitatis

Apulensis Series Oeconomica, nr. 8/2006, vol.2
11. Oprean Ioan, Tipologia auditului financiar contabil,

Annales
Universitatis
Apulensis
Series
Oeconomica, nr. 8/2006, vol. 1
12. Popa tefan, Audit in medii informatizate (2005),
Editura Expert, Bucureti
13. Simkin M. G., Rose J. M., Norman C. S.,
Accounting Information Systems - twelfth edition
(2013), Editura John Wiley & Sons, Singapore
14. Stanciu Victoria,
Consideraii privind auditul
financiar n era Big Data, Revista Audit Financiar
nr. 8/2015, pg.3-9
15. tefnescu Aurelia, Tnase Gabriela Lidia, Studiu
din perspectiva viitorilor absolveni privind
corelarea mediului academic cu mediul profesional
n auditul financiar, Revista Audit Financiar, nr.
8/2014, pg.3-9
16. ACCA, Auditing in a Computer-Based Environment
(2), 18.08.2015, articol disponibil la adresa
http://www.accaglobal.com/in/en/student/examsupport-resources/professional-exams-studyresources/p7/technical-articles/auditing-computerbased-environment2.html
17. Raport ACCA, Darwinismul digital: evoluie n
contextul modificrilor tehnologice, Revista Audit
Financiar, nr. 2/2014, pg.16-20;
18. INTOIT Journal, Eurostat Survey, Numrul 29,
Aprilie 2010, pg. 20-22, articol disponibil la adresa
http://www.intosaiitaudit.org/intoit29.pdf
39
financiar, XIV, Nr. 1(133)/2016, 40-51

Cristina Audit
PRECOB,
Marilena MIRONIUC
ISSN: 1583-5812; ISSN on-line: 1844-8801
Influena
raportrii
capitalului
intangibil
asupra
performanei
companiilor
romneti
Cadru didactic asociat dr. Cristina PRECOB,
Facultatea de Economie i Administrarea Afacerilor,
e-mail: cristina.fadur@yahoo.com
Profesor univ. dr. Marilena MIRONIUC,
Facultatea de Economie i Administrarea Afacerilor,

e-mail: marilena@uaic.ro
40
Rezumat
Scopul acestui articol a fost identificarea corelaiilor, la
nivelul companiilor romneti listate la Bursa de Valori
Bucureti, seciunea BVB, ntre capitalul intangibil i
performana ntreprinderii. Capitalul intangibil a fost
calculat pe baza a 13 criterii grupate pe trei
componente: capital uman, capital relaional i inovaie,
iar performana financiar a ntreprinderii a fost studiat
prin intermediul ratei rentabilitii activelor (ROA), ratei
rentabilitii capitalurilor proprii (ROE) i ratei
rentabilitii economice (Re). n acest articol,
performana bursier a companiilor romneti este
reflectat prin fondul comercial, calculat ca diferen
ntre capitalizarea bursier i activul net contabil al unei
entiti, precum i de coeficientul de capitalizare bursier
a activului net contabil (raportul dintre capitalizarea
bursier i activul net contabil al companiei). De
asemenea, articolul analizeaz existena corelaiei ntre
capitalul intangibil al companiilor romneti i auditorul
contractat pentru auditarea situaiilor financiare anuale.
Rezultatele cercetrii ntreprinse arat c ntre capitalul
intangibil i fondul comercial pozitiv al companiilor
studiate, pe de o parte, i rata rentabilitii economice,
respectiv coeficientul de capitalizare bursier a activului
net contabil, pe de alt parte, exist corelaii directe.
Totodat, valoarea capitalului intangibil este, statistic,
semnificativ mai mare la companiile ale cror situaii
financiare sunt auditate de auditori Big4 i la
ntreprinderile care nregistreaz profit.
Cuvinte-cheie: capital intangibil, rata rentabilitii
activelor, rata rentabilitii capitalurilor proprii, rata
rentabilitii economice, coeficient de capitalizare
bursier a activului net contabil, fond comercial, auditor
Big Four.
Clasificare JEL: M41, M14
Influena raportrii capitalului intangibil asupra performanei companiilor
Prolegomene
Una dintre caracteristicile organizaiilor contemporane
este ambiia lor de a dezvolta sisteme i practici de
management performant, ceea ce impune concentrarea
eforturilor n direcia gestiunii cunoaterii i a capitalului
intangibil. Prin urmare, strategiile nu mai sunt gndite
doar pentru poziionarea firmei vizavi de competitorii si,
ci sunt corelate cu activele necorporale i capitalul
intangibil sub forma know-how-ului, angajailor, relaiilor
cu clienii i furnizorii, tehnologiilor informaionale, mrcii
(Marr et al., 2003).
n literatura de specialitate exist diverse abordri cu
privire la modul n care poate fi definit, clasificat, msurat
i raportat capitalul intangibil. ntr-un studiu recent referitor
la articolele publicate n domeniul capitalului intangibil, n
perioada 2004-2014, Ferenhof et al. (2015) arat c, n
pofida demersurilor ntreprinse att de teoreticieni, ct i
de practicieni, nu s-a ajuns nc la un numitor comun:
evaluarea i raportarea capitalului intangibil reprezint o
problem deschis att pentru contabili, ct i pentru
experi evaluatori, manageri, profesori de strategie,
economiti, specialiti n inovaie etc.
Revizuirea literaturii din domeniu relev existena unei
game largi de metode de evaluare a capitalului
intangibil, fiecare firm putnd opta pentru oricare dintre
acestea n funcie de factorii interni i externi care
configureaz strategia i viziunea sa.
De asemenea, n articolele din domeniu se fac trimiteri
la active intangibile, intangibile, resurse intangibile,
capital intelectual, capital intangibil, valori
imateriale, toate desemnnd mai mult sau mai puin
acelai lucru. Nu se poate realiza o delimitare
generalizat ntre capitalul intelectual i capitalul
intangibil. Unii autori folosesc termenii de capital
intelectual i capital intangibil ca fiind sinonimi, n timp
ce alii (Hunter, Webster i Wyatt, 2005) consider
capitalul intelectual ca fiind parte component a
capitalului intangibil. Piekkola, coordonatorul proiectului
INNODRIVE, derulat ntre 2008-2011, face referire la
capitalul intangibil. Privind retrospectiv i comparativ,
termenul de capital intelectual este mult mai des utilizat
n studii i cercetri. n acest articol, vom folosi termenul
de capital intangibil, pstrnd filiera contabil, nelegnd
prin aceast noiune capitalul uman, capitalul relaional
i eforturile firmei n direcia inovrii.
n acest demers tiinific, capitalul intangibil este o
variabil calculat ca media aritmetic a altor trei
Nr. 1(133)/2016
variabile: capitalul uman, capitalul relaional i aciunile

ntreprinse de companii pentru asigurarea inovaiei.
Pentru a atribui acestor variabile valori numerice, am
luat n considerare cele mai relevante informaii nonfinanciare i am urmrit dac acestea sunt prezentate
sau nu de ctre ntreprinderi n rapoartele anuale
aferente anului 2013, notnd cu 1 prezentarea lor
detaliat i cu 0 absena acestora. Astfel, pentru a
determina valoarea capitalului uman, am analizat dac
firma prezint informaii cu privire la numrul i fluctuaia
angajailor (numrul mediu de angajai, angajrile i
concedierile efectuate n 2013, precum i cauzele
acestora), structura forei de munc dup criteriul vrstei
i al studiilor efectuate, formarea salariailor (numrul de
persoane care au beneficiat de cursuri de pregtire,
numrul de ore i cheltuielile efectuate cu formarea
forei de munc), beneficiile acordate salariailor (prime,
cadouri cu ocazia zilelor festive, grdinie pentru copiii
angajailor, program flexibil etc.) i gradul de satisfacie
al angajailor. n calcularea capitalului relaional, am inut
cont de informaiile privind cota de pia, preocuparea
fa de mediul nconjurtor (certificate de mediu,
msurtori ale impactului activitii societii asupra
naturii, eforturile n vederea minimizrii acestui impact i
orice aciuni care relev implicarea organizaiei pentru
asigurarea unei dezvoltri durabile), satisfacia clienilor
(dac firma urmrete primirea unui feedback de la
clieni, msurile luate pentru diminuarea reclamaiilor de
la clieni, calcularea unui indice al satisfaciei
cumprtorilor) i implicarea firmei n societate prin
derularea unor programe sociale i prin efectuarea
cheltuielilor cu donaiile. Pentru inovaie, am punctat
informaiile publicate de firme cu privire la activitile de
cercetare-dezvoltare (valoarea cheltuielilor cu aceste
activiti, ponderea lor n cifra de afaceri), investiiile n
active, produsele noi elaborate n cursului anului 2013 i
numrul de brevete deinute de companie.
Procesul de selecie a informaiilor non-financiare
studiate pentru a atribui capitalului intangibil o valoare
numeric a fost fundamentat pe baza analizei celor mai
importante metode de evaluare a capitalului intangibil i
a rezultatelor studiilor din literatura de specialitate. n
acest sens, menionm c n alegerea informaiilor nonfinanciare am aplicat raionamentul profesional, plecnd
de la urmtoarele metode de evaluare a capitalului
imaterial: Intangible Asset Monitor - propus de Sveiby n
1997, Balanced Scorecad - propus de Kaplan i Norton
n 1996, IC-dVAL al lui Bounfour (2003), Intellectual
Capital Web - propus de Zhou et al (2003), Scaling -
41
propus de Cinca et al n 2003, Indexul Crerii de

Valoare (Value Creation Index) - propus de Funk (2003)
i Kalafut i Low (2001), European Performance
Satisfaction Index al lui Eskildsen (2003), European
Employee Index - propus de Eskildsen et al n 2003,
FiMIAM - propus de Rodov i Leliaert, n 2002 etc.
(Hunter et al., (2005). Am considerat, de asemenea,
rezultatele unui studiu realizat de Ernst&Young, conform
cruia cele mai importante zece informaii non-financiare
pentru investitori, care ar trebui integrate n raportrile
periodice ale firmei, sunt: strategia educaional,
credibilitatea managerilor, calitatea strategiilor, inovaia,
abilitatea de a atrage personal talentat, cota de pia,
expertiza managerilor, beneficiile acordate angajailor,
calitatea proceselor principale, cercetare (Barsky i
Marchant, 2000).
n ceea ce privete fondul comercial, n acest demers de
cercetare plecm de la premisa c fondul comercial
(valoare latent, nenregistrat n contabilitate) este egal
cu diferena dintre valoarea de pia a unei companii,
exprimat de capitalizarea sa bursier i valoarea ei
contabil, reflectat de capitalurile proprii (activul net
contabil). n calculul valorii capitalizrii bursiere, am
inclus numrul de aciuni deinute de firm i cursul
bursier mediu din iunie 2014, considernd c acesta
reflect imediat influena informaiilor raportate cu privire
la activitatea firmei din 2013 (fcute publice cel mai
adesea n aprilie-mai 2014).
Revizuirea literaturii de
specialitate
Literatura de specialitate abund n studii (Edvinsson,
1997; van der Meer-Kooistra i Zijlstra, 2001; Meritum
Project, 2002; Mouritsen, 2002; Marr, 2003; Mouritsen i
Bukh, 2003; Abdolmohammadi, 2005; Sonnier et al.,
2007; Curado, 2008; Bontis i Serenko, 2009) care
vizeaz beneficiile raportrii capitalului intangibil:
ntrirea poziiei competitive i creterea performanei
financiare pe termen lung (Curado et al., 2011).
Totodat, exist numeroase demersuri de cercetare
care s-au axat pe diferenele dintre valoarea de pia i
cea net contabil a companiilor: Sriram, 2008; Brown et
al., 1999; Lev i Zarowin, 1999, unele studii empirice
artnd c pn la 80% din valoarea de pia a unei
companii poate s nu fie reflectat de situaiile financiare
(Arvidsson, 2011).
n ceea ce privete impactul capitalului intangibil asupra
indicatorilor de performan, Vishnu i Gupta (2014)
42
subliniaz c aceste studii de corelaie se axeaz

frecvent pe instituiile financiar-bancare (Mavridis, 2004;
Young et al., 2009; Bharathi, 2010; Joshi et al., 2010,
2013; Kamath, 2010; Abdulsalam et al., 2011; Gigante i
Previati, 2011), companiile din tehnologia informaiei
(Shiu, 2006; Gan i Saleh, 2008; Saleh et al., 2009;
Zeghal i Maaloul, 2010; Chang i Hsieh, 2011) i
firmele din industria farmaceutic (Kamath, 2008;
Mehralian et al., 2012; Pal i Soriya, 2012).
O analiz longitudinal efectuat n 2008 de Oliveras et
al. asupra unui eantion format din 12 companii spaniole
demonstreaz un trend ascendent al cantitii de
informaii raportate referitoare la capitalul intangibil,
creterea fiind mai semnificativ n ceea ce privete
capitalul relaional, iar un studiu realizat de Wang (2008)
asupra legturilor dintre capitalul intangibil (i
componentele sale) i valorile de pia ale companiilor
din industria electronic demonstreaz c toate
elementele constitutive ale capitalului intangibil i
anume: capitalul uman, capitalul referitor la clieni,
capitalul de inovaie i capitalul referitor la procese sunt
pozitiv legate de valoarea de pia a firmei.
n ceea ce privete inovaia, conform Institutului Naional
de Statistic, ntreprinderile inovatoare sunt
ntreprinderile care au lansat produse noi sau
semnificativ mbuntite sau care au introdus procese
noi sau semnificativ mbuntite. Inovrile se bazeaz
pe rezultatele dezvoltrilor tehnologice, pe noile
combinaii ale tehnologiilor existente sau pe utilizarea
altor cunotine cerute de ntreprindere. Schimbrile
tehnologice au fost analizate frecvent pornind de la
trilogia schumpeterian care le mparte n trei stadii:
invenia - cercetarea care duce la generarea de noi idei,
inovaia - dezvoltarea noilor idei i concretizarea lor n
produse de pia i diseminarea - lansarea de produse
pe pia. Schumpeter susinea n 1942 c inovaia este
sursa fundamental a bogiei. Totui, studii ulterioare
au demonstrat c activitile de cercetare-dezvoltare
sunt doar o surs de inovare. Investiiile n marketing,
dezvoltarea de software, cursurile de pregtire
profesional i desenele pot duce, de asemenea, la noi
tehnologii sau produse mbuntite. Prin urmare, n
economiile dezvoltate investiiile n active intangibile au
devenit principala preocupare a investitorilor, creditorilor,
managerilor i cercettorilor (Canibano et al., 2000).
Tovstiga i Tulugurova (2009) pleac de la ipoteza c
factorul intern, reprezentat de capitalul intangibil, joac un
rol mai important n determinarea performanei unei
companii dect factorii externi (socio-politici, economici i

tehnologici). n viziunea lor, capitalul intelectual este
mprit n dou subcategorii: capitalul uman i capitalul
structural. Capitalul uman include competenele
(manifestri ale cunoaterii strategice a firmei), atitudinea
(dimensiunea comportamental i motivaional a
angajailor) i agilitate intelectual (abilitatea firmei de a
imita i de a se adapta schimbrilor din mediul
concurenial), n timp ce capitalul structural se refer la

reeaua de relaii a firmei, mecanismele organizaiei
utilizate n procesul de creare de valoare (procese,
structura i cultura firmei) i mecanismele de rennoire i
de dezvoltare. Astfel, plecnd de la cadrul conceptual
propus de Tovstiga i Tulugurova, putem defini capitalul
intangibil ca fiind cel mai important factor intern n
asigurarea competenei unei ntreprinderi (Figura 1).
Figura 1. Cadrul conceptual al factorilor interni i externi de influen a performanei firmei
Sursa: Tovstiga G.,Tulugurova E., 2009
Pentru a explica valoarea capitalului uman,

component a capitalului intangibil, Dean et al. (2012)
propun un exemplu uor, dar elocvent, plecnd de la
ntrebarea: care este diferena dintre James LeBron i
un alt individ oarecare? Rspunsurile oferite se refer
la valoarea salariului ctigat de juctorul american de
baschet, precum i la talentul, ndemnrile i
abilitile de sportiv ale lui James LeBron. Adevrul
este c oricine ar putea s joace baschet, dar nu
Nr. 1(133)/2016
oricine posed capitalul uman pentru a avea

performanele lui LeBron. Dac acesta ar fi transferat
la o alt echip, cu siguran valoarea acesteia nu ar
mai fi la fel. Capitalul uman al lui LeBron reprezint un
activ pentru echipa la care joac, contribuind la
creterea valorii acesteia. Este evident c o echip de
baschet i nu numai poate obine victorii, nu
datorit activelor corporale pe care le deine, ci datorit
capitalului uman deinut de juctorii ei.
43
Acelai concept se aplic i n lumea afacerilor. Situaiile

financiare nu relateaz ntreaga poveste. Cum ar putea
utilizatorii s tie c o companie beneficiaz de capitalul
uman al unui James LeBron? Situaiile financiare nu
reflect cel mai important activ al unei ntreprinderi i
anume - capitalul su uman. Cu toate acestea, nu exist
deocamdat standarde de contabilitate care s
reglementeze evaluarea sau raportarea valorii capitalului
uman (Dean et.al., 2012).
Ali autori (Cheng-Li Huang i Fan-Hua Kung, 2011)
subliniaz legtura dintre contiina de mediu i avantajul
competitiv, n contextul intrrii n era verde. Companiile
trebuie s respecte legislaia privind mediul nconjurtor i

s fac fa presiunilor din partea opiniei publice. Firmele
responsabile social iau un numr semnificativ de msuri
pentru protejarea mediului nconjurtor. Chen a propus n
2008 conceptul de capital intelectual verde, prin care
nelege cunotinele, experiena, abilitile i inovaia n
domeniul proteciei mediului nconjurtor. Capitalul
intelectual verde permite firmelor s respecte cu strictee
prevederile legale din domeniul protejrii i respectrii
mediului nconjurtor, fiind mediatorul relaiei dintre
contiina de mediu i avantajul competitiv (Cheng-Li
Huang i Fan-Hua Kung, 2011).
Tabel 1. Rezultatele studiilor de corelaie din literatura de specialitate (selecie)

Nr.
crt.
Studiu
Revista
ara
analizat
Nr. firme/
observaii
Perioada
analizat
Concluzii
Mehri et
al., 2013
Asian Social
Science
Malaysia
92
2006-2010
Clarke et
al., 2011
Janosevic
et al.,2013
Journal of
Intellectual Capital
Knowledge and
Process
Management
Journal of
Australia
1676
2003-2008
Serbia
100
2010
China
33
2001-2005
Journal of
China
41
2006-2009
Industrial
Management and
Data Systems
International
Business and
Economics
Research Journal
Journal of
Thailanda
11
2006-2009
Slovenia
12.450
1995-2008
Metoda rangurilor
Corelaii ntre: IC i ROA (0,67, p<0,01),
IC i ROE (0,75, p<0,01)
India
105
2000-2009
Italia
23
2002-2011
Corelaii ntre: IC i ROA (0,332,

p<0,01), IC i ROE (0,353, p<0,01), IC i
M/BV (0,123, p<0,01)
Corelaii ntre: IC i ROE (0,59, p<0,01).
UK
300
2005
3
4
5
6
Chu, Chan
i Wu,
2011
Chu, Chan
i Wu,
2011
Phusavat
et al., 2011
Javornik et
al.,2012
Pal i
Soriya,
2012
Rossi i
Celenza,
2014
Zeghal i
Maaloul,
2010
9
10
European
Conference on
Journal of

p<0,01), IC i ROE (0,387, p<0,01), IC i
M/BV (0,253, p<0,01)
p<0,01), IC i ROE (0,480, p<0,01)
p<0,01), IC i ROE (0,409, p<0,01)
p<0,01), IC i ROE (0,206, p<0,01), IC i
M/BV (-0,068, necorelate)
p<0,01), IC i ROE (0,219, p<0,01), IC i
M/BV (0,042, necorelate)
p<0,01), IC i ROE (0,395, p<0,01)

p<0,01), IC i M/BV (0,310, p<0,01)
Sursa: Proiecia autorilor

Unde: IC - Capital intangibil, msurat prin metoda VAIC; ROA - rata rentabilitii activelor; ROE - rata rentabilitii capitalurilor
proprii; M/BV - raportul dintre capitalizarea bursier i activul net contabil al unei firme.
44
Raportat la rezultatele studiilor de corelaie, unele

demersuri empirice evideniaz existena unor legturi
directe ntre capitalul intangibil i performana companiei,
(de exemplu: Mehri et al., 2013, Clarke et al., 2011,
Razafindrambinina i Anggreni, 2011, Mehralian et al.,
2012, Gruian, 2011 etc.), n timp ce altele raporteaz
inexistena unor corelaii sau existena unor legturi slabe
(Morariu, 2014, Kamath, 2008, Stahle et al., 2011 etc.).
La nivelul firmelor romneti, Morariu (2014) a identificat
existena unei corelaii negative, statistic semnificativ,
ntre capitalul intangibil, evaluat prin metoda VAIC
(Value Added Intellectual Capital) al lui Pulic i
productivitatea companiei, msurat prin intermediul
raportului dintre cifra de afaceri i activul total, n timp ce
ntre VAIC i rata rentabilitii capitalurilor proprii (ROE),
respectiv coeficientul de capitalizare a activului net
contabil (raportul dintre capitalizarea bursier i
capitalurile proprii), nu a stabilit nicio corelaie. Pe de
alt parte, Gruian (2011) a stabilit o corelaie direct, de
intensitate medie (coeficientul Pearson egal cu 0,355),
ntre valorile medii ale capitalul intangibil, msurat prin
metoda VAIC i performana financiar a companiilor
romneti cotate la Bursa de Valori Bucureti, msurat
prin valorile medii ale ratei rentabilitii capitalurilor
proprii (ROE), pentru perioada 2007-2009.
n Tabelul 1 am surprins rezultatele unor analize de
corelaie ntre capitalul intangibil i performana
companiei, respectiv valoarea ei de pia raportat la
cea contabil. Menionm faptul c n studiile selectate
capitalul intangibil este msurat folosind modelul lui
Pulic: VAIC-Value Added Intellectual Capital.
Am reinut din revizuirea literaturii de specialitate
direciile de cercetare n domeniu, referitoare la
corelaiile posibile ntre capitalul intangibil i raportul
dintre capitalizarea bursier i activul net contabil, rata
rentabilitii capitalurilor proprii, rata rentabilitii
activelor, dar am dorit s testm i unele ipoteze noi,
cum ar fi posibilitatea existenei unor legturi ntre
capitalul intangibil i fondul comercial (egal cu diferena
ntre capitalizarea bursier i activul net contabil),
respectiv ntre capitalul intangibil i societatea care
auditeaz situaiile financiare. Cu alte cuvinte, ne-am
propus s analizm corelaiile existente ntre capitalul
intangibil, calculat ca medie aritmetic a unui set de
criterii i performana financiar a ntreprinderii,
reflectat prin intermediul ratei rentabilitii activelor
(ROA), ratei rentabilitii capitalurilor proprii (ROE) i
ratei rentabilitii economice (Re), pe de o parte, i
Nr. 1(133)/2016
performana bursier a companiei, evideniat de fondul

comercial (Gw), respectiv raportul dintre capitalizarea
bursier i activul net contabil al unei firme (M/BV), pe
de alt parte. De asemenea, am analizat existena unei
corelaii ntre capitalul intangibil al companiilor romneti
i auditorul contractat pentru evaluarea situaiilor
financiare anuale.
Populaia analizat este format din firmele romneti
cotate la Bursa de Valori Bucureti. La data nceperii
culegerii datelor, respectiv 15 noiembrie 2014, fceau
parte din aceast seciune 99 de companii, din care 17
apreau ca fiind nelistate, iar 15 erau bnci sau
fonduri de investiii. Astfel, n urma primului filtru, am
selectat 67 de companii. Eantionul final cuprinde ns
doar 55 de observaii, deoarece am eliminat din analiz:
6 companii care se aflau n procedura insolvenei, 4
firme cu capitaluri proprii negative i 2 companii pentru
care nu am identificat date disponibile.
n faza de culegere a datelor, am utilizat tehnici de
culegere mediat a datelor din alte rapoarte anuale
publicate de companii, iar n faza de prelucrare i
analiz a datelor am utilizat: analiza coninutului
comunicrii, care const n descrierea obiectiv,
sistematic, calitativ i cantitativ a coninutului unei
comunicri, studiul documentelor i analiza cantitativ.
Concret, metoda analizei de coninut se bazeaz pe
detectarea prezenei sau absenei unor informaii care
acoper diferite arii tematice.
Pentru prelucrarea i interpretarea datelor am utilizat
programul SPSS (Statistical Package for the Social
Sciences), versiunea 20.0.
Ipotezele de cercetare pe care am dorit s le testm
sunt urmtoarele:
H1: Exist o legtur direct ntre capitalul intangibil (IC)
i fondul comercial al firmei (Gw).
H2: Exist o corelaie direct, pozitiv ntre capitalul
intangibil (IC) i raportul dintre capitalizarea bursier
i activul net contabil al unei firme (M/BV);
H3: Exist o legtur direct ntre capitalul intangibil (IC)
i rata rentabilitii economice a ntreprinderii (Re).
H4: Capitalul intangibil este semnificativ mai mare la
companiile ale cror situaii financiare sunt auditate
de firme din grupul Big4 fa de ntreprinderile care
nu au contractat un auditor din grupul marilor firme
de audit;
H5: Capitalul intangibil este semnificativ mai mare la
companiile performante financiar, analizate prin
prisma valorilor ROA i ROE.
45
Dup cum am menionat anterior, am considerat c

fondul comercial reprezint diferena ntre capitalizarea
bursier i activul net contabil al firmei. Conform
reglementrilor contabile, fondul comercial se
recunoate, de regul, la consolidare i
reprezint diferena dintre costul de achiziie i valoarea
just, la data tranzaciei, a prii din activele nete
achiziionate de ctre o entitate. n situaiile financiare
anuale individuale, fondul comercial se poate
recunoate numai n cazul transferului tuturor activelor
sau al unei pri a acestora i, dup caz, i de datorii i
capitaluri proprii, indiferent dac este realizat ca urmare
a cumprrii sau ca urmare a unor operaiuni de fuziune.
Pentru ca fondul comercial s fie contabilizat distinct,
transferul trebuie s fie n legtur cu o afacere, reprezentat de un ansamblu integrat de activiti i active
organizate i administrate n scopul obinerii de profituri,
nregistrrii de costuri mai mici sau alte beneficii.
Capitalizarea bursier este egal cu numrul de aciuni
deinute de companie, nmulit cu valoarea cursului
bursier mediu din iunie 2014, considernd c acesta
reflect imediat influena informaiile raportate cu privire
la activitatea firmei din 2013 (fcute publice cel mai
adesea n aprilie-mai 2014).
Rata rentabilitii economice este egal cu raportul
procentual dintre rezultatul din exploatare i activul total
al companiei. Din punct de vedere al analizei, ratele de
rentabilitate au putere informaional sporit pentru c
de mrimea lor depind fundamentarea viitoarei politici
economico-financiare a ntreprinderii i comportamentul
investitorilor existeniali i poteniali. Pentru manageri,
care se preocup de rentabilizarea capitalului investit
prin intermediul activitii curente i independent de
activitile de natur financiar, rata rentabilitii
economice, determinat raportnd rezultatul din
exploatare la capitalul investit, are o semnificaie

cognitiv suficient (Mironiuc, 2006, p.366).
Rata rentabilitii financiare (rata rentabilitii capitalurilor
proprii), Return on Equity (ROE) reprezint msura
final a rentabilizrii resurselor pe care acionarii le-au
ncredinat ntreprinderii sub forma capitalului de risc. n
demersul nostru, am calculat rentabilitatea financiar a
firmelor analizate pe baza valorilor contabile nscrise n
situaiile financiare (rentabilitatea contabil a capitalurilor
proprii) (Mironiuc, 2006, p.379).
Return on assets (ROA), respectiv rentabilitatea
activelor este unul dintre principalii indicatori de
rentabilitate ai unei companii i msoar eficiena
utilizrii activelor, din punctul de vedere al profitului
obinut.
Rata rentabilitii capitalurilor proprii este egal cu
raportul procentual dintre rezultatul net al perioadei i
capitalurile proprii ale firmei, iar rata rentabilitii
activelor este dat de raportul procentual dintre
rezultatul net al perioadei i activul total al companiei.
Capitalul intangibil reprezint media aritmetic a valorilor
obinute pentru capitalul uman, relaional i cel
structural. Algoritmul de determinare a unei valori
estimative a capitalului uman, capitalului relaional i
respectiv a inovaiei este simplu: dac firma prezint
informaii complete cu privire la un criteriu este notat cu
1, dac nu prezint informaii primete 0 puncte, iar
dac prezint doar parial anumite informaii este notat
corespunztor: 0,25; 0,5 sau 0,75. n final, fiecare
component a capitalului intangibil va fi egal cu media
aritmetic a punctajelor obinute pentru fiecare criteriu
considerat. Criteriile analizate pentru calcularea valorilor
componentelor capitalului intangibil sunt redate n
Tabelul 2.
Tabel 2. Criterii ale capitalului intangibil

Criterii pentru
capital uman
Numrul i fluctuaia angajailor
Structura angajailor pe vrst i
studii
Formarea angajailor
Beneficii acordate salariailor
Satisfacia angajailor
Criterii pentru
capital relaional
Criterii pentru
inovaie
Cota de pia
Preocupare fa de mediul nconjurtor
Activiti de cercetare-dezvoltare
Investiii n active
Satisfacia clienilor
Programe sociale, donaii
Numr de brevete
Produse noi
Sursa: Proiecia autorilor
46
informaiilor privind capitalul intangibil inferior valorii de

0.5 (Tabelul 3).
REZULTATELE CERCETRII
Analiza descriptiv a variabilelor analizate
O prim analiz relev faptul c la nivelul ntreprinderilor
observate capitalul intangibil (IC) ia valori cuprinse ntre
0.07 i 0.82, 89.09% din firmele incluse n eantion,
caracterizndu-se printr-un grad de diseminare a
n ceea ce privete valorile obinute pentru fondul

comercial, majoritatea companiilor analizate se
caracterizeaz printr-un activ net contabil superior
capitalizrii bursiere, ceea ce implic valori negative ale
fondului comercial (badwill). De fapt, din cele 55 de
ntreprinderi studiate, doar 13 au valori pozitive ale
fondului comercial (goodwill).
Tabel 3. Descriptiv Statistic

N
Capital uman
Capital relaional
Inovaie
IC
Minimum
55
55
55
55
0.10
0.00
0.00
0.07
Maximum
0.80
0.88
1.00
0.82
Mean
Std. Deviation
0.2755
0.3565
0.4136
0.3485
0.15749
0.22382
0.31964
0.18869
Sursa: Prelucrare proprie, dup output-urile din SPSS
Testarea ipotezelor de cercetare

Pentru validarea primelor trei ipoteze de cercetare, am
aplicat testul de corelaie Pearson. Avnd n vedere c
tehnicile statistice parametrice pleac de la o serie de
condiii privind normalitatea i omogenitatea dispersiei
distribuiei rezultatelor subiecilor, am testat, n primul
rnd, normalitatea variabilelor analizate. Conform
rezultatelor testului de normalitate Kolmogorov-Smirnov,
att variabila IC, ct i variabila M/BV sunt distribuite
normal. Pentru celelalte dou variabile (fondul comercial
i rata rentabilitii economice) am apelat la logaritmarea
n baza natural, obinnd variabile distribuite normal.

Menionm faptul c prin logaritmare au fost eliminate
din studiu firmele care au valori negative ale fondului
comercial, respectiv ale ratei rentabilitii economice.
Asympt. Sig. ia valorile 0,112, 0,709, 0,874 i 0,821,
ceea ce nseamn c riscul de a respinge pe nedrept
ipoteza nul conform creia variabilele sunt distribuite
normal este de 11,2%, 70,9%, 87,4% i 82,1%. n toate
cazurile, riscul obinut este mai mare dect riscul admis
de 5%. Prin urmare, variabilele analizate sunt distribuite
normal (Tabelul 4).
Tabel 4. One-Sample Kolmogorov-Smirnov Test

N
Normal Parametersa,b
Most Extreme Differences
Mean
Std. Deviation
Absolute
Positive
Negative
Kolmogorov-Smirnov Z
Asymp. Sig. (2-tailed)
M/BV
IC
lnRe
lnGw
55
0,6816
0,45671
0,162
0,162
-0,081
1,201
0,112
55
0,3485
0,18869
0,095
0,095
-0,070
0,701
0,709
42
1,2140
1,12741
0,091
0,083
-0,091
0,592
0,874
13
17,5099
2,25637
0,175
0,175
-0,082
0.631
0.821
a. Test distribution is Normal.

b. Calculated from data.
Nr. 1(133)/2016
47
n continuare, am calculat coeficientul de corelaie

Pearson. Acesta relev legtura, variaia concomitent a
valorilor (Tabelul 5).
Tabel 5. Corelaia ntre capitalul intangibil i: fondul comercial, raportul dintre capitalizarea bursier i activul
net contabil i rata rentabilitii economice
Pearson Correlation
IC
Sig. (2-tailed)
N
*. Correlation is significant at the 0.05 level (2-tailed).
**. Correlation is significant at the 0.01 level (2-tailed).
IC
lnRe
lnGw
M/BV
0,442**
0,655*
55
0,003
42
0,015
13
0,350**
0,009
55
Conform output-ului din SPSS, testul de corelaie al lui

Pearson relev existena unor corelaii directe, de
intensitate ridicat ntre capitalul intangibil i logaritmul
fondului comercial (coeficientul Pearson este egal cu
0,655), precum i existena unor legturi directe, de
intensitate medie, ntre capitalul intangibil i raportul
dintre capitalizarea bursier i activul net contabil,
respectiv ntre capitalul intangibil i logaritmul ratei
rentabilitii economice (coeficientul Pearson ia valorile
0,350, respectiv 0,442).
Prin urmare, primele trei ipoteze de cercetare se
confirm: ntre capitalul intangibil i fondul comercial,
raportul dintre capitalizarea bursier i activul net
contabil i, respectiv, rata rentabilitii economice exist
legturi directe. Aceste rezultate sunt similare cu cele
din literatura de specialitate, exemplificate n Tabelul 1.
innd seama de faptul c variabilele ROA i ROE nu

sunt distribuite normal i c variabila referitoare la
categoria auditorului este una nominal, pentru testarea
ipotezelor de cercetare H4 i H5, am utilizat testul U a lui
Mann-Whitney pentru dou eantioane independente.
n funcie de valorile nregistrate de rentabilitatea
activelor i rentabilitatea capitalurilor proprii, am grupat
companiile n dou clase: companii performante i
companii neperformante. Folosind metoda rangurilor,
am putut concluziona c firmele care au nregistrat profit
se caracterizeaz prin valori semnificativ mai mari ale
capitalului intangibil. De asemenea, am constatat c
ntreprinderile ale cror situaii financiare sunt auditate
de auditori din grupul Big4 raporteaz un volum mai
mare de informaii referitoare la capitalul intangibil dect
celelalte companii. n Tabelul 6 prezentm rezultatele
testului U al lui Mann-Whitney pentru ipotezele 4 i 5.
Tabel 6. Rezultatele testului U al lui Mann-Whitney

Ipoteza H4
Ipoteza H5.1
Ipoteza H5.2
Test Statisticsa
Test Statisticsa
Test Statisticsa
IC
Mann-Whitney U1
234
Wilcoxon W
829
0,033
a. GroupingVariable: Auditor_Big4
Mann-Whitney U2
Wilcoxon W
a. GroupingVariable: ROA
IC
168
288
0,013
Mann-Whitney U3
Wilcoxon W
a. GroupingVariable: ROE
IC
168
288
0,013
Tabelul Test Statistics indic valorile testului U a lui

Mann-Whitney, acestea fiind egale cu 234, respectiv
168, ceea ce este semnificativ din punct de vedere
statistic la un nivel p=0,033, respectiv 0,013. Testul U
48
Mann-Whitney ne permite s afirmm c valoarea

capitalului intangibil este statistic semnificativ mai mare
la companiile ale cror situaii financiare sunt audiate de
auditori Big4 (U=234, N1=34, N2=21, p=0,033) i la
Tabelul 7 - Ranks indic faptul c rangul mediu dat

parametrului Capital intangibil pentru grupul firmelor care
au contractat serviciile unui auditor Big4 este de 33,86, iar
rangul mediu pentru al doilea grup (grupul firmelor ale
cror situaii financiare anuale nu sunt auditate de un
auditor din categoria Big4) este de 24,38, ceea ce
nseamn c valorile din grupul 1 au tendina s fie mai
mari dect cele din grupul al doilea. Analiza se face identic
pentru gruparea firmelor n funcie de criteriul performanei
financiare, reflectate de valorile ROA i ROE.
ntreprinderile care sunt performante, criteriul

performanei fiind analizat prin intermediul ratei de
rentabilitate a activelor i ratei de rentabilitate a
capitalurilor proprii (U=168, N1=15, N2=40, p=0,013).
E posibil ca auditorii din cadrul marilor firme de audit s
insiste pe prezentarea n notele explicative a unor
informaii complete i detaliate cu privire la elementele
din bilan, informaii preluate apoi i n rapoartele anuale.
Prin urmare, ipotezele de cercetare 4 i 5 sunt validate.
Tabelul 7. Ranks
IC
IC
IC
Auditor_Big4
Nu
Da
Total
ROE
ROE<0
ROE>0
Total
ROA
ROA<0
ROA>0
Total
N
34
21
55
N
15
40
55
N
15
40
55
Mean Rank
24,38
33,86
Sum of Ranks
829,00
711,00
Mean Rank
19,20
31,30
Sum of Ranks
288,00
1252,00
Mean Rank
19,20
31,30
Sum of Ranks
288,00
1252,00
CONCLUZII
Pornind de la rezultatele din literatura de specialitate,
ne-am propus s testm 5 ipoteze de cercetare
referitoare la corelaiile existente ntre capitalul
intangibil i performana financiar, reflectat prin
intermediul ratei rentabilitii activelor (ROA), ratei
rentabilitii capitalurilor proprii (ROE) i ratei
rentabilitii economice (Re), pe de o parte, i
performana bursier a ntreprinderii, evideniat de
fondul comercial, respectiv raportul dintre capitalizarea
bursier i activul net contabil al unei firme, pe de alt
parte. Totodat, am testat existena unei legturi ntre
capitalul intangibil al companiilor romneti i auditorul
contractat pentru evaluarea situaiilor financiare
anuale.
Testele statistice au artat, cu unele restricii
referitoare la distribuia normal a variabilelor, c la
nivelul eantionului analizat ipotezele de cercetare
se confirm: ntre capitalul intangibil i fondul
comercial pozitiv al firmelor romneti cotate la
Bursa de Valori Bucureti exist corelaii directe,
Nr. 1(133)/2016
semnificative, iar ntre capitalul intangibil i rata

rentabilitii economice, respectiv raportul ntre
capitalizarea bursier i activul net contabil al firmei
exist corelaii directe, de intensitate medie.
De asemenea, folosind metoda rangurilor, am putut
concluziona c firmele performante financiar, prin
prisma valorilor ratei rentabilitii activelor i ratei
rentabilitii capitalurilor proprii, se caracterizeaz prin
valori semnificativ mai mari ale capitalului intangibil.
Totodat, ntreprinderile ale cror situaii financiare
sunt auditate de auditori din grupul Big4 raporteaz un
volum mai mare de informaii referitoare la capitalul
intangibil dect celelalte companii.
Direciile viitoare de cercetare vor putea avea n
vedere extinderea analizei la un eantion de
dimensiuni mai mari i identificarea unor modele de
regresie care s explice valoarea capitalului
intangibil. De asemenea, se pot verifica i alte
posibile asocieri ntre volumul de informaii nonfinanciare publicate de firme i indicatori ai
performanei.
49
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P.M. (2015), Intellectual capital dimensions: state
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Vol. 16, Iss 1 pp. 58 100.
13. Gruian, C.M. (2011), The influence of intellectual
capital on Romanian companies financial
performance, Annales Universitatis Apulensis
Series Oeconomica, Vol. 2, No. 13, pp. 260-272.
14. Guthrie, J., Petty, R., Yongvanich, K., Ricceri, F.
(2004), Using content analysis as a research
method to inquire into IC reporting, Journal of
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Intellectual Capital. Measuring Intangible Capital: a
review of current practices. Australian Accounting
Review; Jul 2005; 15, 2; ProQuest Central, p. 18.
16. Janosevic, S., Dyenopoljac, V., Bontis, N. (2013),
Intellectual Capital and Financial Performance in
Serbia, Knowledge and Process Management, vol.
20, no.1, pp.1-11.
17. Javornik, S., Tekavcic, M., Marc, M. (2012), The
Efficiency Of Intellectual Capital Investments As A
Potential Leading Indicator, International Business
& Economics Research Journal, vol. 11, no. 5, pp535-558.
18. Kamath, G. B. (2008). Intellectual capital and
corporate performance in Indian pharmaceutical
industry. Journal of Intellectual Capital, Vol. 9, No.
4, pp. 684-704.
19. Lev, B., Zarowin, P. (1999), The boundaries of
financial reporting and how to extend them, Journal
of Accounting Research, Vol. 37, No. 2, pp. 353-85.
20. Marr, B., Gray, D., Neely, A. (2003), Why do firms
measure their intellectual capital, Journal of
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performance in the case of Romanian public
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intellectual coefficient (VAIC): a critical analysis,
Journal of Intellectual Capital, Vol. 12, No. 4, pp.
531-551.
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practices: a four-region comparative study, Journal
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32. Vandemaele, S.N., Vergauwen, P.G.M.C., Smits,
A.J., (2005), Intellectual capital disclosure in The
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and comparative study, Journal of Intellectual
Capital, Vol. 6, No. 3, pp. 417-26.
33. Vishnu, S., Gupta, K.V (2014), Intellectual capital
and performance of pharmaceutical firms in India,
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34. Wang, J.C. (2008), Investigating market value and
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accesat la data de 06.11.2015.
51
Audit financiar,
XIV,Doina
Nr. 1(133)/2016,
52-62
Elena
DASCLU
ISSN: 1583-5812; ISSN on-line: 1844-8801
Un nou model
al auditului
extern, bazat
pe utilizarea
datelor
deschise
Rezumat
Articolul i propune un dublu scop: (1) o evaluare din
perspectiv multipl a conceptelor de deschidere a
guvernelor i de deschidere a datelor, n contextul
evoluiilor din procesele emergente de reform a actului
de guvernare, la care se adaug (2) o cercetare a
impactului pe care adoptarea acestor concepte n plan
operaional l poate avea asupra auditului extern. n
ceea ce privete conceptele menionate, sunt expuse
notele definitorii, mpreun cu elementele cheie i se
realizeaz o caracterizare a noilor abordri din
perspectiv teoretic, focalizarea fiind pe schimbarea de
paradigm n tratarea auditului pe care acestea o atrag.
n plan practic, n articol este prezentat o soluie de
utilizare a datelor deschise ntr-un model de auditare
caracterizat de noi metode i tehnici de auditare, bazate
preponderent pe tehnologia informaiei (audit la distan,
audit online, e-audit).
Prof. univ. dr. Elena Doina DASCLU,
n legtur cu cea de a doua problematic abordat n

articol, autorul propune evaluarea impactului pe care
adoptarea i implementarea unui cadru nou de auditare,
construit pe utilizarea datelor deschise, l are asupra
actului de guvernare (articolul include i o sintez a unor
cercetri i puncte de vedere expuse n publicaii de
specialitate).
Facultatea de tiine Economice,

Universitatea Spiru Haret Bucureti, Romnia,
e-mail: doina.dascalu@rcc.ro
Cuvinte-cheie: guvernare deschis, date deschise,

sectorul public, seturi de date, portalul datelor deschise,
modele de auditare, e-audit
Clasificare JEL: C54, E62, H68
52
Un nou model al auditului extern, bazat pe utilizarea datelor deschise
Introducere
Deschiderea la nivelul actului de guvernare i
deschiderea la nivelul datelor reprezint un proces dirijat
de schimbare n sectorul public, care pune nevoile
cetenilor i ale mediului de afaceri n centrul actului de
guvernare i asigur un impact semnificativ i cu
caracter transformator asupra eficienei i eficacitii
guvernelor.
Nu exist o definiie unic acceptat pentru
guvern/guvernare deschis/deschis, dei pot fi
remarcate multe elemente comune n definiiile cu care
se opereaz n mod curent, care se pot sintetiza n
urmtoarele caracteristici: transparena aciunilor
guvernamentale, accesibilitatea serviciilor i a
informaiei guvernamentale, precum i capacitatea de
rspuns a guvernului fa de noi idei, cerine i nevoi.
Dezvoltarea exploziv a domeniului tehnologiei
informaiei i comunicaiilor (TIC) a permis evoluia
procesului de reform a actului de guvernare printr-o
tranziie dirijat ctre deschiderea guvernelor i a
datelor. Aceasta implic reproiectri de substan ale
sistemului informatic (IT), pentru ca acest sistem s fie
capabil s satisfac noile cerine - care presupun
modificri fundamentale (cu mult mai mult dect
furnizarea online a serviciilor) - i s genereze beneficii
pentru ceteni, sectorul public, mediul de afaceri i
pentru alte pri interesate.
Punerea n aplicare a politicilor de deschidere a datelor
constituie o provocare-cheie pentru domenii diverse:
politic, tehnic, economic i financiar, organizaional,
cultural, juridic i se raporteaz, n principal, la patru
obiective majore1: (1) publicarea online a informaiilor de
interes public, n formate deschise; (2) mbuntirea
calitii informaiilor publice; (3) crearea i
instituionalizarea unei culturi a guvernrii deschise i
(4) crearea unui cadru de politici publice pentru
guvernare deschis.
Stadiul cunoaterii
Cercetarea are la baz o documentare extins, fiind
fundamentat din punct de vedere tiinific pe un material
bibliografic cuprinztor i relevant (prezentat n
1Open
Data Initiative, http://www.whitehouse.gov/open
Nr. 1(133)/2016
referinele bibliografice). Bibliografia cuprinde cri,

documentaii de specialitate, articole, studii, acte
legislative i standarde, avnd ca surs att literatura de
specialitate romn, ct i cea strin. Sursele au o mare
varietate i un coninut multidisciplinar.
Punctul de plecare l constituie directiva privind
guvernarea deschis, adoptat de administraia Obama
n anul 2009, care a continuat cu Parteneriatul pentru
Guvernare Deschis (OGP),o iniiativ multilateral
lansat de preedintele SUA, Barack Obama, i de
premierul britanic, David Cameron, n anul 2011. Scopul
iniiativei a fost acela de a ncuraja guvernele s fie pe
ct este posibil de deschise i transparente n ceea ce
privete aciunile lor. n anul 2013 a fost lansat, n
aceeai formul, iniiativa Parteneriatul pentru Datele
Deschise (ODP).
n anul 2012, n Marea Britanie, guvernul a nfiinat
Institutul pentru Datele Deschise (Open Data Institute ODI), care acioneaz pentru evoluia datelor deschise
prin furnizarea de fonduri de asisten pentru lansare,
prin organizarea de cursuri de instruire, prin certificare i
conferine. n micarea spre deschiderea guvernelor, o
contribuie important o are i guvernul olandez. n
prezent, la Parteneriatul pentru Guvernare Deschis
particip 65 de ri.
Uniunea European a deschis drumul valorificrii
informaiilor produse de instituiile sale i cele publice ale
statelor membre odat cu deschiderea pe care a oferit-o
prin iniiativa O agend digital pentru Europa, inclus n
Strategia 2020, menit s accelereze dezvoltarea de
reele de internet de mare vitez i s permit publicului
s beneficieze pe deplin de avantajele pieii unice
digitale.
Agenda digital este documentul care include subiectul
datelor deschise, cu o puternic focalizare pe generarea
de valoare prin reutilizarea unor date specifice produse
de administraiile publice. Uniunea European (UE) s-a
implicat n asigurarea unui cadru legislativ care s
favorizeze reutilizarea informaiilor publice prin emiterea
Directivei 2003/98/EC privind reutilizarea informaiilor din
sectorul public (Directiva PSI2 a informaiei din sectorul
public) care prevede modul n care autoritile publice
trebuie s fac documentele disponibile pentru
Public Sector Information
53
Elena Doina DASCLU
reutilizare i stabilete o serie de criterii care se aplic

instituiilor din sectorul public
Prin Decizia Comisiei Europene privind reutilizarea
documentelor Comisiei 2011/833/EU, se face un pas
suplimentar ctre construcia unui portal de date ca un
unic punct de acces la documentele disponibile pentru
reutilizare.
n anul 2013, Directiva 2003/98/EC a fost modificat i
aprobat de Parlamentul European i Consiliu, prin
Directiva 2013/37/EU, care stipuleaz obligaiile cu
privire la accesul la documente sau obligaia de a
permite reutilizarea documentelor i recomand:
distribuirea informaiilor prin mijloace electronice,
propune un numr minim de reguli pentru a pune la
dispoziie informaia produs de instituiile publice i
ageniile guvernamentale i specific drepturile
persoanelor fizice i juridice cu privire la reutilizare. Prin
revizuirea Directivei se urmresc, de asemenea,
stimularea utilizrii informaiilor din sectorul public n
mediul de afaceri i o abordare unitar la nivelul pieei
comunitare.
Comisia a anunat, totodat, angajamentul total pentru a
dezvolta o strategie european de publicare i reutilizare
a datelor din sectorul public rezultate din activitatea
instituiilor europene i a statelor membre, prin
publicarea seturilor de date produse i deinute de nsi
Comisia European. Aceast aciune a fost menit s
ofere ca rezultat final o implementare a unui portal de
date deschise al Comisiei, precum i un set de servicii
de tip suport pentru operaiunile acestui portal, pe o
platform care va reuni 39 de ri europene. Prin
intermediul portalului de date deschise, Comisia
European intenioneaz s pun n valoare potenialul
economic al datelor publice, care este estimat la peste
40 de miliarde de euro pe an, ctiguri provenind din
reutilizarea datelor publice.
Un exemplu elocvent privind asigurarea de ctre UE a
cadrului legislativ referitor la furnizarea i utilizarea
datelor deschise l constituie Directiva 2007/2/CE a
Parlamentului European i a Consiliului de instituire a
unei infrastructuri pentru informaii spaiale n
Comunitatea European (Inspire) care impune statelor
membre ale UE s fac disponibile informaii geografice
pe 34 teme, iar armonizarea acestora s permit
reutilizarea datelor prin intermediul standardelor
deschise. Aceasta ar conduce la crearea unei adevrate
piee unice pentru coninut digital i servicii online
54
(servicii web ale UE sigure i fr frontiere i piee de

coninut digital) care s beneficieze de niveluri ridicate
de securitate i ncredere, de un cadru echilibrat de
reglementare cu regimuri clare de drepturi, de
consolidarea licenelor multiteritoriale, de protecie i
remuneraie adecvate pentru deintorii de drepturi i de
un sprijin activ n vederea digitalizrii bogatului
patrimoniu cultural european i a modelrii guvernrii
globale a internetului. De asemenea, se promoveaz
dezvoltarea i utilizarea unor servicii online moderne i
accesibile.
Aderarea Romniei, nc din anul 2011, la Parteneriatul
pentru Guvernare Deschis s-a materializat n
angajamentele iniiale, asumate prin Memorandumul de
aprobare a primului Plan naional de aciune (iulie 2012
iunie 2014), care s-au concretizat prin msuri privind
deschiderea datelor publice i ncurajarea dialogului
ntre reprezentanii administraiei publice i societatea
civil. n prezent, se implementeaz al doilea Plan de
aciune (iulie 2014 iunie 2016), prin care se reafirm
angajamentele Romniei cu privire la respectarea
principiilor de baz ale Parteneriatului pentru Guvernare
Deschis.
Pentru lansarea Planului, s-au desfurat o serie de
activiti pregtitoare: organizarea unor dezbateri
publice despre deschiderea administraiei i a actului de
guvernare, la care particip reprezentani ai
administraiei, societii civile, sectorului public i privat,
mediului academic i ai altor pri interesate, precum i
lansarea Coaliiei pentru Date Deschise, alctuit din
cinci organizaii non-guvernamentale care promoveaz
publicarea datelor n format deschis.
Cadrul legal favorabil guvernrii deschise n Romnia a
fost ntrit prin adoptarea Legii nr. 109/2007 privind
reutilizarea informaiilor din instituii publice, ca rezultat
al aderrii Romniei la Uniunea European.
n ceea ce privete furnizarea i utilizarea datelor
deschise, din perspectiva instituiilor supreme de audit
se constat c exist un interes crescut pentru studierea
cerinelor i condiiilor de implementare relative la un
cadru metodologic i procedural asociat pentru audit,
precum i pentru cuantificarea efectelor antrenate de
datele deschise (inclusiv prin elaborarea unor
instrumente de evaluare).
Dup lansarea parteneriatelor pentru guvernele
deschise i datele deschise, instituiile supreme de audit
din rile care au nregistrat un progres semnificativ n

aciunile de deschidere a guvernelor i a datelor (de
exemplu, din Marea Britanie i Olanda) au desfurat
audituri pentru evaluarea stadiului i a modului de
implementare a programelor guvernamentale referitoare
la acest domeniu care sunt prezentate n articol:
1. Oficiul Naional de Audit al Marii Britanii1, NAOUK, a publicat n anul 2012 dou rapoarte referitoare
la deschiderea guvernelor i a datelor: (a) Raportul
referitor la proiectul pentru date deschise al
guvernului britanic i (b) Raportul privind
implementarea transparenei - revizuire transversal
la nivelul guvernului.
a) n primul raport, NAO a fcut o evaluare a
stadiului proiectului, referindu-se la urmtoarele
aspecte: seturi de date, costuri, grija fa de
ceteni, stimularea inovrii n mediul de
afaceri, oportuniti.
Subliniem c, potrivit acestui raport, Marea
Britanie are 8300 seturi de date, n comparaie
cu 5786 seturi de date de pe portalul
Executivului american (SUA), devenind,
probabil, cel mai mare portal open data dintre
cele deinute de guvernele din ntreaga lume.
b) n cel de al doilea raport, Cross-government
review - Implementing Transparency, realizat n
anul 2012, Oficiul Naional de Audit al Marii
Britanii a prezentat rezultatele unui audit al
performanei privind promovarea transparenei
(ca efect al deschiderii datelor) n cadrul
guvernului (Cabinet Office - cel mai avansat n
Barometrul Open Data), punnd accent, pe de
o parte, pe rezultatele activitii formulate n
termeni de valoare pentru bani i, pe de alt
parte, pe impactul pe care promovarea
transparenei l-a avut asupra publicului.
Guvernul Marii Britanii a desfurat aciuni coordonate
pentru promovarea transparenei, n plan economic;
acestea au contribuit cu 16 miliarde lire sterline anual, la
nivelul anului 2012, pentru economia Marii Britanii, ceea
ce a reflectat faptul c datele publice au valoare
economic i au capacitatea de a contribui la
maximizarea creterii economice.
Creterea semnificativ a cantitii i diversificarea
tipurilor informaiilor din sectorul public a sprijinit
1
National Audit Office UK
Nr. 1(133)/2016
obiectivele, de o responsabilitate tot mai mare, privind

mbuntirea serviciilor destinate publicului, punnd
accent pe calitatea serviciilor i, implicit, pe valoarea
social a acestora. Valoarea guvernrii publice s-a
reflectat n mbuntirea responsabilitii, a
transparenei, a capacitii de reacie i a controlului
democratic.
2. Curtea de Conturi a Olandei a urmrit ndeaproape
evoluia guvernului olandez, care a nregistrat o
ascensiune remarcabil n domeniile deschiderii
guvernului i deschiderii datelor. De asemenea,
Curtea a evaluat problematica menionat pe plan
internaional i poziia Olandei fa de alte state
avansate i a elaborat dou rapoarte cu privire la
evalurile proprii, n anii 2014 i 2015.
Astfel, fa de anul 2014, nivelul de date deschise
disponibile nu a crescut substanial, iar instituiile publice
folosesc propriile site-uri n locul portalului
guvernamental cu date deschise, consecina fiind aceea
c datele devin, n acest fel, fragmentate i prtinitoare,
iar accesul nu se face printr-un punct unic de contact.
De asemenea, lipsesc date legate de procesele
guvernamentale i de finanele publice, date care s
permit publicului s monitorizeze propriul guvern (prin
urmare, deficit de transparen a informaiilor).
Avnd date deschise privind cheltuielile publice i date
relative la performan, guvernul furnizeaz posibilitatea
unei vizualizri mai bune a propriilor fluxuri de numerar
i a calitii serviciilor publice. Acest lucru ajut,
totodat, Parlamentul, s monitorizeze datele deschise
referitoare la operaiunile interne ale organizaiilor
guvernamentale, s opereze comparaii ntre ele i s
identifice oportuniti pentru economii. De asemenea,
anumite rapoarte pot oferi o perspectiv asupra
veniturilor i cheltuielilor pentru un numr de categorii
standard de costuri.
Relativ la situaia internaional, raportul Curii de
Conturi a Olandei menioneaz, ca bun practic,
exemplul Albaniei, care public sub forma datelor
deschise, prin intermediul biroului Trezoreriei Centrale,
n mod transparent, informaii despre cheltuielile publice
la nivel de tranzacie.
n ceea ce privete disponibilitatea informaiilor,
prezentm o diagram de furnizare a datelor deschise,
sub forma seturilor de date aferente domeniilor:
legislativ, educaie, transport public, buget, mediu,
criminalitate, comer internaional, fond funciar, camera
55
Elena Doina DASCLU
Olanda se afl n top cinci (census.okfn.org) sau top

zece (opendatabarometer.org). Figura 1 reflect
scorurile pentru furnizarea datelor deschise ntr-o serie

de domenii importante (anul n 2013).
Figura 1. Disponibilitatea datelor deschise n anul 2013 (opendatabarometer.org) pentru Olanda
Sursa: Curtea de Conturi a Olandei, Raport cu privire la tendinele referitoare la Datele Deschise, 2014
Cercetrile desfurate pentru proiectarea unui model
nou al auditului extern, asociat schimbrii de paradigm
rezultate din abordarea orientat pe date deschise (ea
nsi subiect de cercetare), se nscriu n categoria
cercetrilor avansate i se focalizeaz pe modificrile de
coninut ale unor etape clasice ale auditului (n principal
planificarea i execuia auditului), implicnd reingineria
arhitecturilor de auditare i a cadrului metodologic i
procedural clasic. n articol se propune, ntr-o abordare
original, un nou model al auditului extern bazat pe
utilizarea datelor deschise; modelul propus
implementeaz proceduri care utilizeaz preponderent
tehnologiile informaiei i comunicaiilor, pentru
accesarea i reutilizarea seturilor de date deschise ale
instituiilor publice, disponibile pe portalul guvernamental
(www.data.gov.ro). Acest model, implementeaz, de
asemenea, metode avansate de audit la distan (audit
online, e-audit).
n cadrul cercetrii documentare au fost incluse studii i
analize privind cadrul conceptual, arhitecturile de
56
referin, metodele i tehnicile specifice, precum i

particularitile care induc schimbri radicale n
desfurarea misiunilor de audit ntr-un mediu digital.
Cercetrile avnd ca obiect utilizarea datelor deschise n
auditul extern au fost iniiate ca urmare a orientrilor i
preocuprilor evideniate n legtur cu acest subiect n
cadrul unor evenimente internaionale de prim
importan: cel de-al IX-lea Congres EUROSAI1 (Haga,
Olanda, 2014) - care a avut ca tem central inovarea i
cea de-a VIII-a Conferin EUROSAI-OLACEFS2 (Quito,
Ecuador, 2015), punndu-se accent pe rolul instituiilor
supreme de audit n susinerea demersurilor de
promovare a deschiderii guvernelor i a datelor, a
transparenei i a bunelor practici n administraia
public.
1
2
European Organisation of Supreme Audit Institutions

Grupurile regionale ale INTOSAI din Europa, America Latin
i Caraibe; la acest eveniment a participat i o delegaie a
Curii de Conturi a Romniei
n ceea ce privete stadiul cercetrilor, contextul practic

de aplicare i evaluare a domeniului datelor deschise,
au fost investigate rapoarte de cercetare i articole
elaborate de instituii ale Uniunii Europene sau de
instituii internaionale care se afl ntr-un stadiu avansat
n acest domeniu, precum i metodologii i instrumente
de evaluare specifice domeniului.
Rezultatele demersului tiinific se vor concretiza n
crearea unui cadru metodologic, procedural i
instrumental original pentru audit extern, bazat pe
utilizarea datelor deschise, compatibil cu nivelul tiinific
internaional, care va putea fi valorificat n plan practic la
Curtea de Conturi a Romniei, precum i n colaborarea
tiinific i cooperarea n domeniul auditului cu instituii
supreme de audit partenere.
Articolul prezint i analizeaz subiecte de mare interes
i actualitate i propune soluii practice, originale pentru
anumite probleme deschise i conine att elemente cu
caracter de cercetare fundamental, ct i elemente cu
caracter de cercetare aplicativ. Problematica este
tratat prin prisma impactului pe care l are utilizarea
datelor deschise asupra auditului extern, precum i
decelarea efectelor acestei abordri n plan socioeconomic.
Utilizarea datelor deschise

Datele deschise reprezint informaii sau nregistrri
stocate n mod electronic (documente, baze de date cu
contracte, transcrieri de audieri i nregistrri audio /
vizuale de evenimente) i sunt adesea asociate
cerinelor de transparen a activitii autoritilor
publice. Datele deschise reprezint cel mai modern
cadru i standard internaional de definire a
transparenei specifice bunei guvernri. Sunt date uor
de citit i reutilizabile pe calculator, fr restricii. n cazul
datelor publice, acestea sunt furnizate cu titlu gratuit i
pot fi generate de o gam larg de actori: guvern,
sectorul public, mediul de afaceri i publicul.
Din punct de vedere conceptual, datele pot fi vzute la
cel mai sczut nivel de abstractizare de la care
informaiile i apoi cunotinele sunt derivate.
Fenomenul de amplificare a volumului de date i
constituirea acestora n masive de date provenind din
seturi de date disponibile produse de diferite surse, a
fcut ca utilizatorii s devin mai contieni de valoarea
care se poate obine prin combinarea i legarea de
seturi de date diferite, produse de diferii actori, att din
mediul privat, ct i din sectorul public.
Nr. 1(133)/2016
De ce ar trebui ca datele guvernamentale s fie

deschise? Se pot reine trei motive principale:
transparen, eliberarea de valoare social i comercial
i guvernare participativ.
Orientarea pe valoarea social i economic a datelor
semnaleaz o schimbare de paradigm a modelului
economic, fa de cel bazat pe valoarea de utilizare a
datelor, semnificative ca volum, dinamic i varietate a
informaiilor.
Model al auditului extern bazat pe

utilizarea datelor deschise
n contextul deschiderii guvernelor i a datelor
guvernamentale, instituiile supreme de audit sunt
chemate s joace un rol vital, cel puin pe dou planuri:
(1) auditarea modului n care au fost implementate
programele i proiectele guvernamentale referitoare la
deschidere, i (2) utilizarea seturilor de date deschise ca
date de intrare n activitile de audit n diferite domenii
(finane, sntate, nvmnt, cultur, mediu,
administraia local etc.) i n diferite categorii de audit
(nivelul entitilor auditate i tipurile de audit urmnd a fi
adaptate n consecin).
Auditurile ar putea s rspund, n urma analizei
seturilor de date, la o serie de ntrebri care prezint un
real interes pentru public:
Cum se cheltuiesc banii n administraia public;
Dac fondurile sunt epuizate;
Care sunt plile pentru diferite servicii;
Ci bani se primesc de la o instituie specificat
ntr-o perioad de timp;
Ci bani se cheltuiesc n fiecare instituie;
Ci bani se cheltuiesc n fiecare instituie ntr-o
anumit perioad.
Arhitectura de auditare propus n acest articol
reprezint un proiect original, care implic schimbri
majore n abordarea auditului extern, cu un dublu
impact: att n ceea ce privete managementul
auditului i rolul auditorului, ct i n ceea ce privete
planul metodologic i procedural. O mare parte a
procedurilor clasice de auditare vor fi nlocuite cu
proceduri capabile s asigure auditarea documentelor
electronice (sub forma datelor deschise) care necesit
proceduri de tratare specifice. Aceast abordare
57
Elena Doina DASCLU
comport riscuri majore care decurg n principal din

caracterul dematerializat al informaiilor coninute de
seturile de date deschise.
a)
Echipa de audit, care utilizeaz infrastructura IT a

Curii de Conturi, colecteaz informaii privind
entitatea auditat direct de pe portalul
guvernamental www.data.gov (Portalul Open
Data), unde sunt publicate seturile de date
furnizate de instituiile publice.
Implementarea noului model al auditului trebuie s aib

n vedere o gam vast de probleme specifice asociate
acestui domeniu, care necesit o tratare special:
asigurarea calitii datelor deschise, pregtirea auditorilor pentru acest demers, reproiectarea managementului auditului, asigurarea calitii auditului, asigurarea
suportului instrumental i metodologic pentru auditare,
securitatea informaiei, continuitatea sistemelor.
b)
n funcie de obiectivele auditului, informaiile obinute sub forma datelor reutilizabile - sunt
analizate i prelucrate, constituind un suport
preliminar pentru formularea constatrilor.
c)
Arhitectura general de auditare bazat pe utilizarea

datelor deschise publicate pe portalul guvernamental,
propus de autor, este reprezentat n Figura 2.
Funcionalitatea asociat se realizeaz printr-o
procedur generic n trei pai:
Constatrile auditului vor fi consolidate cu ajutorul

informaiilor colectate de pe site-urile web ale
instituiilor publice implicate n audit sau din teren.
Aceast arhitectur de audit susine implementarea unor

metode moderne de audit: audit la distan, audit online,
audit continuu, e-audit.
Figura 2. Arhitectura general de auditare bazat pe date deschise
Din punct de vedere operaional, modelul auditului are

asociate dou componente funcionale: (1) auditarea
modului de implementare a programelor i proiectelor
guvernamentale referitoare la deschiderea guvernrii i
a datelor guvernamentale, i (2) auditarea bazat pe
utilizarea seturilor de date deschise.
58
Aceste componente pot fi abordate n manier integrat

sau n mod independent.
Implementarea unei arhitecturi pentru auditare bazate
pe utilizarea datelor deschise are un impact deosebit
att asupra organizrii i monitorizrii activitii de audit,
ct i asupra entitilor auditate, cele mai semnificative

efecte fiind: (a) furnizarea informaiei n timp real; (b)
depistarea la timp a erorilor prin posibilitatea corelrii
rapide a informaiilor; (c) obinerea unor informaii mai
bogate i mai relevante, prin investigaii i agregri ale
seturilor de date; (d) modernizarea activitii de audit:
standardizarea procedurilor, schimbarea coninutului i
stilului muncii, schimbri de mentalitate, creterea
calitii auditului; (e) creterea operativitii n
prezentarea rapoartelor; (f) instruirea personalului n
tehnologii moderne; (g) schimbarea naturii activitii prin
automatizarea unor proceduri; (h) creterea eficienei i
calitii auditului prin utilizarea tehnologiei informaiei.
n continuare, analizm pe scurt componentele
funcionale ale modelului de auditare bazat pe utilizarea
datelor deschise.
1. Auditarea modului de implementare a

programelor i proiectelor
guvernamentale referitoare la deschiderea
guvernrii i a datelor guvernamentale
Auditarea modului n care au fost implementate
programele i proiectele guvernamentale privind
deschiderea guvernrii i a datelor guvernamentale
constituie (sau, n tot cazul, ar trebui s devin) o
contribuie foarte important la susinerea i
impulsionarea guvernelor n satisfacerea imperativelor
actului de guvernare i, implicit,n realizarea
dezideratelor prioritare ale comunitilor i cetenilor i
se desfoar sub forma unui audit al performanei.
Obiectivele principale includ: creterea rspunderii n
gestionarea fondurilor publice; asigurarea transparenei
operaiunilor guvernamentale; stimularea creterii
economice; mbuntirea serviciilor i capacitii de
reacie a administraiei guvernamentale; mbuntirea
relaiilor cu publicul i a atitudinii acestuia fa de
administraie; creterea calitii datelor i proceselor
guvernamentale prin ncurajarea reutilizrii datelor.
2. Utilizarea seturilor de date deschise

n audit
Sintetiznd elementele prezentate n seciunile
anterioare, se pot formula un numr de ipoteze i
concluzii, cu caracter mai mult sau mai puin general sau
aplicativ, n ceea ce privete impactul dezvoltrii datelor
guvernamentale deschise asupra tipurilor i arhitecturilor
de audit:
Nr. 1(133)/2016
(a) Avnd n vedere stadiul incipient i gradul de

maturitate ale implementrilor guvernrii deschise i
ale furnizrii datelor guvernamentale deschise, stadiu
n care se constituie infrastructuri i seturi de date,
nu au fost identificate abordri sau modele de
referin aparinnd instituiilor supreme de audit
referitoare la utilizarea seturilor de date deschise
aparinnd diferitelor domenii (finane, sntate,
nvmnt, cultur, mediu, administraia local etc.),
ca date de intrare n activitile de audit.
b) Se pot semnala ns, n cadrul auditurilor referitoare
la modul de implementare a datelor deschise,
evaluri referitoare la asigurarea fluxurilor de lucru
adecvate pentru a colecta, integra, valida, pune n
circulaie, actualiza i promova reutilizarea datelor
sau pentru a susine reutilizarea datelor. De
asemenea, se pot analiza (utiliza) seturi de date i
pentru evaluarea conformitii cu principiile
referitoare la datele guvernamentale deschise. n
astfel de cazuri, seturile de date deschise pot fi
utilizate pentru efectuarea unor teste de audit.
c) Seturile de date ale instituiilor publice incluse n
portalul de date deschise al guvernului reprezint o
surs de date complementar pentru audit, care
poate furniza, n principiu, informaii de o mare
diversitate despre o entitate auditat. De asemenea,
printr-o reutilizare adecvat, seturile de date
aparinnd unor domenii diferite se pot combina n
funcie de scopul urmrit, conducnd la concluzii a
cror complexitate n-ar putea fi atins prin auditarea
clasic. n acest mod se pot efectua audituri
ncruciate bazate pe utilizarea datelor deschise. n
funcie de perioada auditat, unele pri ale
auditurilor se pot efectua de la distan, reducnduse timpul dedicat muncii de teren.
d) Auditarea bazat pe utilizarea de date deschise se
poate desfura, n general, sub urmtoarele forme:
(1) Auditul setului de date deschise furnizat de o
entitate (setul conine date referitoare la un
domeniu bine definit: finane, sntate,
nvmnt, statistic, transporturi, asisten
social, piaa muncii, cadastru i altele). Scopul
auditului este acela de a formula constatri i
concluzii, obinute ca urmare a analizei i
prelucrrii setului de date prin prisma unor
criterii impuse de obiectivele auditului i de
specificul domeniului auditat.
59
Elena Doina DASCLU
(2) Auditul nregistrrilor stocate n seturi de date

deschise provenind din surse eterogene
(entiti diverse). Scopul auditului este de a
formula constatri i concluzii obinute ca
urmare a analizei i prelucrrii seturilor de date
individuale i a unor combinaii logice ale
acestora, prin prisma unor criterii impuse de
obiectivele auditului i de specificul domeniului
auditat. n urma analizei i interpretrii
rezultatelor, pe baza unor criterii impuse de
audit, se obin seturi noi de date care pot fi
comparate prin interpretare uman pentru a fi
detectate posibile nereguli sau inconsistene.
Prelucrarea neconcordanelor se realizeaz
prin analiza noilor seturi de date i interpretarea
rezultatelor pentru identificarea diferenelor sau
a neconcordanelor fa de rezultatul ateptat.
n multe cazuri, este necesar efectuarea unor
investigaii suplimentare prin consultarea unor
seturi de date adiionale. n urma investigaiilor
fcute asupra seturilor de date, se obin toate
informaiile necesare (inclusiv de natur
istoric) pentru a face un raionament privind
legalitatea operaiunilor. Finalizarea
investigaiilor se concentreaz pe: analiza,
corelarea i interpretarea constatrilor i
formularea concluziilor i recomandrilor.
Pentru lansarea unor misiuni de audit bazate pe utilizarea
datelor deschise, este necesar s se determine n
prealabil, gradul de credibilitate al datelor pentru seturile
de date utilizate n audit i certificarea coninutului digital.
Unul dintre obiectivele auditului este s se analizeze
starea de fapt a seturilor de date ce pot fi candidate la
includerea n portalul datelor deschise, s se determine
gradul de credibilitate a datelor pentru fiecare dintre
seturi, dac sunt corespunztoare din punctul de vedere
al completitudinii, corectitudinii, actualizrii la zi, dac sunt
colectate de la surs; sunt disponibile la timp; sunt
accesibile; permit procesarea pe main; sunt disponibile
pentru oricine, fr discriminare i fr drept de
proprietate, dac sunt libere de licen. n acest scop,
misiunile de audit trebuie s includ o revizuire a
conformitii principiilor privind datele deschise.
Prevenirea i combaterea evaziunii fiscale, respectiv
asigurarea condiiilor pentru ncasarea integral i la
timp a veniturilor la bugetul de stat, prin stimularea
dezvoltrii i extinderea utilizrii datelor deschise
referitoare la bunurile i veniturile contribuabililor,
60
constituie un subiect de mare interes i un domeniu n

care se pot desfura audituri de amploare, prin
utilizarea seturilor de date ale instituiilor administraiei
publice care dein informaii despre contribuabili. Un
astfel de audit reprezint un model complex de
valorificare a datelor guvernamentale deschise, cu
impact favorabil semnificativ n ceea ce privete
valoarea economic i valoarea social obinute prin
utilizarea datelor deschise.
Desfurarea unui audit privind utilizarea datelor
deschise n vederea gestionrii, partajrii i administrrii
informaiei fiscale (necesare pentru ANAF) are ca
obiectiv: recuperarea eficient a debitelor restante,
precum i prevenirea i combaterea evaziunii fiscale,
respectiv asigurarea condiiilor pentru ncasarea
integral i la timp a veniturilor la bugetul de stat.
Urmrind, n subsidiar, i accelerarea implementrii unor
programe care s permit extinderea furnizrii datelor
deschise, auditul este necesar i poate aduce valoare
prin stabilirea de msuri de susinere a identificrii ruplatnicilor, pe de o parte, i de recuperare eficient a
debitelor restante, pe de alt parte. n acest context,
misiunea de audit ar reprezenta, totodat, i un demers
de evaluare i de impulsionare a factorilor implicai n
reforma i gestiunea sistemului fiscal, n ceea ce
privete creterea stabilitii acestuia prin clarificarea
unor aspecte metodologice i a procedurilor aplicate,
printr-o mai bun monitorizare, prin accelerarea
implementrii de programe care s permit utilizarea
datelor deschise ale instituiilor publice.
Prin combinarea informaiilor din seturile de date i
analiza rezultatelor se poate identifica i pune n aplicare
procedura de executare silit cea mai adecvat.
Auditarea bazat pe utilizarea datelor deschise va
asigura beneficii consistente: reducerea costurilor totale
prin reutilizare, reducerea perioadei de desfurare a
auditului, creterea eficienei auditului, obinerea unor
rezultate disponibile pentru reutilizare.
Utilizarea intensiv i extensiv a datelor deschise n
procesul de audit prezentat mai sus va avea un impact
pozitiv asupra rezultatelor obinute n combaterea
evaziunii fiscale i prevenirea corupiei, materializat prin:
a) Perfecionarea procedurilor de management i
creterea performanei acestora;
b) mbuntirea colectrii veniturilor bugetare;
c) Modernizarea controlului fiscal, inclusiv prin
aplicarea tehnicilor de audit asistate de calculator;
d) Modernizarea tehnicilor de selecie a contribuabililor

(pe baza analizei de risc) i a procedurilor de
inspecie;
e) Extinderea canalelor de obinere a informaiilor i
mbuntirea sistemelor de exploatare a acestora;
f) Impulsionarea factorilor implicai n reforma i
gestiunea sistemului fiscal, att n scopul creterii
stabilitii, ct i pentru o mai bun monitorizare a
acestuia;
g) Modernizare i inovaie tehnologic;
h) Promovarea transparenei i prevenirea corupiei.
Acest nou model al auditului reprezint pentru Curtea de
Conturi o provocare major, avnd n vedere faptul c
utilizarea seturilor de date deschise va genera schimbri
ale modelului de auditare actual att n ceea ce privete
obiectul auditului (care decurge din extinderea fluxurilor
de documente electronice), ct i n privina coninutului
proceselor de auditare (care implic metode noi de
auditare, bazate pe calculator).
Concluzii
Prin adoptarea i implementarea unui model de auditare
bazat pe utilizarea datelor deschise, Curtea de Conturi a
Romniei va crea premisele utilizrii de metode

moderne de audit, construite pe asigurarea accesului de
la distan la seturile de date ale instituiilor auditate
(audit online, e-audit).
Cerinele i transformrile evideniate, care vor antrena
modificri calitative de substan n abordarea auditului
extern, trebuie s fie susinute de o nou strategie a
instituiilor de audit extern. Obiectivul principal al unei
astfel de strategii l constituie crearea cadrului oficial
pentru evoluia ctre noua paradigm a auditului extern
(ale crei caracteristici au fost expuse, n esen, n
articol), precum i cadrul de lucru adecvat pentru
implementarea acesteia.
Valorificarea datelor guvernamentale deschise inclusiv
n cadrul unor audituri de amploare are, de
asemenea,un impact favorabil semnificativ i n ceea ce
privete valoarea economic i valoarea social obinute
prin utilizarea datelor deschise. Menionm, n acest
sens, cu titlu de exemplu, un subiect de mare interes:
prevenirea i combaterea evaziunii fiscale, respectiv
asigurarea condiiilor pentru ncasarea integral i la
timp a veniturilor la bugetul de stat, prin stimularea
dezvoltrii i extinderea utilizrii datelor deschise
referitoare la bunurile i veniturile contribuabililor.
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26. http://eurlex.europa.eu/LexUriServ/LexUriServ.do?
uri=OJ:L:2011:330:0039:0042:EN:PDF
27. http://europa.eu/rapid/pressReleasesAction.do?ref
erence=SPEECH/10/752
28. http://www.opengovpartnership.org/tags/europeanunion
29. https://open-data.europa.eu/en/data/
30. http://www.publishwhatyoufund.org/updates/bycountry/us/europe-open-government-partnership/
Mihai CARP
Scientific Editorial Board

Professor Dinu AIRINEI, Ph. D. "Al. I Cuza" University, Iai
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Professor Eugeniu URLEA, Ph. D. Bucharest University of Economic Studies
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64
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The
of the
Auditors
Rotation on the Accounting Quality
ISSN:Effect
1583-5812;
ISSN
on-line: 1844-8801
The Effect
of the Auditors
Rotation on the
Accounting
Quality
in the Case of Romanian
Listed Companies under
the Transition to IFRS
Univ. Assistant Ioan-Bogdan ROBU,
Ph.D. in Accounting and Ph.D. Student in Cybernetics

and Statistics, "Alexandru Ioan Cuza"
University of Iasi, Romania,
e-mail: bogdan.robu@feaa.uaic.ro
Associate Professor Maria GROSU,
Ph.D. in Accounting,
"Alexandru Ioan Cuza" University of Iasi, Romania,
e-mail: mberheci@uaic.ro
Associate Professor, Costel ISTRATE,
Abstract
In assuring the quality of the financial information issued
by the listed companies, the role of the financial auditor
is to express his own opinion regarding the compliance
of the financial statements with a financial reporting
framework. In order for this opinion to be a reliable one,
the auditor has to develop it considering the specific
requirements of competence, ethic judgment and
professional ethics. Meeting these requirements
supposes significant efforts from the auditors, and also
from the professional organization they are affiliated to,
as well as the audited companies. We appreciate that
the financial auditors financial independence and
objectivity are also assured by their periodical rotation.
The scope of this study is to analyze and evaluate the
influence of the auditors rotation on the information
value relevance from the individual financial statements
and from the consolidated statements that make the
subject of financial auditing. The study was carried out
on a number of 64 Romanian companies, listed on the
Bucharest Stock Exchange, between 2006 and 2014.
The research objectives considered the estimation of the
auditors rotation influence on the value relevance of the
reported information of the Romanian BSE listed
companies. The results of the study show the fact that
the auditors rotation significantly contributes to the
change of the value relevance degree.
Keywords: information quality, value relevance,
independence, auditors rotation, Big4 Non Big 4,
Bucharest Stock Exchange
JEL Classification: C58, M41, M42
Ph.D. in Accounting,
"Alexandru Ioan Cuza" University of Iasi, Romania,
e-mail: istrate@uaic.ro
Nr. 1(133)/2016
65
Introduction
The role of the financial auditor is fundamental in
assuring the compliance of the information from the
financial statements with a useful financial reporting
framework (Jaba et al., 2015). Based on the received
engagement, the auditor expresses a reliable, objective
and independent opinion regarding the quality of the
information from the audited financial statements
(IAASB, 2013).
The audit opinion can be though influenced by the
quality of the financial audit engagement, supported by
requirements of competence, ethics and professional
behavior that the auditor must consider in conducting his
received mandate. Competence is necessary during the
entire mission and leads to the issuance of the opinion
based on the reached audit evidence, guaranteed
through the auditors independence and objectivity.
Maintaining an independent and objective attitude of the
auditor also depends on his periodical rotation, with
direct impact on the quality of the financial audit
engagement, and, implicitly, on the audit opinion
(Garcia-Blandon & Argiles-Bosch, 2013).
Auditors rotation considers the limitation of the
successive number of years when the same auditor can
provide the mandatory financial auditing of financial
statements for a certain client. Rotation can be
mandatory or voluntarily. As for the mandatory rotation
of the financial auditor, the main declared scope of its
introduction is to reduce the risk of non-complying
audits, to increase the auditors independence and to
reach a superior level of the investors trust in the issued
audit opinion and in the information from the financial
statements (Barton, 2002).
Considering the significantly contrasting results in the
literature regarding the effects of the auditors rotation,
the study proposes the assessment of the auditors
rotation influence on the quality of the information in the
financial statements (individual and consolidated) of the
companies listed on the Bucharest Stock Exchange
(BSE), with direct impact on the investors decisions.
The study was carried out on the level of the Romanian
BSE listed companies, between 2006 and 2014. The
analyzed sample includes a number of 64 companies,
which ensures a total observation number of 576
companies/ year.
In analyzing the influence of the auditors rotation on the
investors decision, the study considered the
66
assessment of the information value relevance from the

financial statements that make the subject of financial
auditing. Value relevance was evaluated based on the
effects of the issuance of some information from the
financial statements on the variation of the share price,
under the influence of the auditors rotation.
The main results of the study considered the estimation
of the auditors rotation influence on the value relevance
of the information from the financial statements that
make the subject of financial auditing. In the study,
auditors were structured on two large categories, the
Big4 (B4) and non-Big4 (NB4), and considered four
types of rotation (from B4 to B4; from B4 to NB4; from
NB4 to B4; from NB4 to NB4).
Literature review related to

auditors rotation
The literature regarding the voluntarily or mandatory
rotation of auditors is wide and approaches numerous
aspects of this type of action: the auditing costs, the
opportunities of such a rule, the implications on the
quality of the accounting information, the investors
reaction, the difference between voluntarily and
mandatory rotation, the probability of frauds, the effects
on the auditors independence and objectivity, the
effects on the financial market, the difference between
the auditors affiliated to Big4 and the other auditors, the
negotiation between the auditing companies with the
clients.
As for the costs that are supported by the auditing
company, and, implicitly, by the audited company, an
accepted approach is that it ends up with their increase,
justified by the efforts the auditing companies must
make to understand the business and the organizational
model of the audited company, as well as the effects of
this initiation on the management of the audited
company (PCAOB, 2011; Ho, 2010). GAO (2003) cites
estimations of the auditing companies considering that
the auditors rotation will increase the auditing costs by
20%. Said & Khasharmeh (2014) propose a literature
review and notice that, generally, one reaches an
increase of costs, both for the audited companies and
the auditors from 20% up to 50%. This, in fact,
represents, a constant for the auditors that takes a
company, irrespective of the fact that it is about rotation
or about a mission received due to other reasons the
first audit year is always more expensive than the other
The Effect of the Auditors Rotation on the Accounting Quality
years (GAO, 203). Also, the existence of an indirect

relation between the period of the engagement and the
auditing costs was proven. On the other side, mandatory
rotation can also have an effect, namely the decrease of
some auditing fees by the companies that wish to obtain
a financial auditing mission (Barton, 2002 identifies such
a situation for the Italian auditing companies).
Main referred arguments supporting the auditors
rotation are (Barton, 2002; Ho, 2010): the improvement
of the auditing independence and quality, the new air a
new auditor comes with compared to the possible
inertness of a long mandate, the higher probability of
detecting errors that the previous auditor wouldnt have
detected, the increase of the competition between the
auditing companies and the increase in the number of
auditors involved in the financial auditing missions,
preventing the use of the company leading staff of the
closeness to the end of the engagement as a influencing
leverage of the auditor. Arguments supporting the
auditing partner rotation are also provided by GarciaBlandon & Argiles-Bosch (2013) who, analyzing the data
corresponding to the listed companies on the Spanish
stock exchange, and conclude that a length of the
auditors mandate that is too big can affect its
independence and thus, rotation could favor the
auditors independence and the quality of auditing.
From the opponents of mandatory rotation, PwC
(2013) emphasizes the fact that the opportunity to adopt
a regulation that imposes that rotation is contested in
studies issued in Europe (only 17% of the answers that
accept mandatory rotation) and in the USA (only 10% of
the respondents accept this rule). The opinions of one
auditing companies about mandatory rotation must
though be carefully seen, considering the fact that the
company is directly influenced by the rotation. PwC
arguments (2013) against mandatory rotation of auditors
are: it reduces the quality of auditing, it limits the
competition on the audit market and restrictions are set
to the functioning of the free market, additional costs
appear and auditing becomes more complex, it is a
position against the market consensus, it has
unfavorable consequences on some types of activities
(the complex ones, such as the ones in the oil industry
or financial activities). Barton (2002) also adds the fact
that there might not be enough auditors from which to
choose (considering the mergers on this market and the
required competences for a correct mission), the
probability of appearance of more unreliable auditing,
Nr. 1(133)/2016
redundancy of some regulation that insure the auditors

independence. Choi et al. (2015) also mentions the
effects of the auditors changing from the perspective of
opinion shopping. Kim et al. (2015) conclude that the
effect of mandatory change of the auditor can lead to a
discouraging of the clients to manage the earnings and
to a better accruals quality. Another aspect that can
negatively feature the auditors rotation is that this rule
slows down the auditing process through the time the
new auditor takes to get used to the activities and the
features of the audited company (Asthana, 2014). Said
& Khasharmeh (2014) review several negative reactions
to the mandatory feature of the auditors rotation and
claim that the effects will take shape in a decrease of the
auditing services quality (PwC, 2013), alongside the
auditing costs.
A skeptical opinion regarding the role of financial
auditors is generally provided by Sikka (2015), who says
that auditors rotation (as well as other measures
regarding the improvement of the auditing quality) can
have favorable effects on some stakeholders that are
more skeptical and can lead to the improvement of the
auditing practice, but wouldnt lead to a fundamental
change of any type.
The auditor's rotation and the increase of

information' quality from the financial
statements that make the subject of auditing
Studies on the effects of the auditors rotation on the
quality of accounting information have divergent
conclusions. Kwon et al. (2010) find out that in South
Korea, the auditors rotation leads to the increase of the
number of hours dedicated to the engagement and to
the increase of the associated costs, while the quality of
the audit engagements (evaluated through discretionary
accruals) remains the same or has a slight decrease.
Choi et al. (2015) claims that, ex ante, it is uncertain if
the frequent changes of the auditor improve the quality
of the audit, but that, in the case of Korea, listed
companies that changed their auditor had a low level of
liquidity of the shares compared to the ones that did not
make such a change (especially in the case of the
transition from a Big 4 to a non-Big4). In a different
context (listed companies in Iran), Abdoli et al. (2014) do
not find a significant association between the dimension
of the auditor and the type of the auditor, on one side,
and the variable that evaluates the rotation of the
auditors, on the other side. Blouin et al. (2007), using
67
adjusted discretionary accruals, as a variable for the

quality of financial reporting, do not find significant
improvement of the mandatory rotation of the auditor.
Heliodoro et al. (2015) refer to the change of the auditor
as an intentioned behavior of listed companies, in order
to avoid an unfavorable opinion from the auditor. In the
case of the listed Portuguese companies, they conclude
that a qualified opinion leads to the change of the auditor
in 50% of the cases. For Spain, the auditors rotation
was mandatory between 1988 and 1995, which allowed
the carrying on of studies that evaluate the differences in
the quality of the audit between the mandatory transition
period and the voluntary transition period (RuizBarbadillo et al., 2009); the authors did not find proofs
regarding an increase in the quality of the audit and
which to justify the auditors mandatory rotation. In Italy,
the auditors mandatory change has been in force for
more than 20 years. Cameran et al. (2014) use the
accounting conservatism as a proxy for the quality of
financial reporting (a higher level of conservatism means
a better quality of the audit). Thus, in Italy, where the
engagement lasts three years, renewable for two times,
Cameran et al. (2014) conclude that the conservatism in
accounting numbers (and thus the quality of the audit)
tend to increase during the last part of the engagement,
namely when it cannot be renewed.
Velte & Freidank (2015) analyze the effects of the main
regulation regarding the auditors rotation, focusing on
the internal rotation (of the auditing partners), compared
to the external rotation (of the auditors themselves);
authors notice that the relation between the auditors
rotation and the quality of the audit and the reported
accounting numbers is controversial as long as the
European Commission has not provided a theoretical
framework or empirical evidence which are to justify the
reform measures proposed in this field. The empirical
data and the analyses provided by Velte & Freidank
(2015) show that the auditors external rotation does not
lead to an increase in the accounting quality and in the
audit, while for the internal rotation, the effects over
quality cannot be determined.
In an extremely comprehensive study regarding the
independence and quality of the audit, subsequently to
the analysis of an impressing number of issued articles
between 1976 and 2013 in nine top journals in the field
of auditing, Tepalagul & Lin (2015) notice that, within the
literature, the most frequent conclusion is that the long
term of an auditors mandate does not affect the quality
68
of the audit. Another conclusion of the two authors is

that the users of financial statements have the same
conception about the length of the audit a long period
is not associated to a poor audit quality. Another study
that analyzes the reported results in the literature (73
papers) regarding the audit opinions (Habib, 2013)
concludes that: a longer period of the engagement is
associated to a better quality of the audit and to a lower
orientation towards qualified reports. Ho (2013) analyzes
a long period (1996-2003) and concludes that a longer
period of the mandate leads to a lower probability to
meet the earnings management to the extent of their
increase.
In China, Firth et al. (2012) analyze the audit opinions
and find, in certain conditions, a positive effect of the
auditing partners rotation on the quality of the audit,
without being very clear if the rotation of the auditing
companies provides any benefit. In the case of listed
companies in Taiwan, for which the auditing partners
rotation has been mandatory since 2004, the results
reported by Chi et al (2009) show that the level of the
auditing quality is not significantly different in the case of
the companies mandated to rotate their auditors
compared to the ones that were not mandated to do so
or to the ones whose rotation was voluntary.
Schmidt & Cross (2014) conclude that the auditing
partners rotation requested by the SOX in the USA and
by the European Commission does influence not only
the auditors behavior and independence, but also the
customers behavior, to the extent to which the last ones
are less conflictual and make more concessions towards
new auditors.
The standard setters and some investors groups
justify the need to rotate the auditors especially through
the increase of their independence reported to the
audited company. GAO (2003) concludes that the
auditing partners rotation leads to the strengthening of
the auditors independence to the same extent reported
to the rotation of the auditing company, but that the
perception on different categories of users (institutional
investors, occasional investors, other users) does not
always converge. In fact, most of the studies evaluate
the perception of some categories of users about the
auditors independence and not the independence itself.
By analyzing the non-professional investors behavior,
Kaplan & Mauldin (2008) conclude that, compared to the
rotation of the partners of the audit company in the
relation with the same client, the auditors rotation does
not lead to an apparent strengthening of their

independence. Lu & Sivaramakrishnan (2009) reach
results that show that, in the absence of opinion
shopping, the mandatory rotation of the auditor always
affects negatively the efficiency of the investment. In
turn, Daniels & Booker (2011) notice that the credit
officers see the auditors rotation as generating an
increase in their independence, but without changing the
perception about the quality of the audit (we are talking
about creditors in the USA).
Cameran et al. (2014) claims that the mandatory
rotation of the auditor is significantly different from the
voluntary rotation, from the perspective of the framework
where it happens and of the effects on the quality of the
audit.
European regulations regarding the

auditors rotation
The European directive in the field of auditing (Directive
2006/43/CE) in force since 2008 mandated the
member states to ensure that the auditor or the key
partner who is responsible with the mandatory auditing
(in 2006, the expression legal audit was used), are
rotating within the audit mission in maximum seven
years from the date when they are made auditors of an
entity and can take part again in the auditing of the same
client after a period of at least two years. We notice that,
at the level of 2006, European regulations did not
mandated a rotation of the auditing company, but they
allowed either the rotation of the auditing company, the
key partner, named by the auditing company as the
main responsible for the audit as its representative.
The provisions of the European Directive were also
transposed in the national regulations (OUG no.
90/2008), but in a modified version. Namely, within the
article called: The independence in the case of auditing
the public interest entities, it is claimed that a rotation of
the key partner is mandatory, responsible for the
statutory auditing of the public interest entities, in
maximum seven years since his designing and that he
can take part in a new auditing of the same entity after a
period of at least two years.
We thus notice that, at the national level, the provisions
of the European Directive in the field of financial auditing
were partly transposed. In other words, we are only
talking about an internal rotation of key partners, without
changing the auditing company with whom the client
Nr. 1(133)/2016
entity made the agreement. All these aspects were

available at the moment when the previously mentioned
normative documents came into force.
Now, things seem to have changed somehow. The
affirmation is based on the fact that the European
Parliament, the European Commission and the member
states reached an agreement to increase the
competition in the auditing sector, which requires the
mandatory feature for the listed companies to change
the auditing companies once in ten years, period that
can be extended only once. This mandatory feature was
imposed through the EU Regulation no 537/2014, which
will be directly applied in all member states of the EU
starting with June 17th 2016. Though, the Regulation
mentions that the member states can even set a
maximum length which is less than ten years. Moreover,
the auditing company could take part in the auditing of
the same public interest entity after a period of only four
years. Like almost any rule, it also has exceptions. Thus,
member states can set that the maximum established
periods (ten or less years) to be extended even at 24
years, when more auditing companies have carried out
simultaneous missions after the expiration of the
maximum periods, conditioned by the fact that the
statutory audit to lead to the presentation of the common
auditing report.
It is important that, despite the fact that the rotation of
the auditing company has to be theoretically made at
every ten years, the auditing key partners though must
stop their participation in the mandatory auditing of the
audited company in maximum seven years since their
designing or even less. Later, they can participate again
in the mandatory audit of the audited entity after three
years from the previous engagement.
On these aspects, some sources claim that the new
rules will end the oligopoly that is owned by the Big4
companies (Business24, 2013). On the contrary,
opponents see these law provisions as an unfavorable
business for investors, an unfavorable initiative for
business and for work places, an unfavorable business
for the European and global economy (Tudor, Ziarul
Financiar, 2014).
The research hypothesis proposed for

testing and the objectives of the study
The present study follows a statistic approach,
deductive-inductive demarche, in formulating, testing
69
and validation of the proposed research hypothesis. In

the study, the quality of the financial information is
evaluated through its value relevance degree to
investors.
The value relevance of the information considers its
ability to significantly influence the investors decisions.
The value relevance refers to the causality relation
between the share price on the financial market (or the
changes in the prices) on one side, and certain
accounting information, on the other side (Robu, 2015).
At the same time, value relevance represents an
important component of the studies regarding the quality
of the information reported by companies, including the
quality of the financial auditing that joins financial
reporting.
Starting from the facts presented in the literature
regarding the factors that determine the auditors
rotation, as well as the effects of the rotation of the
quality of the auditing mission and implicitly on the value
relevance of the reported financial information, the study
proposes the following research hypothesis to be tested
and validated:
H: In the case of Romanian BSE listed companies, the
auditors rotation has a significant influence on the
value relevance of the financial information
addressed to the investors.
Thus, in this study, we propose the estimation and testing
of the extent to which the auditors rotation contributes to
an increase/decrease of the value relevance degree of
financial information from the reported statements which
make the subject of financial auditing.
The main research objectives are to present some
descriptive statistics regarding the rotation number of the
auditors in the analyzed period (on the whole, and also
on the different types of rotation), as well as the
estimation of the rotation influence on the value
relevance of financial information and, implicitly, on the
quality of the financial reporting quality.
Research methodology
Once the research hypothesis proposed for validation is
developed, the study follows a statistic demarche in
order to test it: the identification of the target population,
choosing the analyzed sample, the identification of the
variables to be analyzed and the establishment of the
econometric model, the establishment of the data
70
sources and the choice of the data analysis methods,

using the specific instruments.
Target population and analyzed sample

The studied population is represented by all the
Romanian listed companies on the Bucharest Stock
Exchange (BSE). These companies use the IFRS in
financial reporting and make the subject of mandatory
financial auditing. Now, on the BSE section the
regulated market, 82 Romanian companies are listed.
The analyzed sample includes only the companies listed
on the BSE section (the regulated market), for which
individual and consolidated financial statement were
considered. Of the 82 listed companies, we removed
four of them for which no information regarding the
auditors rotation was not found, the ones representing
financial intermediates, banks, investment funds and
insurance institutions, as well as the suspended
companies. Thus, the analyzed sample includes a
number of 64 listed companies between 2006 and 2014,
which insures a number of 576 observations
(company/year).
Analyzed variables, proposed models for

testing and data sources
To choose the analyzed variables, the study starts from
the model proposed by Feltham & Ohlson (1995) to
assess the value relevance:
Pi,t+1 = 0 + 1BVPSi,t + 2EPSi,t+ 1,t
(1)
where:
- Pi,t+1 represents the share price of company i at t+1
moment, reported to the share price at 31.12.t;
- BVPSi,t represents the value of the owners equity of
company i at moment t (reported to the number of
issued shares), reported to the share price at 31.12.t;
- EPSi,t represents the net result per share for company i
at moment t, reported to the share price at 31.12.t;
- i,t ~ N(0, 1) represents the error component of the
proposed model;
- 1 and 2 represent the parameters of the model,
whose significant estimations show the influence of the
financial information on the market value.
Considering these variables and their calculus mode, we
can consider that the market value of a share is a (f)
function as:
P = f(EQ; Net result) +
(2)
EQ= At TL
(3)
PBRi,t+1 = 0 + 1FLi,t + 2ROEi,t + 3AR +

4ARFLi,t + 5ARROEi,t + 1,t
and,
where significant estimations of 3, 4 and 5 parameters

emphasize the existence of the influence of the auditors
rotation on the investors decision and implicitly on the
value relevance of the audited financial information.
which leads to a new function (g):

P = g(TL; Net result) +
(4)
Data corresponding to the analyzed variables, included

in the proposed models was manually collected from the
financial statements of the companies included in the
sample. For the financial variables for which absent
values were registered, we used the expectation
maximization algorithm process (Do & Batzoglou, 2008)
in SPSS, to complete the data base.
For which we will divide each variable with EQ:

PBR = g(FL; ROE) +
(7)
(5)
where: At total assets; TL value of total liabilities; Net

result net result; EQ value of owners total
equity; and PBR - price to book value, FL
(financial leverage: Total liabilities/Total Equities)
and Net results/Q = ROE (return on equities).
Based on these variables, the study proposes the
analysis of the following econometric model:
Results and discussions
PBRi,t+1 = 0 + 1FLi,t + 2ROEi,t + 1,t
Subsequently to the collected data analysis at the level

of the considered sample, main results regard: the
presentation of the auditors rotations number (at the
level of the analyzed period), the display of some
descriptive statistics at the level of the financial variables
used in the analysis, as well as the presentation of the
parameters estimates for the analyzed econometric
model.
(6)
where 1 and 2 represent the models parameters,

whose significant estimations show the existence of the
financial information on the market value.
To test the influence of the audit rotation on the value
relevance of financial information, we start from the
model in equation (6) to which we add a new variable,
AR (auditors rotation), a dummy one, which has value 1
if there is any rotation in the audited financial exercise
(the passing from a new auditor in the actual financial
exercise, compared to the one in the previous financial
exercise), and value 0, on the opposite case:
Information regarding the number of BSE listed

companies that have changed their auditor at least one
time, at the level of the analyzed period, is displayed in
Table 1.
Table 1. The number of BSE listed companies that have changed their auditor between 2006 and 2014
Rotation
Year:
2006
Yes
No
Total
2007
1
63
64
2008
8
56
64
2009
8
56
64
2010
7
57
64
9
55
64
2011
14
50
64
2012
12
52
64
2013
2014
8
56
64
5
59
64
Total
72
504
576
Source: own processing in SPSS 20.0
From the data in Table 1, we can see that most auditors

rotations were registered at the level of the 2011
financial exercise. For the financial statements in 2011,
14 companies of the ones included in the analyzed
sample decided to rotate the auditor and replace the one
in 2010. Also, the same tendency to change the auditor
is maintained in 2012, possibly determined by the
Nr. 1(133)/2016
mandatory introduction of financial reporting from the

financial statements according to the IFRS.
Depending on the rotation type (we consider the type of
the changed auditor and the type of the new auditor)
Table 2 presents a series of information regarding the
number of rotations for each separate type.
71
Table 2. The number of rotations depending on the changed auditors type, for the BSE listed companies
between 2006 and 2014
Rotation type
Year:
2006
B4B4
B4NB4
NB4B4
NB4NB4
Total
2007
0
0
0
1
2008
1
0
1
6
2009
2
1
1
4
2010
0
0
3
4
2011
1
2
2
4
2012
4
0
2
8
14
2013
2
2
3
5
12
Total
2014
1
1
2
4
1
0
0
4
5
12
6
14
40
72
But, alongside with the transition to the IFRS (mandatory

since 2012), we notice an increase in the number of
rotations where the new auditor is affiliated to the Big4.
In this case, the rotation can also be determined by the
previous experience of using the IFRS companies in
the Big4 could have an advantage to this regard.
As for the auditors rotation number, made by the BSE
listed companies, Table 3 shows the number of
companies that have had at least one rotation at the
level of the analyzed period.
From the data in Table 2, we can see that most rotations

were made in order to change a non-Big4 auditor with
another one from non-Big4, between 2006 and 2014. To
this extent, a dominance of the companies in the nonBig4 is maintained at the level of the audit market in
Romania. Moreover, we can conclude that the rotation is
not necessarily determined by professional competence,
but by the requirements of maintain the auditors
independence and objectivity.
Table 3. The number of rotations in which BSE listed companies were involved during 2006 and 2014
Rotations number
At least one rotation
At least two rotations
At least three rotations
At least four rotations
Number of companies
56
18
From the data in Table 3, we can notice that between

2006 and 2014, most of the companies (87% of the total
number of companies included in the analyzed sample),
reported at least a rotation of the auditor. To this regard,

the average period of the auditors mandate until the
rotation is displayed in Table 4.
Table 4. The average duration of one auditors engagement during 2006 and 2014, for the BSE listed
companies
Changed category of auditor
Period (in years)
Total
From B4
to B4
From B4
to non-B4
4.18
4.85
3.30
max: 10 years; min: 1 year; average: 4 years
From
non-B4 to B4
From non-B4
to non-B4
3.94
4.18
Depending on the emergence or not of the auditors

rotation, Table 5 presents a series of descriptive
72
statistics (on the whole and on categories), of the

variables included in the analysis.
Table 5. Descriptive statistics regarding the analyzed variables

Variables
PBR
FL
ROE
Average
With rotation
Without rotation
Total
With rotation
Without rotation
Total
With rotation
Without rotation
Total
Std. Deviation
0.7583
0.9124
0.8931
0.8711
0.7671
0.7801
-0.0312
-0.0005
-0.0043
Min.
0.7428
0.7779
0.7746
1.0536
1.0052
1.0514
0.1826
0.1658
0.1681
Max.
-0.1500
-0.2800
-0.2800
-1.3600
-1.3600
-1.3600
-0.5300
-0.5300
-0.5300
ANOVA
3.6100
3.6100
3.6100
3.5200
3.5200
3.5200
0.1900
0.1900
0.1900
Sig.*
0.114
Sig.
0.433
Sig.*
0.147
* Significant differences for a 15% threshold

From the data in Table 5, we can see that companies

that did not used auditors rotations have averagely
registered lower market values (PBR) compared to the
companies that did not do any rotations of the auditors.
This can be explained by the fact that the investors
perceptions about the auditors rotation is determined by
the executives desire to buy a certain type of audit
opinion. At the same time, the investors mistrust
appears on the quality of the realized auditing missions,
frequent changes leading the auditor towards a more
poor knowledge of the company environment and to the
impossibility of identifying all the risks (inherent, control
and non-detection), with direct impact on the calculated
audit risk and implicitly on the audit opinion.
At the same time, we can see that the companies with
less favorable economic results (losses reported at the
level of the net result and increases in the indebtedness
degree), have used the auditors rotation at least one

time. Thus, we can conclude that, in order to obtain a
certain type of auditing opinion, BSE listed companies,
with unfavorable economic results tended to change the
auditors more frequently, compared to the companies
with more favorable results.
As for the influence of the auditors rotation on the
relevance of the information in the annual financial
statements on the investors, Table 6 presents the
parameters estimates of the regression models
proposed in the analysis. Thus, model 1 corresponds to
the econometric model in equation (6). Models 2 and 3
start from equation (7), but individually analyze the
influence of the FL and ROE on the PBR. Model 4
corresponds to the regression equation (7), where the
influence of the auditors rotation on the value relevance
of the information reported to investors is analyzed.
Table 6. Parameters estimates of the regression models proposed in the analysis

Model 1
Variables
Intercept
FL
ROE
AR
ARFL
ARROE
Observations
R2
Coef.
Sig.
0.739
0.205
1.403
-
Model 2
576
0.155
0.000
0.000
0.000
Coef.
Sig.
0.767
0.189
-
0.000
0.000
Coef.
0.194
0.848
-
576
0.069
0,000
-
1,396
-1,370
-
Model 4
Sig.
0,913
-
0.159
-0.017
Model 3
-0,837
576
0.085
0,000
0,148
0,110
Coef.
0,754
0,208
1,502
-0,138
-0,019
-0,791
576
0.162
Sig.
0,000
0,000
0,000
0,237
0,825
0,118
Dependent variable: PBR

Nr. 1(133)/2016
73
From the data in Table 6, we can see that the

information regarding the position (FL) and the financial
performance (ROE) are relevant to investors on the BSE
and have a significant influence on the market value of
the listed companies (Model 1).
As for the auditors rotation, through models 2, 3 and 4,
we will test the influence of the emergence of the
rotation on the relevance of the financial information.
Thus, from model 2, we can see that for the companies
that have registered at least one rotation of the auditor,
in the financial exercise that assumed the new auditor,
the information regarding the indebtedness degree do
not present a high value relevance compared to the
companies that did not use the auditors rotation. From
model 3, we can see that for the companies that have
registered at least one rotation of the auditor, in the
financial exercise that assumed the new auditor, the
information regarding the financial profitableness has
presented a high relevance (though insignificant)
compared to the companies that havent used the
auditors rotation.
If models 2 and 3 analyze in a separate manner the
influence of the auditors rotation on the relevance of the
financial position and performance, model 4 analyzes
them on the whole. Based on the (R2) coefficient of
determination, we can see an increase in the relevance
of the auditors rotation emergence at the level of the
reported information to the investors (for the case when
there is no information regarding the auditors rotation:
R2 = 0.155; in the case when there are information
regarding the auditors rotation: R2 = 0.162). Such a
rotation can transmit information regarding the
independence, objectivity and competence of both the
new auditor and the replaced one to the market. Based
on the estimations of the regression parameters in
model 4, we can appreciate that the information
regarding the financial position (FL), reported by the
companies that have reported at least a rotation of the
auditor, does not lead to a change in its relevance to the
investors. But, with a 15% risk, we can appreciate that
the information regarding the financial performance
(ROE), reported by companies that have registered at
least one rotation of the auditor, lead to a change in its
relevance to the investors and implicitly to the lowering
of the companys market value. To this extend, we can
conclude that the emergence of the rotation results from
the executives desire to purchase a certain type of
auditing opinion, choosing a certain auditor.
74
Conclusions
Based on the reached results subsequently to the
analysis of the collected data at the level of the
companies included in the sample, during 2006 and
2014, the research hypothesis has been validated and
the research results were reached.
Thus, we can appreciate that at the level of the
Romanian BSE listed companies, the auditors rotation
has a significant influence on the relevance of the
financial information for the investors. Such information
is useful to investors in order to evaluate the quality of
the auditing mission and also the quality of the reported
information. At the same time, information regarding the
auditors rotation (depending on the four directions of the
rotation: from B4 to B; from B4 to NB4; from NB4 to B4;
from NB4 to NB4) are useful to investors when
evaluating the auditors objectivity, independence and
competence.
To this regard, the auditors rotation can be determined
both from the transition to a new referential (2012, once
with the transition to the IFRS) due to reasons of
professional experience, and from the desire of the listed
companies to reach a certain type of the auditing opinion
(with direct impact on the influence of the
independence).
From the reached results, the most important ones
regard the existence of a significant influence of the
information regarding the auditors rotation on the
relevance of the information in the financial statements
designed for investors. But, taken individually, the
relevance of the information regarding the position (FL)
and the financial performance (ROE) are not significantly
influenced by the auditors rotation.
The results reached subsequently to the analysis
emphasize the fact that, averagely, there are significant
differences between the market value of the companies
that have reported at least one rotation and the market
value of the companies that havent reported a rotation.
Averagely, the market value of the companies that
reported the auditors rotation is lower than the market
value of the companies with no rotation. The emergence
of the rotation can, in this case, have a negative impact
on the quality of the mission, as a result of the new
auditors impossibility to know, on the whole and fast,
the environment in which the company operates, as well
as to identify all the risks with negative impacts on the
auditing risk, and implicitly, on the auditing opinion.
Moreover, information regarding the financial position

reported by the companies that have registered at least
one rotation of the auditor do not lead to a change in its
relevance to the investors, but the information regarding
the financial performance reported by the companies
that have registered at least one rotation of the auditor
lead to a change in its relevance to investors and
implicitly to the lowering of the companys market value.
The limits of the study are mainly determined by the low
volume of the analyzed sample, by only including the
Romanian BSE listed companies. Future directions will
pursue the carrying on of comparative studies, at
European level, to evaluate the influence of the auditors
rotation on the relevance of the reported information of
the companies on different financial markets. At the
same time, the study did not consider (at least in the
modeling stage) the rotation type and direction,
depending on the 4 proposed frames. To this regard, in
a future study, we will analyze the influence of the
transition from a certain type of audit to another one

(B4/NB4) on the quality of the financial information and
on the quality of the auditing mission. Not the last, the
use of statistical methods within financial auditing, and
also its interrelation with financial analysis and
accounting can open a new research direction. This new
field proposes the analysis of the financial-economic
phenomena within financial auditing based on some
indicators in the financial analysis, using advanced
statistical and econometric methods, being
hypothetically called auditometrics.
Acknowledgements
For Ioan-Bogdan ROBU, this paper was financed by
Alexandru Ioan Cuza University of Iasi, Romania,
within the Annual research grants project, no.
23/03.12.2015, Code GI 20/2015, Grants for the young
researchers of the UAIC competition.
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77

Mihai CARP
ISSN: 1583-5812; ISSN on-line: 1844-8801
Empirical
Study
regarding the
Influence of
the Quality of
Financial
Information on
the Value of
Listed
Companies
Univ. Assistant Mihai CARP, Ph.D.
Alexandru Ioan Cuza University of Iai, Romania,

e-mail: mihai.carp@feaa.uaic.ro
78
Abstract
Given the conditions of the actual economy, featured by
intense changes, both structural and dimensional, the
efficient estimation of the investment value contributes to
the avoidance of possible side-slips of specific markets,
with significant implications in the socio-economic
sphere. Actual evaluation methods mostly introduce
financial data in the analysis on which quality is
depending the relevance of the informational output. The
diversity of used models and even the random feature of
their use in the evaluation process contribute to the
enhancement of the uncertainties in this field. This
weakness result both from the volume of processed
information and especially from its quality, thus
identifying the need to include some certifying elements
of the financial information quality.
This paper proposes that, by reporting to the features of
the companies listed on the regulated section of
Bucharest Stock Exchange, to analyze the impact of the
reported financial information quality on the value of
entities. Using data specific to a sample of 62
companies, on a time horizon defined by the 2010-2014
financial exercises, the study estimates the relevance,
the faithful representation of economic facts and
phenomena and the persistence of financial information.
It also analyzes the influence of these features on the
market value, debating, at the same time, the impact of
non-financial factors, such as: the auditors reputation,
the nature of the audit opinion or the specific of the used
accounting standards. A series of well-known
econometric models from the literature, such as Ohlson
(1995), Jones (1991) and Dechow et al. (1995), have
permitted the quantitative representation of the financial
information features (value relevance, earnings
management, persistence).
Keywords: financial information quality, IFRS, Big4,
audit opinion, market value
JEL Classification: G30; L25; M41
The Quality of Financial Information and the Value of Listed Companies
Introduction
In a society that is permanently marked by the
obsession of development through wealth creation, the
estimation of the monetary equivalent of different types
of assets has represented a continuous doctrinarian
debate space. Used both as a benchmark in the
perception of socio-economic efficiency and as a
formation basis of trading prices, value represents a
complex concept, featured by a significant volatility,
whose accurate representation is continuously the
subject of change. The volatility of the concept can be
analyzed both from the time perspective, the value is
available just in the moment of the evaluation, and from
the space perspective, at the same time, the influence of
the social, politic, environmental factors provide their
own features to the gained information. If the price
represents a concrete concept, generated by the
confrontation between the demand and the offer, the
value claims the reference to subjective, a diversity of
endogenous or exogenous factors reported to the
environment in which it is estimated, thus influencing its
dimension.
The estimation effort of the assets value, either different
elements of economic entities in general, is included in a
methodological demarche meant to remove the
inconsistency associated to the mentioned process. A
number of evaluation methods try to provide reliable
information regarding the value quantum, but their
limited ability to intercept the impact of the influence
factors still provides features to the value, which go from
certainty to perception.
This weakness of the evaluation methods results both
from the volume of the processed information and from
its quality.
This paper analyzes the quantitative level on the
financial information that is reported by the Romanian
listed companies on the main section of the Bucharest
Stock Exchange (BSE), from the perspective of
relevance, neutrality (avoiding the earnings
management) and persistency, as well as the influence
of these features on the entities market value.
1. Literature review
Actual valuation models mostly include financial
information in the analysis, on which value relevance
and insurance regarding the avoidance of earnings
Nr. 1(133)/2016
management depends the relevance of the informational

output.
The diversity of evaluation methods and even the
random features of their inclusion in the evaluation
process contribute to the enhancement of the
uncertainties that are present in the field, also
generating dilemmas regarding the relevance of the data
provided to the evaluated assets markets, with
significant impact on the trading prices.
Given this conditions, it is identified the need to
elaborate new evaluation methods and models, which
are to efficiently grasp the conditions of the actual
economic environment. Thus, it is needed to include the
certification elements of the financial information quality,
from the perspective of the relevance and faithful
representation of the economic reality, respectively of
the non-financial information, such as: the shareholding
structure, the auditors reputation, the auditing opinion
etc.
1.1. Perspectives of the financial information

quality in the value estimation process
The complexity of the value concept and the difficulty of
identifying it, given the multitude of influence factors has
represented a field of debate for an impressive volume
of scientific papers. The literature tries to identify and
analyze the existing relations between the value
dimension of economic entities and its determining
factors, frequently emphasizing the fact that actual
evaluation methods have a limited explanatory force.
Thus, Carricano (2014) notes that traditional approaches
regarding the formation of prices (with the value as a
supporting element) are inadequate in such a volatile
economic environment and the probability to make a
correct decision is minimal.
The significant existing relation between accountability
and the evaluation methods of the company is also
observed. Dicu (2015) notices the contribution of
financial statements to the optimization of the decision
making process, specific to the users of reported
information, thus easing the evaluation of the entities
management quality, respectively its ability to manage
the available resources. Penman (2010) claims that the
evaluation methods are models for the accountability of
the future and that the efficiency of these techniques
results from the way in which the accountability
principles are implemented. To this extent, the quality of
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Mihai CARP
financial-accounting information, from the perspective of

the relevance, the faithful representation of economic
facts and phenomenon and their persistency, represents
a requirement for the gaining of a representative value
dimension.
Relevance represents, next to the faithful representation,
the basic feature that the financial information issued by
economic entities has to own, both from the perspective
of international standards (International Financial
Reporting Standards - IFRS), and from the perspective
of national ones, the OPFM 1802/2014) for the approval
of the accounting standards regarding the individual
annual financial statements and the consolidated annual
financial statements. Toma (2012) notes that the
relevance operates through the predictive and the
confirmatory ability the financial information has to have,
while imposing the presence of the ability to generate a
difference at the level of the decisions that are taken by
users.
Displayed as goals of issued information, the qualitative
features have required a quantitative representation,
needed for the quantification of its own dimensions and
for the influences they have on a wide range of
phenomena.
Thus, associated to the relevance, the value relevance
concept was developed in the literature, which, through
the reporting to the financial market, reflects, in Barths
et al. (2001) opinion, the ability of accountability
numbers to collect information that influence the share
price, respectively the value of economic entities.
The faithful representation of economic facts and
phenomenon imposes, at the same time with the lack of
errors and the complete feature, the neutrality of the
implementation of accounting and reporting techniques
of financial information. To this regard, an insurance
process is needed regarding the lack of information
management activities, through earnings management.
From Healy and Wahlens (1999) opinion, the earnings
management represents the demarche through which
managers use, in the process of financial reporting and
trading organizing, arguments that lead to the
management of the issued results and which misguide
the shareholders, on the fundaments of the economic
performance or which influence the contractual benefits
that depend on the transmitted accounting data.
Another perspective of the financial information
relevance is represented by the persistence of the
80
reported results. The low volatility of results provides

them an enhanced use in the decision making of
investments, respectively in the entities evaluation
process (Dechow et al., 2010). Authors claim that a high
results persistence degree generates more relevant
indicators (result flows or cash flows), used within the
evaluation models. If the financial market identifies and
corrects the expectances regarding the future cash
flows, then, the share price will be detached from the
evolution of the indicators that reflect the companys
financial-economic situation (Cupertino et al., 2015),
thus occurring weaknesses of the evaluation models
which use such dimensions.
The studies in this research field focus, next to the
estimation of the issued results quality, on the factors
that cause variations of its level. Thus, a diversity of
features that are present both in the economic
environment (law system, cultural environment etc.) is
implied, and especially the features that reflect the
activity of economic entities.
1.2. The role of non-financial information in

the attainment of a representative value
dimension
The information issued through financial statements
participates in a limited importance to the complete
informing of users, different non-financial information
being requested in the completion of the carried out
analyses. Thus, information such as the shareholding
structure, corporate governance, the auditors
reputation, the audit opinion, the character of used
accounting standards can represent elements with
significant influence in the analysis and explanation of
financial data evolutions with implications over the
investment decisions.
To this extent, Jouber and Fakhfack (2012) identify the
presence of earnings management, especially at the
level of the companies where the managers own shares,
and the use of the corporate governance principles is
seen, by Ahsan and Istiaq (2008) as an enhancement of
financial information quality. Apostol (2015), in the study
on the BSE listed companies, notes that the financial
auditing process, given the conditions of the corporate
governance principles use, emphasizes its role of factor
that insures the quality of the reported information.
Chebaane and Othman (2014) notice an increase in the
financial information relevance degree determined by
the use of international accounting standards (IFRS).

The value relevance is also positively influenced in the
case of entities that operate in fields that are regulated
by common law, within economies with functional
economic and financial markets, on which a strong
investors protection exists.
The transition to the IFRS has contributed, from Marras
et al. (2011) perspective, to the growth of the financial
information quality, through the reduction of the earnings
management (EM) degree, a significant role being also
given by the concurrent use of some corporate
governance principles, regarding the independence of
the directors council and the existence of an auditing
committee.
The impact of the auditing opinion on the decisions
that are made by investors is analyzed by Ianniello
and Galloppo (2015), in the study on the Italian
financial market. Authors notice the fact that any
mention associated to the expressed opinion
(qualified opinion, contrary opinion, the impossibility
of expressing) generates a negative impact on the
share price, also mentioning the determining role of
the audit reports in the informing of the financial
information users. Grosu et al. (2015) emphasize a
significant association between the type of the
formulated auditing opinion, the affiliation to a certain
auditor and the usable accounting referential. Lee
and Lee (2013) analyze the influence of the auditors
reputation on the quality of financial information. In
the Asian context, a superior relevance of the
information issued by the companies whose annual
reports were analyzed by an auditor that is a
member of the Big4 is identified, compared to the
situation when the auditor is represented by a nonBig4 auditor. Rusmin (2010) also concludes that the
level of earnings management is significantly lower
in the case of companies that require the services of
Big4 member companies, compared to the one
reported in the case of companies that require other
auditors.
The quality of the financial information reported by
Romanian companies was analyzed in numerous
studies, such as the ones of Filip and Raffournier (2010),
Jianu et al. (2014), Nechita (2014), Robu (2015), thus
identifying an evolving trend of it, concurrently with
positive influences, generated by a series of disjunctive
factors, such as the use of IFRS, the maturity of the
stock market, the indebtedness degree, the size or the
activity field of the entity.
Nr. 1(133)/2016
2. Working hypotheses
Starting from the elements identified in the literature, the
study proposes the testing of the following working
hypotheses:
H1: The level of the quality of the financial information
reported by Romanian listed companies is
significantly influenced by the specific of accounting
standards, the auditors reputation and the nature of
the auditing opinion
H2: The persistence of reported results, the
discretionary accruals (as evaluation element of
earnings management) and the value relevance of
financial data have a significant influence on the
market value of economic entities.
3. Research methodology
The paper analyzes the quality of the financial
information issued by Romanian listed companies and
the impact it generates on the entities market value,
also including non-financial factors in the debate, such
as: the auditors reputation, the nature of the auditing
opinion or the character of the used accounting
standards. The study has an empirical feature and
proposes the validation of the working hypotheses
through a deductive-inductive demarche, which is
specific to the positivist perspective regarding the
economic phenomenon.
3.1. Data, population and sample

The analyzed population is represented by the
Romanian BSE listed companies, after the removal of
financial institutions in order to ensure the comparability
of the data. The time horizon the study focuses on,
represented by 5 financial exercises (2010-2014) has
eased the making of 310 observations on the 62
companies that represent the analyzed sample. Though,
the use, starting with the financial 2011-2012 exercise,
of the Order of the Public Finances Minister (OPFM)
1286/2012 for the approval of the accounting standards
according to the International Financial Reporting
Standards has determined the removal of the data that
were specific to the transition year, due to numerous
difficulties met in reporting, for the first time, according to
the IFRS. Thus, it was kept for the analysis only the data
corresponding to the financial 2010, 2011, 2013 and
2014 exercises, namely 248 observations. Data was
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Mihai CARP
collected from the financial statements and the annual

reports issued on the BSE web-site and the sites of the
selected companies.
Casht = change in cash in year t from year t-1;
3.2. Models used in the estimation of the

financial information quality
STDst = change in short term debts in year t from year

t-1;
The quantitative representation of the qualitative

features has represented the concern of a large number
of researchers, each of them trying to grasp the factors
that lead to a more efficient estimation of the financial
information relevance, to the faithful representation of
economic realities and to the persistence of reported
results. The study used the most representative
econometric models, whose equation and explanatory
benchmarks are presented below.
The Ohlson model (1995) represents a calculus mean of
value relevance of financial data, the models equation
being displayed in relation no. 1.
Pt=0 +1 ANCPSt+2EPSt + t
(1)
Where:
EPSt = earnings per share at the end of year t;

t = error random variable;
R2
Relevance is evaluated through the dimension of the

determination ratio, which shows the extent to which
financial information (the book value and the earnings
per share) contribute to the explanation of the share
price variation.
TAt= 0 + 1(REVt-RECt)+ 2PPEt + t
(3)
Where:
REC= change in operating receivables;
REV = change in revenues;
PPE= property, plant and equipment for the year t;
By using the econometric model attained at the level of

the analyzed sample, we can estimate the nondiscretionary accruals, and by deducing them from the
total accruals, we can calculate the unitary values of the
discretionary accruals, according to relation no 4.
DA=TA NDA
The manifestation of the earnings management process is

indicated by the size of the discretionary accruals (DA), a
component of total accruals (TA), seen as deliberate
creation of the management, designed to manage the
published financial information. Total accruals consist of
the differences generated by the use of the accruals
accounting principles, compared to the results reached
through the use of cash accounting. Total accruals can be
calculated, according to Jones (1991), in the absence of
the two types of information, by using data in the profit or
loss account, according to relation no 2.
82
Dechows et al. (1995) model, displayed in relation no. 3,

identifies the extent to which the non-discretionary
accruals (NDA), the ones known for the use according to
the accounting standards, explains the variation of total
accruals, the size of the error factor in the proposed
regression analysis, thus reflecting the intensity of the
earnings management phenomenon.
Indicators were denominated with the number of the

shares issued by the analyzed entities.
0,1;2 = regression coefficients;
TAt = total accruals in year t;
DEPt = depreciations and amortisation in year t.
= error term (discretionary accruals), a low level of it

reflect a minimum earnings management degree.
BVPSt = book value per share at the end of year t;
where:
CLt = change in current liabilities in year t from year t-1;
1,2,3= regression coefficients;
Pt= stock price at the middle of the year t+1;
TAt=(CAt -Casht)-( CLt-STCt)-DAEt
CAt = change in current assets in year t from year t-1;
(2)
(4)
The persistence regards the existing dependences

between the annual results flows and can be expressed
through relation no. 5
EPSt= 0 + 1EPSt + t
(5)
The persistence of results is evaluated through the size

of the regression coefficient, a high level of it revealing
a low volatility.
The testing of hypothesis H2 supposes the estimation of
the influences generated by the persistence of reported
results, the level of the discretionary accruals and the
value relevance of the financial data on the market value
of economic entities, thus proposing the model in
relation no. 6.
Vsht=0 + 1 EPSt + 2DAt +3 (BVPS- EPS)t + t
(6)
Vsh= market value per share (obtained by the multiples

method).
To process the data, we used the dedicated software
SPSS 19.
4. Interpretation of the attained

results
The use of multiple regression analysis, which stands at
the basis of the econometric models that were used to
test the working hypotheses, has led to the identification
of the intensity of the relations established between the
elements of the studied phenomena. We calculated the
specific estimators of each relation, thus allowing the
representation from the quantitative perspective of the
qualitative features of financial information.
The testing of H1 hypothesis supposed the study of the
dependence relations, at the level of each secondary
objective that had been issued (relevance, faithful

representation, results persistence), the enhancement
of the research depth requesting the inclusion, as control
variable, of the accounting standards, depending on
which the elaboration of the financial statements was
made, of the auditors reputation (Big4 or non-Big4
companies), the nature of the auditing opinion.
Table 1 synthetically displays the results regarding the
estimation process of the value relevance, made both at
the level of the whole sample, and structurally,
depending on the mentioned disjunctive factors. The
Ohlson (1995), the price model, has allowed the
identification of a significant dependence between the
financial rates (BVPS and EPS) and share price as an
indicator of entities performance. The size of the
determination ratio (R2total_sample = 0,978) reflects the
stock markets reaction to the information issued by the
Romanian listed companies, thus indicating a high
relevance degree of the information.
Table 1. The estimation of the value relevance of financial data reported by Romanian listed companies
Criterion
Sample
Econometric model
Ohlson model Pt= 0 + 1 BVPSt + 2EPSt +t

Total sample
Pt= 0,315 + 0,415BVPSt + 0,623EPSt
Standards IFRS
Pt= 0,459 +0,486BVPSt + 0,626EPSt
RAS
Pt= 0,817 + 0,633BVPSt + 0,335EPSt
Auditor
BIG4
Pt= 0,185 + 0,498BVPSt + 0,619EPSt
Other comp.
Pt= 0,901 + 0,603BVPSt + 0,383EPSt
Opinion
Qualified
Pt= 0,513+ 0,439 BVPSt + 0,624EPSt
Unqualified
Pt= -0,067+ 0,972 BVPSt - 0,043EPSt
SIG Model
Phenomenon estimator
0,000
0,000
0,000
0,000
0,000
0,000
0,000
R2
0,978
0,924
0,674
0,923
0,695
0,839
0,936
Source: Own processing
From the made sequential analysis, we notice the fact

that the use of the IFRS, starting from the 2011-2012
financial exercise, has determined an increase in the
relevance of the reported information of companies,
(R2IFRS = 0,924 > R2RAS = 0,674), compared to the period
when the issuance of the financial statements was based
according to the Romanian accounting standards (RAS).
The insurance activity of the financial statements
issuance according to the standards is involved from the
perspective of the auditors reputation and of the auditing
opinion. Thus, the investors active on the Romanian stock
market include, in the analysis regarding the opportunity
of placing the available capital, in a superior degree, the
information from the reports audited by Big4 member
companies, compared to the data audited by other
Nr. 1(133)/2016
companies (R2Big4 = 0,923 > R2other_comp = 0,695). The

auditors reputation, determined by the superior
specialization of the personnel, the high level of
negotiation power or the ability to foresee the changes in
the regulation, thus provide a plus of utility to the reported
financial information. The auditing opinion, expressed for
the financial statements before the analyzed financial
exercise, generate different levels of representation of
financial information in the decision making process.
Thus, a low level of relevance is associated to a qualified
opinion, compared to the situation of an unqualified
opinion (R2unqualified = 0,936 > R2qualified = 0,839), investors
being tempted to adopt a careful behavior when the
auditor signals some elements that are not corresponding
to the accounting standards.
83
Mihai CARP
The faithful representation, from the perspective of

neutrality of the economic reality is displayed through
the results regarding the contribution level of the
discretionary accruals to the explanation of the total
accruals variation, synthesized in Table 2. Quantified
through the size of the error factor, which includes the
unexplained remaining part of the total accruals
variation, after the evaluation of the non-discretionary
accruals influence ( =1-R2), the reported earnings
management process, reports, at the level of the whole
sample, a significant size ( total_sample)=0,882). Due to the
lack of homogeneity of the sample, from the perspective
of the non-financial factors involved in the study, the
research development on secondary groups of statistic
units has represented a strong necessity. Thus, by
reporting to the specific of the accounting standards, we
identify a superior earnings management level, in the
case of the cluster consisting of observations that are
featured by the use of IFRS, compared to the group
characterized by the use of RAS ( IFRS = 0,899 > RAS =
0,516). The relation can be explained through the
inherent use of new standards, the significant size of
discretionary accruals being able to the attributed both to
some mistaken interpretations of the standards and on

the managers speculation on some proper periods for
the management of financial statements. The
involvement of the compliance service insurance with
the standard regarding the annual reports of companies
reveal a more significant difference at the level of the
earnings management activities. To this extent, the
auditing of the financial statements of a Big4 company
determines a significant reduction of earnings
management ( Big4 = 0,137), compared to the presence
of a significant management degree when the auditor in
not a Big4 member ( other_comp = 0,873). This could
happen due to the procedural requirements of the big
auditing offices. The audit opinion, as a control variable,
comes to confirm the decisive role of auditing in the
increase of the relevance of financial information, the
nature of the expressed opinion being associated to the
level of the earnings management activities. An
expressed qualified opinion of the previous exercise
determines a reduction of the earnings management,
compared to the situation of expressing an unqualified
opinion ( qualified = 0,672 < unqualified= 0,827), thus
reflecting the coercive role of the auditing process.
Table 2. The analysis of the earnings management degree, in the context of the Romanian financial market
Criterion
sample
Econometric model
Dechow model TAt= 0 + 1(REVt-RECt)+ 2PPEt +

Total sample
TAt= -0,140+0,093 (REVt RECt) - 0,311PPEt
Standards IFRS
TAt= -0,220 0,178 (REVt RECt) - 0,186PPEt
RAS
Auditor
BIG4
TAt= 0,021-0,834 (REVt RECt) - 0,431PPEt
Other. comp.
Opinion
Qualified
TAt= 0,004+0,597 (REVt RECt) - 0,0144PPEt
Unqualified
TAt= -0,184- 0,086 (REVt RECt) - 0,377PPEt
Source: own processing
The analysis of the reported results persistence,

systemized in Table 3, reveals a low volatility of
the financial information issued by Romanian
listed companies, with positive effects on the
indicators used within the evaluation models of
entities. Estimated through the regression
coefficient , the results persistence, analyzed at
the level of the whole sample, indicates a superior
predictive capacity of EPS (total_sample=0,954).
Though, the carried out sequential analysis
84
SIG Model
Phenomenon
estimator
0,000
0,005
0,000
0,000
0,000
0,000
0,000
0,882
0,899
0,516
0,137
0,873
0,672
0,827
identifies variations in the results volatility level,

especially in the case when it was tested the model
on the clusters that are formed depending on the
auditors reputation (Big4=0,969 > other_comp=0,570)
and on the nature of the auditing opinion (unqualified
=0,959 > qualified =0,764). Accounting standards
that stood at the basis of financial standards
elaboration do not generate a significant impact on
the persistence of reported results (IFRS=0,958;
RAS=0,952).
Table 3.The analysis of reported results persistence

Criterion
Sample
Econometric model
Model : EPSt = 0 + 1EPSt-1 + t

Total sample
EPSt =0,086+ 0,954EPSt-1
Standards
IFRS
EPSt =0,196+ 0,958EPSt-1
RAS
EPSt =-0,034+ 0,952EPSt-1
Auditor
BIG4
EPSt =0,005 + 0,969EPSt-1
Other comp.
EPSt =0,095+ 0,570EPSt-1
Opinion
Qualified
EPSt =-0,044+ 0,764EPSt-1
Unqualified
EPSt =0,075 + 0,959EPSt-1
R2
SIG Model
Phenomenon
estimator
0,910
0,918
0,905
0,940
0,325
0,583
0,919
0,000
0,000
0,000
0,000
0,000
0,000
0,000
0,954
0,958
0,952
0,969
0,570
0,764
0,959
Source: Own processing
The implications that are generated by the financial

information relevance on the estimation process of the
entities value and the reliability of the attained output
were analyzed by testing hypothesis H2. To this
extent, the proposed econometric model estimates the
influence of the results persistence, of their
management ant the value relevance of financial data

on the entities market value. This demarche is
designed to evaluate the need of including in the
evaluation models of informative benchmarks that are
generated by non-financial factors, especially of
qualitative features of financial information.
Table 4. The influence of financial information relevance on the companies market value
Criterion
Sample
Econometric model
Vsht= 0 + 1 EPSt + 2DAt +2 (BVPS- EPS)t+ t

Total sample
Vat= -0,947 + 0,549 EPSt + 0,251DAt - 0,087 (BVPS- EPS)t
Standards IFRS
Vat= 0,256+ 0,784EPSt + 0,125DAt +0,425(BVPS- EPS)t
RAS
Vat= -0,140+ 0,523EPSt + 0,097DAt +0,138 (BVPS- EPS)t
Auditor
BIG4
Vat= -18,432-1,858 EPSt + 1,120DAt +1,517 (BVPS- EPS)t
Other comp.
Vat= 1,729+ 0,546 EPSt -0,038DAt +0,065 (BVPS- EPS)t
Opinion
Qualified
Vat= 0,204+ 0,276EPSt + 0,036DAt +0,499 (BVPS- EPS)t
Unqualified
Vat= -1,573 + 0,572 EPSt + 0,280DAt -0,137 (BVPS- EPS)t
SIG
Model
Phenomenon
estimator
0,000
0,000
0,000
0,000
0,000
0,000
0,000
R2
0,398
0,958
0,524
0,719
0,319
0,349
0,404
Source: own processing
To do so, adjustments were made to the independent

variables, depending on the results regarding the
financial information relevance, attained subsequently to
the testing of hypothesis H1. Thus, the earning per
share (EPS) was adjusted with the persistence degree
of results, reflected by the size of the regression
coefficient, the level of earnings management consisted
of the volume of discretionary accruals, whose unitary
value was attained by deducing the unitary nondiscretionary accruals from the total accruals. The book
value was resized depending on the relevance degree of
financial information reached subsequently to the
appliance of the model on the prices.
Nr. 1(133)/2016
With a maximum level of the models significance

(SIG=0,000) the relations, displayed in Table 4, confirm
the influence of the qualitative features on the market
value per share. Due to the significant values of the
determination coefficient [R2 (0,319; 958)], indicators
associated to the quality perspectives of financial
information contribute to the explanation of the market
value variation of entities with percentages between
31,9% and 95,8%. The structural analysis of the relation
reveals different levels of it, corresponding to the
attained results and within the estimation of the
qualitative dimensions. Thus, we register superior levels
85
Mihai CARP
of influence generated by the use of IFRS (R2IFRS =

0,958 > R2RAS = 0,524), the presence of a Big4 auditor
member (R2Big4 = 0,719 > R2other_comp = 0,319) and the
issuance of an unqualified opinion (R2unqualified= 0,404 >
R2qualified = 0,349).
The intensity of these determining relations reveals the
opportunity and even the need of including within
evaluation models of data regarding the quality of
reported financial information.
Conclusions
The quality of the financial information issued by the
economic entities conditions the efficiency of the
investors decisions, with significant effects on the
capital markets balance. For a total degree of informing,
the users of the financial data include non-financial
information in their analysis, which can lead to an
increase in the certainty level when making decisions.
This paper identifies the quality level of the financial
information that was reported by the Romanian
companies listed on the regulated section of the
Bucharest Stock Exchange, also estimating the
influence that they have on the market value of the
entity. Control variables were introduced in the study,
which contribute to the deepening of the carried out
analyses, thus revealing the contribution of the
accounting standards, of the auditors reputation and of
the auditing opinion to the growth of the financial
information quality.
By validating hypothesis H1, high levels of financial
information quality were emphasized, from the
perspective of relevance, faithful representation and
reported results persistence, especially in the case
when international accounting standards (IFRS) were
used, when a member company of the Big4 audited the
financial statements, respectively when, for the previous

financial exercise, an unqualified opinion was issued.
The exception is represented by the registration of a
superior level of earnings management, when using the
IFRS, which is explained by the inherent difficulties
existing in the case of new accounting standards
implementation, related both to possible
misinterpretations of the standards and of the managers
speculations of some proper periods for financial
statements management.
The testing process of hypothesis H2 has allowed
the identification of a significant impact of the
financial information quality on the companies
market value. The intensity of the determinist
relations thus indicated the need to include data
regarding the quality of the reported financial
information in the evaluation models.
The limits of the research are represented by the low
size of the used sample, the manual collecting of the
processed data and by the inclusion of only three
control factors in the analysis (the accounting
standards, the auditors reputation and the auditing
opinion).
Future research directions aim at the removal of these
limits, as well as at the completion of the studied field
with new perspectives of the financial information
quality.
Acknowledgements
This work was supported by the strategic grant
POSDRU/159/1.5/S/133652, Integrated improvement
system of doctoral and postdoctoral research quality in
Romania and of promoting the role of science in
society, co-financed by the European Social Fund
within the Sectorial Operational Program Human
Resources Development 2007 2013.
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87

Mihaela DUMITRACU,
Radu Daniel LOGHIN
ISSN: 1583-5812; ISSN on-line: 1844-8801
Abstract
A Study on the
Relevance of
the Goodwill
Impairment in
Context of
Audit Partners
Rotation
Univ. Lecturer Mihaela DUMITRACU,
Ph.D., Bucharest University of Economic Studies,
Romania, e-mail: red_mille_ro@yahoo.com
Radu Daniel LOGHIN, Ph.D. Student,

Bucharest University of Economic Studies, Romania,
e-mail: racronus2@yahoo.co.uk
Currently accounting is in the process of harmonization

between the two referential, one issued by the FASB
(Financial Accounting Standards Board) - IFRS
(International Financial Reporting Standards) and
another one by US GAAP (United States General
Accepted Accounting Principles/GAAP). This paper
analyzes the advantages of adopting corporate
governance practices, appropriate to take into account
the need to ensure investor regarding the quality of
financial information. Research methodology involves
analysis of the main studies on adoption of IFRS-IAS in
the emerging markets, using qualitative research
techniques, research carried out on the basis of
specialized literature. The purpose of this article is to
present an overview of the implementation of
International Accounting Standards, illustrating the
relevance of goodwill in the context of audit partners
rotation. The implementation of IFRS arose from the
need to align with EU regulations, while opening access
to international capital markets and enhancing the
comparability and transparency of information in the
financial statements. The data were extracted from the
financial statements of the companies under
investigation. To meet the objectives of the research
were selected and analyzed, in addition to articles that
form the basis of the literature, a number of 262
companies. The results show that the difference
between the ability to explain the two models to test the
impact of rotation of audit partners on the relevance of
annual financial statements, one with AR variable
included, one in which AR variable is excluded, is that
the rotation of audit partners has a distinct impact on the
relevance of financial statements in relation to other
variables included in the model, including those relating
to gross goodwill and to its impairment. One may
observe the lack of a significant interaction between the
impairment of goodwill and investors' perceptions, due
to the quality of audit engagement in emerging markets
analyzed.
Keywords: IFRS, goodwill, relevance, stock exchange
JEL Classification: M41, G34, C30
88
The Relevance of the Goodwill Impairment in Context of Audit Partners Rotation
1. Introduction
Currently accounting is in the process of harmonization
between the two referential, one issued by the FASB
(Financial Accounting Standards Board) and another by
US GAAP (United States General Accepted Accounting
Principles/GAAP), which requires to listed companies to
prepare financial statements in accordance with US
GAAP. Standards issued by the IASB (International
Accounting Standards Board) are known under the
acronym of IAS-IFRS (International Accounting
Standards - International Financial Reporting Standards)
and are used in several Member States of the European
Union, in particular being used by listed companies in
Australia, Russia, South Africa, Singapore, UK.
Standards to be used in the European Union must be
approved by the ARC (Accounting Regulatory
Committee), in cooperation with the EFRAG (European
Financial Reporting Advisory Group).
Adoption of IFRS International Accounting Standards
has a positive impact, proven by empirical studies, in
terms of increasing the quality of financial information.
Adebimpe O. Umoren, Raymond Ekwere Enang, 2015
IFRS Adoption and Value Relevance of Financial
Statements of Listed Nigerian Banks, International
Journal of Finance and Accounting, ISSN: 2168-4812,
ISSN: 2168-4820, 4 (1): 1-7 doi: 10.5923 /
j.ijfa.20150401.01, analyzes in their study, based on a
sample consisting of 12 bank financial institutions, the
relevance influence on financial statements. The
analysis is conducted for both IFRS pre-adoption period
and the period that is following it. The results show that
the value of equity is relevant when applying IFRS.
2. Reporting period
In order to meet the information needs of users, financial
statements are prepared at the end of the reporting
period, respectively, at national level referring to the
financial year (if we are talking about economic entities
or public institutions) and coincides usually with the
calendar year, starting on January 1st, or it starts on the
establishment of the company and ends on December
31 or on the dissolution of the company. In the United
States the reference period is the fiscal year, while in
countries such as Australia and New Zealand is starting
on 1st July and end on June 30, in Japan and in Canada
beginning on April 1st and ending on March 31.
Nr. 1(133)/2016
3. Structure and content

of financial statements
The layout is the vertical one (with few exceptions such
as Italy, Germany), preferred also by USA. The structure
and content of financial statements differ, so, the
national legislation orders the current assets in
increasing way, depending on the liquidity and the
liabilities and equity also in increasing way, depending
on the chargeability. Under US GAAP on balance sheet,
the assets are shown in descending order and the
liabilities ascending. The Income Statement, in terms of
national legislation, includes revenues and expenses
classified by their nature, while under international law
the elements are ordered both by nature and by
function. The Cash Flow Statement has the same
structure, according to IAS 7 Statement of Cash Flows,
using both direct and indirect methods. Statement of
Changes in Equity presents the equity items. In the
American version, there is the profit distribution
statement and shares' status. The final component of
the package of financial statements differ, respectively
called Notes to the Financial Statements, while in the
United States are called Other Items. This situation
presents the necessary information to all users.
Auditors, as users of financial information, are involved
in accounting normalization, given that the audit
function is an important mechanism of corporate
governance. To this purpose it is necessary a strong
interaction between the external audit function and
investors.
Audit firms attended public consultation sessions of
IASB. These audit firms have expressed support for
measures of assessment of goodwill at fair value (both
in the section on SMEs and the one on the publicinterest entities). After updating the accounting
standards for public companies, audit firms promoted
fair value measurement for SMEs, citing comparability
of annual financial reports. In this respect, auditors
such as BDO (BDO Global Coordination, 2007)
supported in 2007 the prescribed treatment by IFRS 3
"Business Combinations" for small and medium
enterprises.
It can be seen in the case of Iron Workers Mid-S.
Pension Fund ex rel. Caterpillar Inc. vs. Oberhelman
(2013) that audit firms do not yet have a proper
methodological basis for evaluation in business
89
combinations and the initial recognition of goodwill.

Inappropriate maintenance of the audit firm responsible
for ensuring investor Caterpillar generated an
unprecedented scandal in 2013 after the adoption of
Sarbanes-Oxley Act.
One of the problems that were evident by analyzing the
annual financial statements of the American firm was
audit partners rotation. Emby and Faver-Marchesi
(2005) demonstrated in 2005 that the likelihood of
depreciation on goodwill is reduced if companies did not
have a suitable rotation of audit partners. One
explanation for this phenomenon is given by Brown and
Knechel (2013) proving the relationship compatibility of
audit partners and their customers through their similar
size
From this point of view, we can say that emerging
markets are likely to form an oligopolistic competition,
favouring only those international audit firms with
adequate financial resources. As noted in the
methodology provided by the rating agency S & P
(McGraw Hill Financial, 2014), emerging markets should
have a capital market developed, but quantitative criteria
no provisions regarding the number of entities listed and
therefore can no stock exchange with a limited number
of listed entities for audit firms to compete. We can
therefore say that the issue of frequent rotation of audit
partners is more severe in emerging markets than in
developed economies.
4. The research methodology and

the obtained results
The objective of accounting is to provide information
required to all users, regarding the company's
financial position and performance. The aim of the
research is the analysis of the benefits of adopting
corporate governance practices appropriate to take
into account the need to ensure investor regarding
the quality of financial information. Research
methodology involves analysis of the main studies on
adoption of IFRS-IAS in the emerging markets, using
qualitative research techniques, research carried out
on the basis of literature. Research data were
extracted from the financial statements of companies
included in the sample under investigation. To
achieve the objective of the research were selected a
number of 262 companies listed on stock exchanges
in emerging markets. The sample is representative,
90
non-random, which we believe reflects the structure

of emerging economies and expectations regarding
goodwill impairment. In the study conducted by
ACCA in 2014 (Tsalavoutas et al., 2014) were
selected a number of 23 developed and emerging
markets to assess the degree of compliance with
IASB on goodwill impairment. Similarly, our sample
shows a total of 23 emerging markets. From the
point of view of concentration observations, index
Hirshman-Herfindahl distribution in jurisdictions
reflect a distribution relatively isotropic (in the sense
that the coefficient is 11%, compared to 4% as would
be obtained if the distribution was purely uniform
across jurisdictions).
The main criteria for sample selection were: the
presence of ending balance or footing of the goodwill
during the year under review; Shari'ah certification
for companies operating on an Islamic market
(Nigeria, Egypt, Saudi Arabia, UAE, Malaysia and
Indonesia) and membership in the retail sector for
emerging economies dependent on public or policy
makers (India, Brazil China, Hong Kong). Because
according to the database Thompson Reuters Eikon,
number of business combinations made from the
emerging markets between listed companies
represent 13% of the global total in July 2015 and
signal impairment of goodwill is rare, according to
Current Account ACCA (Tsalavoutas et al., 2014),
the sampling process was influenced by the need to
obtain a significant number of entities that have
impaired goodwill equal to or greater than 31% of all
companies analyzed. The last criterion considered
for modeling sample was that of eliminating the risk
of duplication of observations by the parent
companies and subsidiaries inclusion in the sample if
they were listed simultaneously. In order to observe
the distribution of the sample and its
representativeness, was chosen a neural network
adapted to issues such as "clustering", to capture the
distribution of observations sector (implemented by
Thompson Reuters relating to that business),
headquarters (based on area code) large exposure
to the risks related to the 10 largest capital markets
within they operate (following IHH index on
percentages allocated by Thompson Reuters Eikon)
and view the audit report of the annual financial
statements reported (1 if the opinion is unqualified,
0.5 if it is unqualified with explanations and 0 if
qualified).
Figure 1. Distribution of observations, neuronal

network ("clustering")

(first test)
(third test)
48% from total possibilities at global level
Source: authors projection in MatLab 2011b


(second test)
(fourth test)
Nr. 1(133)/2016
91
After four successive simulations (Figure 1, Figure

2, Figure 3, Figure 4) in the neural network built in
Matlab 2011b we found that, on average, the
selected sample reflects 45.5% of all possible
combinations that could be brought within the scope,
the audit opinion, the geographical distribution and
specific risk exposure to financial markets interact. In
our opinion, this reflects the representativeness of
the sample topography.
by the same audit partner and 0 - otherwise. Under

the Sarbanes-Oxley Act (107th Congress, 2002), the
audit partner should be changed after a maximum of
five consecutive annual reports audited. Therefore,
considering that this is the standard for quality audits
and emerging markets, it opted for four consecutive
financial years, on the assumption that existing audit
partner continues its audit mission by the end of this
year.
Although studies on assessing the relevance of

goodwill were performed mainly on samples panel
(Ojala, 2007; Xu et al, 2011 Hamberg and Beisland,
2014), it opted for a cross-sectional analysis similar
to that conducted by LaPointe -Antunes et al (2009).
In principle, the level of studies in the literature
developed by researchers prefers capital markets in
countries such as Finland, Sweden, the UK or
Canada. Because financial exercises differ from one
jurisdiction to another, we opted for those financial
years ending on 30.06.2013, 31.12.2013,
30.06.2014, 09.30.2014 and 10.31.2014 to ensure
data homogeneity.
Regarding the independent and dependent variables

signs, those were adjusted according to the
methodology described in the study LapointeAntunes et al (2009) the number of ordinary shares.
Also to homogenize data on financial reporting
currency we opted to convert financial information in
US dollars.
Regarding the variables of interest to study, they are

capitalization at the reporting date, adjusted by the
number of ordinary shares (CBA), equity adjusted
with goodwill value (KA), net profit before goodwill
impairment (PRNA), goodwill impairment (FCDA)
and the amount of goodwill before the impairment
expenses (FCA). These variables are addressed in
the model developed by Lapointe-Antunes et al
(2009), in a study conducted on the Canadian
market. The only difference between the two
methodologies occurs in the dependent variable
CBA, which was collected right at the initial reporting
date for the entity.
The first control variable introduced in our study
relates to the interest shown by analysts for news
from the company (IA). This is a dichotomous
variable that takes value 1 if the entity is monitored
by at least one analyst and 0 - otherwise.
A second control and interest variable is the audit
partner rotation (RA). This is a dichotomous variable
that takes value 1 if the last four financial audit
reports for annual financial statements were signed
92
To test the impact of rotation of audit partners on the

relevance of annual financial information we opted
for two regression models, one with variable RA
included, one in which variable RA is excluded, as
well as for Mann-Whitney test in order to compare
beta coefficient obtained from the two models. To
illustrate the normal distribution of the dependent
variable was chosen CBA Benford's Law, according
to which a sample showing an abnormal distribution
of the first digit of observation will generate a
significantly Z-score. We believe that the sample size
permit this test. To detect multi-collinearity we used
VIF coefficient, which must have a value between 1
and 10. The independence of observations was
assessed by Durbin-Watson test and for verifying
homoschedasticity the Ljung-Box test was chosen.
CBA = 1 + 2 FCA + 3 KA + 4 PRNA + 5
FCDA + 6 IA + 7 RA +
(model 0)
CBA = 1 + 2 FCA + 3 KA + 4 PRNA + 5
FCDA + 6 IA +
(model 1)
The results can be seen in the Tables 1 and 2.
Fisher, Ljung-Box and Durbin Watson tests are met
for both models, but model 1 has the advantage of a
degree of freedom (DFE) lower than 0. Therefore
model 1 provides an adequate explanation of the
phenomenon analyzed.
Table 1. Results for both models

Anova
Model 0
Model 1
Anova
Model 0
Model 1
Fisher
MSE
Adjusted R Square
Observations
25.200
271.525
31.68%
262
21.6503
269.478
32.19%
262
Freedom degrees
Regression
Durbin-Watson
Ljung-Box Q-test
256
5
2.0771
11.78%
255
6
2.1134
17.1%
Source: authors projection
Table 2. Descriptive statistics for variables

Model 0
Model 1
Variables
Beta
SE
t Stat
P-value
VIF
Beta
SE
t Stat
Pvalue
VIF
Free term
2.2733
1.8972
1.198
0.232
3.398
2.000
1.698
0.091
FCA
1.6370
0.5140
3.185
0.002
2.104
1.495
0.519
2.882
0.004
2.159
KA
0.2473
0.0624
3.961
0.000
2.574
0.239
0.062
3.828
0.000
2.590
PRNA
0.9558
0.4039
2.366
0.019
2.708
0.987
0.403
2.451
0.015
2.714
FCDA
-3.993
1.4286
-2.795
0.006
2.136
-3.809
1.427
-2.668
0.008
2.148
IA
5.416
2.2517
2.406
0.017
1.030
5.569
2.245
2.481
0.014
1.032
RA
-3.975
2.000
-1.716
0.087
1.040
Source: authors projection
It can be seen that the parameter RA presents a

negative coefficient in the model, which is consistent
with results obtained by Wang and Tuttle (2009),
who identifies a significant drop in auditors'
cooperation with their customers if they introduce a
mandatory rotation of audit partners. The lack of
such cooperation can be seen by underperformance
on the stock markets where the entity is traded, as a
consequence of the limitation of creative accounting
practices, especially at the intangible assets and
goodwill levels. All the factors incorporated in the
model are significant and non-collinear.
5. Conclusions
From Mann-Whitney test and from multi-collinearity
statistics it is obvious that the difference between the
ability to explain the two models consists in the fact that
the audit partners rotation has a distinct impact on the
Nr. 1(133)/2016
relevance of financial statements in relation to other

variables from the model, including those relating to
gross value of goodwill and to its impairment. Thus, we
can observe the lack of a significant interaction between
the impairment of goodwill and investors' perception on
it, caused by the quality of audit engagement at the level
of emerging markets analyzed.
The lack of interaction between these variables is
likely to be caused by the lack of a section in the
audit report devoted specially to valuation accounting
problems, such as assessment of compliance and
opportunity of goodwill impairment by auditors.
These problems may lead investors to look at audit
quality separately from financial information in the
annual reports, including extraordinary expenses,
such as those resulting from goodwill impairment.
Future research directions, build on the researched
issues, could involve inclusion of developed markets
in the sample.
93
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auditor rotation on auditorclient negotiation,
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Impact of Continuity on Concurring Partner
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2009, Value relevance and timeliness of
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Indices: Country Classification Methodology,
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Journal of Business Economics, 1(7), pp.9-34.
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value relevance of goodwill impairment, Research
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[Accessed 01 January 2015].
The
of IT Instruments
in Financial Audit
ISSN:Use
1583-5812;
Research
Regarding
the Use of IT
Instruments in
Financial Audit
Cristina CARANICA, Ph. D. Student,
The Faculty of Accounting and Management Information

Systems, Bucharest University of Economic Studies,
Romania, e-mail: cristina.caranica@cig.ase.ro
Nr. 1(133)/2016
Abstract
Having in mind the signals from the financial auditing
services market, at both national and international level,
the author intended to find out which are the applications
used by auditing firms in Romania and the strengths of
these tools for each stage of the audit engagement, a
key analysis in the context of adopting software
solutions in the audit engagements.
The research was conducted through a questionnaire
addressed in 2015 to the financial auditors in Romania
and sought their response about the benefits of using a
software tool in each stage of the audit engagement.
The result of the research revealed the tendency for
users to use software tools also in the special audit
assignments.
Keywords: audit engagement, software tools for audit,
efficacy
JEL Classification: M40, M42, O33, I25
95
Cristina CARANICA
1. Introduction
The study aimed to analyze how the community of
auditors in Romania absorbed and used highly
developed computer applications which can be used for
financial audit.
The approach is part of a series of research aiming the
understanding of issues faced by experts in the field in
this process precisely to receive scientific support from
academia. This kind of support can start with adapting
the curriculum from specialized universities and continue
with courses and continuous training for accountants
and auditors (Stanciu V, 2015).
It should be stressed that the study was performed
through questions targeting each stage of the audit
engagement, since it has been shown in previous
studies that in order to ensure efficiency and efficacy in
the different types of audits it is possible to appeal to
CAATs (Computer Assisted Audit Techniques), (Curtis
& Payne, 2014), but also to use CAATs in one or more
stages of the engagement (Alali & Pan, 2011).
Our analysis took into account the budget factor i.e. its
influence for the use of CAATs in any of the stages of
the audit since previous studies showed the importance
of this factor namely in the choices of Big Four users in
other countries (Curtis & Payne, 2014), alongside
inclination towards risk and the intention to use CAATs
(Curtis and Payne, 2008).
The analyses was conducted with the support of
Bucharest University of Economic Studies, The Faculty
of Accounting and Management Information Systems
and The Chamber of Financial Auditors of Romania, the
latter publishing on its website the questionnaire on the
use of audit software in Romania for completion.
Please note that interested persons may still reply to the
survey as it remains opened for a subsequent final
analysis.
2. Reference literature
The paper analyzes the evolution of information systems
used in financial audit missions tracking factors which
determines higher effectiveness of the engagement.
In an era when time of digital interaction has been
doubled only in the last three years (2011-2013) as
shown in recent studies from developed countries
(France, UK, Germany and USA), the entire active
96
population goes through a process of transition from

consumers of traditional technology to a population of
digital natives, population thought to become majority
since 2025 (Balaban R, 2015).
In this context the preparation of the new generation of
audit professionals, but not only, involves
interconnection between academia and professional
(tefnescu & Tnase, 2014). Graduates wishing to
practice financial audit must have theoretical and
practical knowledge, organizational skills but also
information technology user skills in order to comply with
the professional environment requirements. This idea is
supported also by Simkin M. G., Rose J. M. & Norman
C. S. in the paper Accounting Information Systems
which emphasizes the role of the five components that
interact within an information system: hardware,
software, data, people and procedures. (Simkin, Rose &
Norman cited Caraiman, 2015)
A high degree of use for these applications could be a
factor for increasing connectivity of financial audit
professionals to the latest trends on CAATs and the
implications of their use in the context of the
phenomenon of digitization. Also, the ACCA Report
(Association of Chartered Certified Accountants)
presents the top 10 technologies which auditors, ACCA
and IMA members (Institute of Management
Accountants) believe that they will influence the
international audit market: Mobile Technology, Big Data,
Artificial Intelligence and Robotics, cyber security,
educational technologies, cloud, Payment Systems,
virtual and augmented reality, delivery of digital services,
social technologies (ACCA Report, 2014).
By asking the staff that uses software to attend various
technical assistance actions, pilot audit missions
supported with computer tools, can increase their
adaptability to the changes occurred in traditional flows
posed by the audit missions (Popa S., 2005).
We take two notions into account in our analysis:
CAATs as informatics tools used in the profession of
financial audit in Romania and efficiency.
The emergence of the audit was due precisely to the
need for improved efficiency and cost reduction after the
economic crisis of 1929 in the Americas (Oprean, 2006)
so that studies initiated by American researchers, but
not only, assumes that technology in the new era may
lead to increased efficiency and effectiveness and the
reduction of some costs such as legal ones but also to
diminishing the risk of fraud (Braun & Davis, 2003; Curtis
et al., 2009; Dowling & Leech, 2007; Bedard et al., 2008
cited Curtis & Payne, 2014).
The Use of IT Instruments in Financial Audit
Audit software capacitates continuous audits where

fraud and errors can be detected in real time (Braun &
Davis, 2003 cited Alali & Pan, 2011).
In the banking field internal auditors are using audit
software to investigate various cases under analysis and
control (Alali & Pan, 2011).
Given that American audit legislation as well as the one
adopted by European Union i.e. International Standards on
Auditing (ISA) does not specify mandatory use of CAATs
in audit assignments, there had been relatively few
research about their use and especially about voluntary
use, which highlights our interest in the answers of CAATs
users among Romanian financial auditors.
The International Standards on Auditing mentioning the
importance of CAATs using by the auditor are ISA 315,
ISA 330, ISA 330, redrafted standards referring to
financial statements audit planning, identifying and
assessing risks of significant distortion by understanding
the entity and its environment and to the auditors
response to the assessed risks (ACCA, 2015).
CAATs may be used in any of the stages of the audit
assignment to process various data by using interrogation
techniques, calculation and sample selection, use of
mathematical and financial analysis functions, checking
internal control and data integrity, identifying entity risks,
the assessment of those risks, control on accounting
processing and other software tools used by the
information system of the audited entity (Gheorghe M,
2006).
In some countries it was demonstrated that (Alali & Pan,
2011):
Risk assessment procedures performed using
CAATs may be of use to the auditor for increased
efficiency of the financial audit mission;
Testing of internal controls used emphatically can
determine increased costs of audit;
Nr. 1(133)/2016
Multivariate financial analysis, comparative

automated calculations can increase audit efficiency;
To increase the efficiency and effectiveness of audit
a key factor is the continuous audit;
Since the audit software incorporates statistical
calculation facilities, especially those specific the
trend analysis, an analysis where software may use
information from online databases for comparison
within the same industry, it can lead to a reduction in
the professional judgment subjectivity in risk
assessment procedures;
There is a tendency for public companies to move
towards continuous auditing;
Using an ERP (Enterprise Resource Planning) can
influence the auditor decision to use CAATs in ERP
assessment (Cordo, 2010).
The above factors are determinants for the effectiveness
of the audit mission, but also for using CAATs in
financial audit assignments. The study below aims to
identify which software tools are being used by auditors
from Romania, highlighting the strengths noted by them.
3. Research methodology
The method of investigation used in this study is
qualitative, based on a questionnaire addressed to the
auditors from both private and public sector.
The purpose of the analysis is to determine the usability
of audit software in different stages of an engagement
and whether the use of some software tools is present in
every audit assignment and also in each stage of the
audit mission. Also we wanted to see if there is an
interest in finding new software and what are the
strengths that users find important when deciding which
software solution to use in their assignments.
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Cristina CARANICA
In analyzing the responses received so far it was taken

into account the degree of homogeneity of the
community. The analysis was performed after the first
round of responses. We aim that after the end of the
second round to come back with the analyzed results for
the entire representative sample.
In the questionnaire there were questions that were not
mandatory, thus for some questions the sum of the
percentages calculated to be less than 100. The
difference stands in those respondents with no answer
to that question.
We used multiple response questions, checkboxes and
dialogue boxes to fill in more detailed information.
4. Results
Among the respondents, about 11% are auditors from
internationally organized companies (Big Four). They
represent 1.25% from the total number of active financial
auditors collaborators, employees, associates or

managers of the four companies according to Electronic
Public Register of Auditors - Individuals, published by
the Chamber of Financial Auditors of Romania and
accessed on October 1, 2015.
Also, 11% of respondents were auditors from nationally
organized companies, about 16% were from companies
organized in Bucharest-Ilfov area, 26% come from
regionally representative companies and 37% are from
companies which are representative at county level.
From the point of view of the position held by
respondents in the audit office, the questionnaire was
attended by auditors from all areas, i.e. interns, junior
auditors, senior auditors, internal auditors, managers
and partners. We note that over 63% of the respondents
are managers and partners, and of these over 90% have
an experience in auditing of more than 10 years. Also,
more than 63% of the participants declared that net
turnover of their client exceeds 500,000 Euros per year.
Figure 1. Answers to the question In your audit office (audit activity)

do you use specific software for audit?
Source: Author's own projection

The first question of the questionnaire
aimed for a response regarding the use by
auditors in Romania of a software tool in the
audit missions. As seen in Figure 1, about
74% of respondents declared that they use
audit software.
98
The second question targeted those users which

are searching for an audit software. Thus, we
calculated a percentage of approximately 47% of
the participants claiming that they are using an
audit software but also are looking for an audit
software to ensure ease of use, reduced costs
and reliability, as shown in Figure 2.
Figure 2. Frequency of occurrence of factors tracked by respondents on the audit software
At this stage we noticed that of those who use audit

software and want to use another one, some
mentioned the will to try Gaudit and Caseware. A
users preference for Caseware was strengthened by
the responses provided at two subsequent
questions. Also, the same user declared that now he
uses MS Office Excel as alternative.
accepted client, the sampling and resampling

stage of the audit mission, preparatory phase for
statistics of the audit mission, reanalyzing stage
of results in the audit mission, completing stage
in template format of audit documentation of the
mission to facilitate its online review (Alali & Pan,
2011), and also their strengths.
It should also be noted that about 22% of the

respondents use MS Office Excel but seek to
purchase a new audit software that would provide
support and update according to the audit practices,
ease of use and correlations, analyses and
templates. One of the respondents, being an internal
auditor, seeks to purchase and to use a specific
software for internal audit.
It should be stressed that the respondents had the

option to mention any CAATs they use, to point
out the strengths they see in these applications.
We used a list of seven categories of strengths (not
limited only to these, which we defined in
agreement with the specialized literature and
studies from other countries), i.e.:
After these general questions the study continued

with specific questions regarding the main stages of
an audit assignment, therefore the respondents were
required to mention for each stage of the audit
engagement the application used: client
acceptance stage, analysis phase of the audit
performed for the accepted client, reanalyzing
stage of results in the audit performed for the
Nr. 1(133)/2016
Easy access to information in the application being

used;
Reduced cost;
Reliability of the application;
Multiple possibilities of data management;
Data security;
Ease of use of the application;
Using template reports.
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Cristina CARANICA
Figure 3. Strengths of the applications used for the stages of the audit engagement pointed out by auditors
from Romania

In the chart in Figure 3 we have the frequency of
strengths for the software during the audit mission, i.e.
the main qualities rated by the respondents from using
the software tools, namely:
Ease of use of data;
Easy access to information in the application being
used;
Reduced cost;
Multiple possibilities of data management.
It should be noted that the results of the questionnaire,
as recorded in our study up to this moment, correspond
to international trends in CAATs as recorded by reviews
developed by ITASA (IT Audit Self-Assessment), of the
IT EUROSAI working group (European Organization of
Supreme Audit Institutions). The study conducted by
The National Audit Office of Finland was sent to 31
European Union member states, and received reply from
19 of them on various questions regarding the software
100
tools used in IT audit practice. Thereby referring to the

use of CAATs all SAI (Supreme audit Institutions)
reported the use of at least one such tool, and the most
used solutions reported were ACL- Audit Command
Language and IDEA - Interactive Data Extraction &
Analysis. (INTOIT, 2010)
Through the questionnaire we can say that in Romania
the respondents use the applications: MS Office Excel,
Ciel Audit and Review, CaseWare Audit and Gaudit,
software solutions available in the Romanian market,
considering that these applications have various
strengths, as seen in Figure 3. Also, it has been
observed that most of the Romanian auditors use the
same software tool for each stage of the audits.
Besides the seven stages of the audit process, the
respondents were asked about their experience in using
different software tools in special audit engagements.
Thus, at the question: What software you use when
performing a testing of 100% of the audited sample?
17% of the respondents mentioned that they use Ciel
Audit and Review because of 5 strengths: multiple

possibilities of data management, data security, ease of
use of data, using template reports. For the software
Gaudit 6% of the respondents mentioned the following 5
strengths: easy access to information in the application,
reliability of the application, multiple possibilities of data
management, ease of use of data, using template
reports. Users of MS Excel 77% from the total number
of respondents mentioned all 7 strengths: easy access
to information, reduced cost, reliability of the application,
multiple possibilities of data management, data security,
ease of use of data, using template reports.
At the question: What software for audit you use for
identifying weaknesses which can lead to fraud?, 17%
of the respondents reported the use of Ciel Audit and
Review which gives a number of 4 strengths, i.e.:
multiple possibilities of data management, data security,
ease of use of data, using template reports. Other 11%
of the respondents reported the use of CaseWare Audit
and consider that it gives 5 strengths, namely: easy
access to information, reliability of data, multiple
possibilities of data management, data security, using
template reports. For the software Gaudit, used by 6% of
the respondents it was noted a number of 5 strengths,
namely: easy access to information, reliability of data,
multiple possibilities of data management, ease of use of
data, using template reports. And the users of MS Excel
66% of the respondents - mentioned all 7 strengths.
At the question: What software for audit you use to
perform a continuous audit? 17% of the respondents
mentioned that they use Ciel Audit and Review for a
number of 4 strengths: easy access to information, data
security, ease of use of data, using template reports.
11% of the respondents reported the use of CaseWare
Audit, mentioning 3 strengths provided by it, i.e.: easy
access to information, multiple possibilities of data
usage, using template reports. For the software Gaudit,
used by 6% of the respondents, it was mentioned a
number of 4 strengths, i.e.: easy access to information
inside the application, reliability of data, multiple
possibilities of data usage, ease of use of data. And the
users of MS Excel 66% mentioned all 7 strengths.
The analysis presented discloses the use of MS Office
Excel in the highest proportion by the respondents even
for special situations (such as continuous audit).
However, the research showed that this software
solution is not adapted to ensure the methods and
techniques specific for audit, nor to the national
Nr. 1(133)/2016
legislation in audit. Some studies conducted in 2001

mentioned poor use of spreadsheets and other tools for
automated calculation and now these techniques are
widely used (Curtis & Payne, 2008). Nowadays auditors
want more and more to find a solution which will comply
with their need to complete the audit assignments with
greater efficiency.
5. Conclusions and research

limitations
On the background of phenomena with strong economic
and social implications like digitization and economic
crisis, we analyze the role of using software tools to
increase efficiency of the audit assignments.
Previous studies showed that using CAATs in an audit
office can reduce the time and financial resources
involved in the audit assignment (Fargason, 2001), and
also the risks and help to attain a higher degree of
providing the result. (Alali & Pan, 2011)
This study analyzed the responses from the users point
of view, considering their preferences to use a CAATs in
the stages of the audit, emphasizing the main qualities
assessed by the respondents: ease of use of data; easy
access to information in the application being used;
reduced cost; multiple possibilities of data management.
The research showed that the vast majority of Romanian
auditors use the same software tool in all stages of the
audit missions conducted. Also, the majority of the
respondents dont use software tools adapted to ensure
the methods and techniques specific to the audit
assignment and the national legislation for audit but they
want to use solutions which will comply with the
strengths highlighted in order to increase effectiveness
of the audit assignments.
At the same time, through the study we observed the
tendency for users to work with software tools also
during special audit missions such as testing 100% of
the audited sample or performing continuous audit.
Further studies may approach methods of testing
auditors decision to use some software tools,
considering the variables declared by the respondents
and their impact in the decision making pattern.
Also, a further study may analyze the way these CAATs
solutions adapt to technological changes, becoming
available in web format accessible online which can be
used from a tablet or smartphone.
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Cristina CARANICA
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102
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The
Reporting
Intangible Capital on the Performance of Companies
ISSN:Influence
1583-5812; of
ISSN
on-line: 1844-8801
The Influence
of Reporting
Intangible
Capital on the
Performance
of Romanian
Companies
Associate Professor
Cristina PRECOB, Ph.D.,
The Faculty of Economics and Business Administration,
"Alexandru Ioan Cuza" University, Iai, Romania,
e-mail: cristina.fadur@yahoo.com
Professor Marilena MIRONIUC, Ph.D,

The Faculty of Economics and Business Administration,
"Alexandru Ioan Cuza" University, Iai, Romania,
e-mail: marilena@uaic.ro
Nr. 1(133)/2016
Abstract
The purpose of this article was to identify the
correlations between intangible capital and
organisational performance, for the Romanian
companies quoted in the Bucharest Stock Exchange,
BSE section. Intangible capital was computed based on
13 criteria grouped into three components: human
capital, relational capital, and innovation, and the
financial performance of the company was studied
through the return on assets (ROA), the return on equity
(ROE), and the economic return (Re). In this article, the
financial performance for Romanian companies is
reflected by the goodwill, computed as the difference
between the market capitalization and the net
accounting asset of an entity, as well as by the market to
book value (M/BV- the ratio between the market
capitalization and the net accounting asset of the
company). The article also investigates the existence of
a correlation between the intangible capital of Romanian
companies and the auditor contracted to audit the
annual financial statements. The results of research
show that between intangible capital and the positive
goodwill of the studied companies, on the one hand, and
the economic return, respectively the market to book
value, on the other hand, there are direct correlations. At
the same time, the value of intangible capital is,
statistically, significantly higher in companies whose
financial statements are audited by Big4 auditors and in
companies that record profit.
Keywords: intangible capital, return on assets, return

on equity, economic return, market to book value,
goodwill, Big Four auditor.
Classification: M41, M14
103
Prolegomena
One of the features of nowadays organisations is their
ambition to develop efficient management systems and
practices, which requires for their efforts to focus on
managing knowledge and intangible capital. Therefore,
strategies are no longer thought taking into account
solely the company's position in relation to its
competitors, but also in correlation with intangible
assets and intangible capital, expressed by the

employees' know-how, relationships with the
customers and suppliers, information technologies,
brand (Marr et al., 2003).
In specialised literature there are various approaches
concerning the manner in which intangible capital can be
of defined, classified, measured, and reported. In a
recent study on the articles published in the field of
intangible capital for the period 2004-2014, Ferenhof et
al. (2015) show that, in spite of the approaches of
theoreticians as well as practitioners, no common
denominator has been reached: the evaluation and
reporting of intangible capital is an open problem for
accountants as well as for evaluating experts,
managers, strategy professors, economists, innovation
specialists, etc.
Revising the literature in the field shows the existence of
a wide array of evaluation methods of intangible capital,
each company having the option to select any of these,
according to the internal and external factors that
configure its strategy and vision.
Also, articles in the field mention "intangible assets,
"intangibles, "intangible resources, "intellectual capital,
"intangible capital, "intangible values, all referring to
more or less the same thing. It is not possible to have a
generalised delimitation between intellectual capital and
intangible capital. Some authors use the terms of
intellectual capital and intangible capital as synonyms,
while others (Hunter, Webster and Wyatt, 2005)
consider intellectual capital as a component of intangible
capital. Piekkola, the coordinator of the INNODRIVE
project, which took place during 2008-2011, refers to
intangible capital. From a retrospective and comparative
viewpoint, the term of intellectual capital is much more
often used in studies and researches. In this article, we
will use the term of intangible capital, preserving the
accounting meaning, referring through this notion to
human capital, relational capital, and to the company's
efforts towards innovation.
In this scientific approach, intangible capital is a variable
computed as the arithmetical mean of other three
variables: human capital, relational capital, and the
104
actions taken by companies to insure innovation. In

order to give numeric values to these variables, we have
taken into account the most relevant non-financial
information and we followed to see if the companies
present them or not in the annual reports for 2013,
grading with 1 their detailed presentation and with 0 their
absence. Thus, in order to determine the value of human
capital, we analysed whether or not the company
presents information on the number and flow of its
employees (average number of employees,
employments and discharges in 2013, as well as their
reasons), the structure of the labour force according to
age and completed studies, the employees' training
(number of persons who benefitted from training
courses, number of hours, and expenses for training the
employees), benefits granted to the employees
(bonuses, gifts for holidays, kindergartens for the
employees' children, flexible working hours, etc.) and the
degree of employees' satisfaction. In computing
relational capital, we took into account information on
the market share, the concern with the environment
(environmental certificates, measures of the impact of
the activity of society upon nature, efforts to minimise
this impact, and any actions showing the company's
involvement in insuring sustainable development),
customer satisfaction (whether or not the company aims
at receiving feedback from its clients, measures taken to
lower the number of customer complaints, computing a
customer satisfaction index) and involvement of the
company in society, through social programmes and
expenses for donations. For innovation, we graded the
information published by companies with regards to
research and development activities (value of the
expenses for these activities, their weight in the sales
figure), investments in assets, new products designed in
2013 and number of patents owned by the company.
The selection process of the non-financial information
studied in order to associate intangible capital with a
numeric value was supported by the analysis of the most
important evaluation methods of intangible capital and of
the results of studies in specialised literature. In this
sense, we mention that in selecting non-financial
information we applied professional reasoning, starting
from the following evaluation methods of intangible
capital: Intangible Asset Monitor suggested by Sveiby
in 1997, Balanced Scorecard suggested by Kaplan
and Norton in 1996, Bounfour's IC-dVAL (2003),
Intellectual Capital Web suggested by Zhou et al
(2003), Scaling suggested by Cinca et al in 2003, the
Value Creation Index suggested by Funk (2003) and
Kalafut and Low (2001), Eskildsen's European
Performance Satisfaction Index (2003), European
The Influence of Reporting Intangible Capital on the Performance of Companies
Employee Index suggested by Eskildsen et al in 2003,

FiMIAM suggested by Rodov and Leliaert in 2002, etc.
(Hunter et al., (2005). We have also taken into
consideration the results of a study performed by
Ernst&Young, according to which the most important ten
pieces of non-financial information for investors, which
should be integrated into the company's periodic
reporting, are: educational strategy, managers'
credibility, strategy quality, innovation, the ability to
attract talented staff, the market share, the managers'
expertise, benefits granted to the employees, the quality
of the main processes, and research (Barsky and
Marchant, 2000).
In what concerns goodwill, in this research approach we
start from the premise that goodwill (latent value, not
recorded in accounting) is the difference between the
market value of a company, expressed by its stock return
and its accounting value, reflected by the shareholders'
equity (net accounting asset). In computed the market
capitalization, we included the number of shares owned
by the company and the mean share list price in June
2014, considering that it immediately reflects the influence
of the reported information on the company's activity in
2013 (often published in April-May 2014).
Literature review
Specialised literature abounds in studies (Edvinsson,
1997; van der Meer-Kooistra and Zijlstra, 2001; Meritum
Project, 2002; Mouritsen, 2002; Marr, 2003; Mouritsen
and Bukh, 2003; Abdolmohammadi, 2005; Sonnier et al.,
2007; Curado, 2008; Bontis and Serenko, 2009)
concerning the benefits of reporting intangible capital:
strengthening the competitive position and increasing
financial performance on the long run (Curado et al.,
2011). At the same time, numerous research initiatives
focused on the differences between the market value
and the net accounting value of the companies: Sriram,
2008; Brown et al., 1999; Lev and Zarowin, 1999. Some
empirical studies show that up to 80% of the market
value of a company may not be reflected in its financial
statements (Arvidsson, 2011).
With regards to the impact of intangible capital on
performance indicators, Vishnu and Gupta (2014) stress
that these correlation studies frequently focus on
financial-banking institutions (Mavridis, 2004; Young et
al., 2009; Bharathi, 2010; Joshi et al., 2010, 2013;
Kamath, 2010; Abdulsalam et al., 2011; Gigante and
Previati, 2011), companies in information technology
(Shiu, 2006; Gan and Saleh, 2008; Saleh et al., 2009;
Zeghal and Maaloul, 2010; Chang and Hsieh, 2011),
Nr. 1(133)/2016
and companies in the pharmaceutical industry (Kamath,

2008; Mehralian et al., 2012; Pal i Soriya, 2012).
A longitudinal analysis performed in 2008 by Oliveras et
al. on a sample made up of 12 Spanish companies
shows a rising trend of the quantity of reported
information referring to intangible capital, the
improvement being even more significant in the case of
relational capital, and a study performed by Wang
(2008) on the connections between intangible capital
(and its components) and the market values of the
companies in the electronic industry proves that all the
constituent elements of intangible capital human
capital, the capital related to customers, innovation
capital and the capital related to processes are
positively linked to the market value of the company.
In what concerns innovation, according to the National
Institute of Statistics, innovating companies are those
that launched new or significantly improved products or
that introduced new or significantly improved processes.
Innovation is based on the results of technological
developments, on new combinations of the existing
technologies, or on the usage of other knowledge
required by the company. Technological improvements
were frequently analysed starting from Schumpeter's
trilogy that divides them into three stages: invention
the research that leads to the generation of new ideas,
innovation the development of the new ideas and their
materialisation in market products and dissemination
launching products onto the market. In 1942,
Schumpeter claimed that innovation is the fundamental
source of wealth. However, subsequent studies proved
that research and development activities are only one of
the sources of innovation. Investments in marketing,
software development, professional training courses and
drawings may also generate new technologies or
improved products. As a result, in developed economies,
investments in intangible assets have become the main
concern of the investors, creditors, managers and
researchers (Canibano et al., 2000).
Tovstiga and Tulugurova (2009) start from the
hypothesis that the internal factor, represented by
intangible capital, plays a more important role in
determining the performance of a company than
external factors (socio-political, economic, and
technologic). In their view, intellectual capital is divided
into two sub-categories: human capital and structural
capital. Human capital includes competences
(manifestations of the strategic knowledge of the
company), attitude (the behavioural and motivational
dimension of the employees) and intellectual agility
(the company's ability to imitate and adapt to the
105
changes in the competitive environment), while

structural capital refers to the relationship network of
the company, the mechanisms of the organisation
used in the process of value creation (the company's
processes, structure, and culture) and the renewal and
development mechanisms. Thus, starting from the

conceptual framework suggested by Tovstiga and
Tulugurova, we can define intangible capital as the
most important internal factor in insuring the
competence of an enterprise (Figure 1).
Figure 1. The conceptual framework of the internal and external factors that influence the company's
performance
Source: Tovstiga G., Tulugurova E., 2009
In order to explain the value of human capital, a

component of intangible capital, Dean et al. (2012)
suggest an easy but illustrative example starting from
the question: what is the difference between James
LeBron and any other person? The given answers refer
to the value of the salary earned by the American
basketball player as well as to James LeBron's talent,
skills, and sportsman's abilities. The truth is that anyone
could play basketball, but not anyone has the human
capital corresponding to LeBron's performance. If he
were transferred to another team, the value of the initial
team would, without a doubt, no longer be the same.
LeBron's human capital is an asset for the team in which
106
he plays, contributing to raising its value. It is obvious

that a basketball team and not only can win not due
to its corporeal assets but because of the human capital
of its players.
The same concept applies in the business world. Financial
statements do not tell the whole story. How could their
users know that a company has the human capital of a
James LeBron? The financial statements do not reflect the
most important asset of a company, which is its human
capital. Nevertheless, for now there are no accounting
standard that would regulate the evaluation or reporting of
the value of human capital (Dean et.al., 2012).
Other authors (Cheng-Li Huang and Fan-Hua Kung,

2011) underline the link between environmental
awareness and competitive advantage, in the context of
the transition to the "green era. Companies must
comply with the legislation concerning the environment
and cope with the pressures of public opinion. Socially
liable companies take a significant number of measures
to protect the environment. In 2008, Chen suggested the
concept of green intellectual capital, meaning

knowledge, experience, skills, and innovation in the field
of environmental protection. Green intellectual capital
allows companies to strictly meet the legal provisions in
the field of environmental protection and respect, acting
as the mediator of the relationship between
environmental awareness and competitive advantage
(Cheng-Li Huang and Fan-Hua Kung, 2011).
Table 1. Results of the correlation studies in specialised literature (selection)
Mehri et
al., 2013
Asian Social
Science
Malaysia
No.
companies/
observations
92
Clarke et
al., 2011
Australia
1676
2003-2008
Janosevic
et al., 2013
Serbia
100
2010
Chu, Chan
and Wu,
2011
Journal of
Intellectual
Capital
Knowledge
and Process
Management
Journal of
Intellectual
Capital
China
33
2001-2005
Chu, Chan
and Wu,
2011
Journal of
Intellectual
Capital
China
41
2006-2009
Phusavat
et al., 2011
Thailand
11
2006-2009
Javornik et
al., 2012
Slovenia
12.450
1995-2008
Ranking method
Correlations between: IC and ROA (0.67.
p<0.01), IC and ROE (0.75. p<0.01)
Pal
and
Soriya,
2012
Rossi and
Celenza,
2014
Industrial
Management
and Data
Systems
International
Business and
Economics
Research
Journal
Journal of
Intellectual
Capital
European
Conference
on Intellectual
Capital
Journal of
Intellectual
Capital
India
105
2000-2009
Italy
23
2002-2011
Correlations between: IC and ROA

(0.332. p<0.01), IC and ROE (0.353.
p<0.01), IC and M/BV (0.123. p<0.01)
Correlations between: IC and ROE (0.59.
p<0.01).
UK
300
2005
No.
10
Study
Zeghal and
Maaloul,
2010
Journal
Analysed
country
Analysed
period
2006-2010
Conclusions
(0.535. p<0.01), IC and ROE (0.387.
p<0.01). IC and M/BV (0.253. p<0.01)
(0.533. p<0.01), IC and ROE (0.480.
p<0.01)
(0.165. p<0.01), IC and ROE (0.409.
p<0.01)
(0.363. p<0.01), IC and ROE (0.206.
p<0.01), IC and M/BV (-0.068, noncorrelated)
(0.411. p<0.01), IC and ROE (0.219.
p<0.01), IC and M/BV (0.042, noncorrelated)
(0.311. p<0.01), IC and ROE (0.395.
p<0.01)

(0.208. p<0.01), IC and M/BV (0.310.
p<0.01)
Source: the authors' processing

Where: IC Intangible capital, measured using the VAIC method; ROA return on assets; ROE return on equity; M/BV
calculated as total market capitalization divided by the book value of the companies.
Nr. 1(133)/2016
107
Reported to the results of correlation studies, some

empirical approaches show the existence of direct links
between intangible capital and company performance
(for example: Mehri et al., 2013, Clarke et al., 2011,
Razafindrambinina and Anggreni, 2011, Mehralian et al.,
2012, Gruian, 2011 etc.), while others report the nonexistence of correlations or the existence of weak
connections (Morariu, 2014, Kamath, 2008, Stahle et al.,
2011 etc.).
criteria, and the company's financial performance,

reflected through the return on assets (ROA), the return
on equity (ROE), and the economic return (Re), on the
one hand, and the company's return on stock, stressed
by goodwill (Gw), respectively the market to book value
(M/BV), on the other hand. We also analysed the
existence of a correlation between the intangible capital
of Romanian companies and the auditor contracted to
evaluate the annual financial statements.
For Romanian companies, Morariu (2014) identified the

existence of a negative correlation, statistically
significant, between intangible capital, evaluated by
Pulic's VAIC (Value Added Intellectual Capital) method,
and company productivity, measured by the ratio
between turnover and total assets, while between VAIC
and the return on equity (ROE), respectively the market
to book value (the ratio between the market
capitalization and the shareholders' equity) did not
establish any correlation. On the other hand, Gruian
(2011) established a direct correlation of average
intensity (Pearson's coefficient equal to 0.355), between
the mean values of intangible capital, measured through
the VAIC method, and the financial performance of
Romanian companies quoted in the Bucharest Stock
Exchange, measured by the mean values of the return
on equity (ROE), for the period 2007-2009.
The analysed population is made up of Romanian

companies quoted on the Bucharest Stock Exchange,
on the BSE section. On November 15, 2014, this section
included 99 companies, of which 17 were included in the
category "non-listed and 15 were banks or investment
funds. Thus, after applying the first filter, we selected 67
companies. Nevertheless, the final sample only includes
55 observations, since we excluded from the analysis: 6
companies that were in insolvency, 4 enterprises with
negative shareholders' equity, and 2 companies for
which we were unable to identify available data.
In Table 1, we illustrated the results of correlation

analyses between intangible capital and company
performance, respectively its market value reported to its
accounting value. We mention that in the selected
studies, intangible capital is measured using Pulic's
VAIC model -Value Added Intellectual Capital.
From the revision of specialised literature, we kept the
research directions in the field, referring to the possible
correlations between intangible capital and the ratio
between the market capitalization and the net
accounting asset, the return on equity, the return on
assets, but we also wished to test new hypotheses, such
as the existence of links between intangible capital and
goodwill (equal to the difference between the market
capitalization and the net accounting asset), respectively
between intangible capital and the company that audits
the financial statements. In other words, we aimed to
analyse the correlations that exist between intangible
capital, computed as the arithmetical means of a set of
108
In the data collection stage, we resorted to mediated

data collection techniques from the annual financial
statements and various other reports published by the
companies, and in the data processing and analysis
stage we used: the analysis of the contents of
communication, which consists in the objective,
systematic, qualitative, and quantitative description of
the contents of a communication, document study and
the quantitative analysis. Concretely, the method of
content analysis is based on detecting the presence or
absence of information that covers various topics.
For processing and interpreting the data, we used the
SPSS software (Statistical Package for the Social
Sciences), version 20.0.
The research hypotheses that we wished to test are the
following:
H1: There is a direct link between intangible capital (IC)
and the company's goodwill (Gw).
H2: There is a direct, positive link between intangible
capital (IC) and the market to book value (M/BV);
H3: There is a direct link between intangible capital (IC)
and the company's economic return (Re).
H4: Intangible capital is significantly higher for
companies whose financial statements are audited
by companies in the Big4 group, compared to
companies that did not contract an auditor in the big

audit firms;
H5: Intangible capital is significantly higher for
companies with a good financial performance,
analysed through the values of ROA and ROE.
As we previously mentioned, we considered that
goodwill is the difference between the market
capitalization and the company's net accounting asset.
According to the accounting regulations, goodwill is
normally acknowledged upon consolidation and it is the
difference between the purchase cost and the just value,
on the date of the transaction, of the part of the net
assets acquired by an entity. In the individual annual
financial statements, goodwill can only be acknowledged
in case of transferring all assets or a part of them and,
as the case may be, through liabilities and equity,
irrespective of whether or not it is achieved as a result of
a purchase or of merger operations. For goodwill to be
distinctly accounted for, the transfer should concern
some business represented by a set of integrated
activities and organised assets, administrated to the
purpose of obtaining profit, having lower costs, or for
other benefits.
The market capitalization is equal to the number of
shares owned by the company, multiplied by the mean
stock exchange value in June 2014, considering that it
immediately reflects the information reported on the
company's activity for 2013 (often published in April-May
2014).
The economic return is equal to the percentage ratio
between the operational result and the total asset of the
company. From the viewpoint of the analysis, profitability
ratios have more information power, since their size
determines the company's future economic-financial
policy and the behaviour of the existent and potential
investors. For the managers concerned with capitalising
upon the invested capital through the current activity and

independently from the financial activities, the economic
return, determined by reporting the operational result to
the invested capital, has sufficient cognitive meaning
(Mironiuc, 2006, p.366).
The financial profitability ratio (the return on equity,
ROE) is the final measure of the capitalisation upon the
resources that the stockholders trusted to the company
as risk capital. In our approach, we computed the return
on equity of the analysed companies based on the
accounting value recorded in the financial statements
(accounting return on assets) (Mironiuc, 2006, p.379).
The return on assets (ROA), respectively the profitability
of the assets, is one of the main indicators of a
company's profitability, and it measures the efficiency of
the use of assets from the viewpoint of the obtained
profit.
The return on equity (ROE) is equal to the percentage
ratio between the net result for the period and the
company's equity, and the return on assets is given by
the percentage ratio between the net result for the
period and the company's total asset.
Intangible capital is the arithmetic mean of the values
obtained for human and relational capital and for
innovation. The algorithm for determining an estimative
value for human capital, relational capital, and
respectively innovation is simple: if the company
presents complete information on one criterion, it is
graded with 1, if it does not present information it
receives 0 points, and if it presents only partially certain
information, it is graded accordingly: 0.25; 0.5 or 0.75. At
the end, each component of intangible capital will be
equal to the arithmetical mean of the scores obtained for
each considered criterion. The criteria analysed for
computing the value of the components of intangible
capital are shown in Table 2.
Table 2. Criteria of intangible capital

Criteria for human capital
Number and flow of the employees
Structure of the employees
according to age and studies
Employees' training
Benefits granted to the staff
Employees' satisfaction
Criteria for relational capital
Criteria for innovation
Market share
Environmental concern
Research and development activities

Investments in assets
Customer satisfaction
Social programmes, donations
Number of patents
New products
Source: The authors' processing
Nr. 1(133)/2016
109
Research results
having a degree of dissemination of the information on

intangible capital below 0.5 (Table 3).
Descriptive analysis of the analysed

variables
In what concerns the values obtained for goodwill,

most of the analysed companies are characterised
by a higher net accounting asset than the stock
exchange capitalisation, which implies negative
values of goodwill (badwill). Actually, of the 55
studied companies, only 13 have positive values of
goodwill (actual goodwill).
A first analysis reveals the fact that for the observed

companies, the mean degree of dissemination of the
information on intangible capital (IC) has values between
0.07 and 0.82, 89.09% of the enterprises in the sample
Table 3. Descriptive Statistics
N
Human capital
Relational capital
Innovation
IC
Minimum
55
55
55
55
0.10
0.00
0.00
0.07
Maximum
0.80
0.88
1.00
0.82
Mean
Std. Deviation
0.2755
0.3565
0.4136
0.3485
0.15749
0.22382
0.31964
0.18869
Source: Own processing, following the SPSS output
Testing the research hypotheses

In order to validate the first three research hypotheses,
we applied Pearson's correlation coefficient. Considering
that parametric statistical techniques start from a series
of conditions concerning the normality and homogeneity
of the dispersion of the distribution of the subjects'
results, we tested first of all the normality of the analysed
variables. According to the Kolmogorov-Smirnov
normality test results, variable IC as well as variable
M/BV are normally distributed. For the other two
variables (goodwill and economic return), we resorted to
logarithms in natural basis, obtaining normally

distributed variables. We mention that the logarithm
eliminated from the study the companies with negative
goodwill values, respectively negative economic return.
Asympt. Sig. takes the values 0.112, 0.709, 0.874 and
0.821, which means that the risk to incorrectly reject the
null hypothesis according to which the variables are
normally distributed is 11.2%, 70.9%, 87.4% and 82.1%.
In all cases, the risk obtained is higher than the allowed
risk of 5%. As a result, the analysed variables are
normally distributed (Table 4).
Table 4. One-Sample Kolmogorov-Smirnov Test
Mean
Normal Parametersa,b
Std. Deviation
Absolute
Most Extreme Differences
Positive
Negative
Kolmogorov-Smirnov Z
M/BV
IC
lnRe
lnGw
55
0.6816
0.45671
0.162
0.162
-0.081
1.201
0.112
55
0.3485
0.18869
0.095
0.095
-0.070
0.701
0.709
42
1.2140
1.12741
0.091
0.083
-0.091
0.592
0.874
13
17.5099
2.25637
0.175
0.175
-0.082
0.631
0.821
a. Test distribution is Normal.

b. Calculated from data
110
values (Table 5).
Then, we computed Pearson's correlation coefficient. It

shows the connection and simultaneous variance of the
Table 5. Correlation between intangible capital and: goodwill, market to book value, and economic return
IC
Pearson Correlation
Sig. (2-tailed)
N
IC
lnRe
lnGw
M/BV
0.442**
0.003
42
0.655*
0.015
13
0.350**
0.009
55
55
*. Correlation is significant at the 0.05 level (2-tailed).

**. Correlation is significant at the 0.01 level (2-tailed).
According to the SPSS output, Pearson's correlation

coefficient shows the existence of direct correlations of
high intensity between intangible capital and the goodwill
logarithm (Pearson's coefficient is equal to 0.655), as
well as the existence of direct links of medium intensity
between intangible capital and the market to book value,
respectively between intangible capital and the logarithm
of economic return ratio (Pearson's coefficient takes the
values 0.350, respectively 0.442).
As a result, the first three research hypotheses are
confirmed: between intangible capital and goodwill, the
market to book value and, respectively, the economic
return ratio, there are direct connections. These results
are similar to those in specialised literature, exemplified
in Table 1.
Taking into account the fact that the ROA and ROE
variables are not normally distributed and that the
variable referring to the auditor's category is nominal, in

order to test the research hypotheses H4 and H5 we
used Mann-Whitney's U test on two independent
samples.
According to the values recorded by the return on
assets and the return on equity, we grouped
companies into two classes: companies with good
performance and companies with bad performance.
Using the ranking method, we were able to draw the
conclusion that the companies that had profit are
characterised by significantly higher values of
intangible capital. We also noticed that companies
whose financial statements are audited by auditors in
the Big4 group report a higher volume of information
referring to intangible capital than the other
companies. Table 6 presents Mann-Whitney's U test
results for hypotheses 4 and 5.
Table 6. Mann-Whitney's U test results

Hypothesis H4
Hypothesis H5.1
Hypothesis H5.2
Test Statisticsa
Test Statisticsa
Test Statisticsa
IC
Mann-Whitney U1
234
Wilcoxon W
829
0,033
a. GroupingVariable: Auditor_Big4
Mann-Whitney U2
Wilcoxon W
a. GroupingVariable: ROA
IC
168
288
0,013
Mann-Whitney U3
Wilcoxon W
a. GroupingVariable: ROE
IC
168
288
0,013
The Test Statistics table indicates the values of MannWhitney's U test, which are 234, respectively 168, which
is significant from a statistic viewpoint at a level p=0.033,
Nr. 1(133)/2016
respectively 0.013. Mann-Whitney's U test allows us to

state that the value of intangible capital is statistically
significantly higher in companies whose financial
111
statements are audited by Big4 auditors (U=234, N1=34,

N2=21, p=0.033) and in companies with good
performance, the performance criterion being analysed
through the return on assets and the return on equity
(U=168, N1=15, N2=40, p=0.013).
It is possible for auditors in big audit firms to insist on the
presentation in the explanatory notes of complete and
detailed information concerning balance elements,
information which is then copied in annual reports.
Table 7 - Ranks indicates that the mean rank given to

the parameter "Intangible capital for the group of
companies that contracted the services of a Big4 auditor
is 33.86, and the mean rank for the second group (the
group of companies whose annual financial statements
are not audited by a Big4 auditor) is 24.38, which means
that the values for group 1 tend to be higher than for
group 2. The analysis is identical for grouping the
companies according to their financial performance,
reflected by the values of ROA and ROE.
Therefore, research hypotheses 4 and 5 are validated.

Table 7. Ranks
IC
IC
IC
Auditor_Big4
No
Yes
Total
ROE
ROE<0
ROE>0
Total
ROA
ROA<0
ROA>0
Total
N
34
21
55
N
15
40
55
N
15
40
55
Mean Rank
24.38
33.86
Sum of Ranks
829.00
711.00
Mean Rank
19.20
31.30
Sum of Ranks
288.00
1252.00
Mean Rank
19.20
31.30
Sum of Ranks
288.00
1252.00
Conclusions
Starting from the results in specialised literature, we
aimed to test 5 research hypotheses related to the
correlations that exist between intangible capital and
financial performance, reflected through the return on
assets (ROA), the return on equity (ROE), and the
economic return (Re), on the one hand, and the
company's return on stock, shown by goodwill,
respectively the ratio between the market capitalization
and the company's net accounting assets, on the other
hand. At the same time, we tested the existence of a
connection between the intangible capital of Romanian
companies and the auditor contracted to evaluate the
annual financial statements.
Statistical tests showed that, with certain restrictions
concerning the normal distribution of the variables, that
for the analysed sample, the research hypotheses are
confirmed: between intangible capital and the positive
112
goodwill of Romanian companies quoted on the

Bucharest Stock Exchange there are direct significant
correlations, and between intangible capital and
economic return, respectively the ratio between the
market capitalization and the company's net accounting
asset (market to book value), there are direct
correlations of medium intensity.
Also, using the ranks method, we were able to conclude
that companies with good financial performance, from
the perspective of the return on assets and on equity,
are characterised by significantly higher values of
intangible capital. At the same time, companies whose
financial statements are audited by auditors in the Big4
group report a higher volume of information on intangible
capital than the other companies.
Future research directions could consider extending the
analysis to a larger sample and identifying regression
models that would explain the value of intangible capital.
It would also be interesting to check other possible
associations between the volume of non-financial

information published by companies and performance
indicators.
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R.K., Naslmosavi, S.H. (2013), Intellectual
Capital and Firm Performance of High
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elemente teoretico-metodologice i aplicaii, Iai,
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performance in the case of Romanian public
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Indian pharmaceutical and textile industry,
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120-137.
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Ooi, K.B. (2011), Interrelationships between
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External
AuditISSN
- A New
Open
Data Approach
ISSN:
1583-5812;
on-line:
1844-8801
Abstract
External Audit A New Open

Data Approach
Professor Elena Doina DASCLU, Ph.D.,
Faculty of Economic Sciences, SpiruHaret University of
Bucharest, Romania, e-mail: doina.dascalu@rcc.ro
This article has a double fold aim: (1) a multipleperspective assessment of open government and open
data, in the context of the developments of government
reform emerging processes, and (2) a research of the
impact these concepts internalisation in the operational
plan may have on external audit. Defining notes, as well
as key elements are delineated relating to the abovementioned concepts, while the new approaches are
characterised from the theoretical perspective, with a
focus on the change of paradigm they trigger.
From the practical point a view, the article introduces a
solution to use open data in an audit model
characterised by new audit methods and techniques,
mainly based on the information technology (distance
audit, online audit, e-audit).
As to the second subject matter tackled in the article, the
author proposes an assessment of the impact the
adoption and implementation of a new auditing
framework, built on open data use, has on government
(the article also includes a synthesis of researches and
points of view provided by specialised publications).
Keywords: open government, open data, public sector,
data sets, open data portal, audit models, e-audit
JEL Classification: C54, E62, H68
Nr. 1(133)/2016
115
Elena Doina DASCLU
Introduction
Openness in government and openness of data
represent a coordinated change process in the public
sector, which puts citizens and business environment
needs at the core of government and ensures a
significant and transforming impact on governments
effectiveness and efficiency.
There is no single accepted definition of open
government, though there are many common elements
in the currently used definitions, which may be
summarised in the following characteristics:
transparency of government actions, accessibility of
government services and information, as well as
government response capacity to new ideas,
requirements and needs.
The rocket-like development of information and
communications technology made it possible for the
government reform process to evolve through a
transition directed towards government and data
opening. This involves material re-designing of the
information system (IT), for the latter to be able to satisfy
the new requirements which suppose fundamental
modifications(much more than online services provision)
and generate benefits for citizens, public sector,
business environment and other stakeholders.
The implementation of data opening policies is a key
challenge for various domains, such as the political,
economic and financial, organisational, cultural, legal
ones and mainly involve four major objectives1:
(1) publishing public information online, in open formats;
(2) enhancing public information quality; (3) creating and
institutionalising an open government culture and
(4) establishing a public policies framework for open
government.
Current state of knowledge

This research is based on a wide documentation, being
scientifically grounded on a comprehensive and relevant
bibliography (listed in the bibliographic references). The
bibliography includes books, specialised documentation,
articles, studies, legislative acts and standards, both
from the Romanian and from the foreign specialised
literature.
1 Open
116
Data Initiative, http://www.whitehouse.gov/open
The starting point is the directive on open government,

adopted by the Obama administration in 2009, which
continued the Open Government Partnership (OGP), a
multilateral initiative launched by the United States
president, Barack Obama, and the British Premier,
David Cameron, in 2011. The aim of the initiative was to
encourage governments to be as open and transparent
as possible relating to their actions. In 2013, the initiative
Open Data Partnership (ODP) was launched, in the
same formula.
In 2012, in Great Britain, the Government set up the
Open Data Institute - ODI which supports the progress
of open data by providing assistance funds for
launching, by organising training courses, by certification
procedures and conferences. The Government of
Netherlands has a significant contribution to the
governments opening movement. Currently, 65
countries participate in the Open Government
Partnership.
The European Union opened the way to the
capitalisation of the information generated by its
institutions and by the public ones of the member states,
together with the opening it offered based on the
initiative A Digital Agenda for Europe, included in the
Strategy 2020, meant to accelerated the development of
high speed Internet networks and allow the public to fully
benefit from the single digital market.
The digital agenda is the document mentioning the open
data subject, with a strong focus on value adding
through the re-use of specific data generated by public
administration entities. The European Union (EU) got
involved in the provision of a legislative framework which
would favour the re-use of public information by issuing
Directive 2003/98/EC on the re-use of public sector
information (the PSI Directive2 on public sector
information) which provides the way public authorities
are to make documents available for re-use and offers a
series of criteria applying to public sector institutions.
The Decision of the European Commission on the reuse of the Commissions documents 2011/833/EU, is
one more step towards the building of a data portal as a
single access point to documents available for re-use.
In 2013, Directive 2003/98/EC was modified and
approved by the European Parliament and the Council,
based on the Directive 2013/37/EU, which provides the
2
Public Sector Information
External Audit - A New Open Data Approach
obligations relating to access to documents or the

obligation to allow the re-use of documents and
recommends: sharing of information by electronic
means, proposes a minimum set of rules to disseminate
the information generated by public institutions and by
government agencies and lists the rights of individuals
and legal entities relating to re-use. The review also
aims at stimulating public sector information use in the
business environment and a consistent approach at the
level of the Community market.
The Commission also stated its total involvement in the
development of a European strategy for the publishing
and re-using of public sector data resulting from the
activity of European institutions and of the member
states, by publishing the data sets proposed and held by
the very European Commission. This action was meant
to offer as an end result an implementation of a
Commission open data portal, as well as a set of support
type services for the operation of this portal, on a
platform which shall gather 39 European countries.
Through the intermediary of the open data portal, the
European Commission intends to capitalise on public
data economic potential, which is estimated at over 40
billion Euro a year, earnings resulting from the re-use of
public data.
Directive2007/2/EC of the European Parliament and of
the Council on the setting up of an infrastructure for
space information in the European Community (Inspire),
providing EU member states are to make available
geographic information on 34 themes, while their
harmonisation should allow for re-use of data through
open standards, is a telling example of EU granting a
legislative framework on the provision and use of open
data. This would lead to the establishment of a genuine
single market for digital content and online services
(safe and borderless EU web services and digital
content markets), enjoying a high security and
confidence level, a balanced regulatory framework with
clear cut rights regimens, the consolidation of multiterritorial licenses, an adequate protection and
remuneration for right holders and an active support in
view of the digitalisation of the rich European cultural
heritage and internet global government modelling.
Furthermore, modern and accessible online services
development and use is promoted.
Romanias joining, as of 2011, the Open Government
Partnership materialised in the initial engagements,
taken based on the Memorandum for the approval of
Nr. 1(133)/2016
the first National Action Plan (July 2012 June

2014), which resulted in measures relating to public
data opening and encouraging of the dialogue
between the public administration representatives
and the civil society. Currently, the second Action
Plan is being implemented (July 2014 June 2016),
which re-asserts Romanias engagements relating to
the observance of the Open Government
Partnerships basic principles.
A series of preliminary activities were conducted to
launch the Plan: organisation of public debates on
open administration and government, in which
participate representatives of the administration, of
civil society, of the public and private sector, of the
academic environment and of other stakeholders, as
well as the launching of the Open Data Coalition,
made of five non-government organisations which
promote data publishing in open format.
The favourable legal framework for open government
in Romania was strengthened by the adoption of Law
no. 109/2007 on the reuse of public institutions
information, as a result of Romanias accession to
the European Union.
In point of open data provision and use, supreme audit
institutions find there is an increased interest in
studying the implementation requirements and
conditions relating to an associated methodological
and procedural framework for audit, as well as for the
quantification of the effects triggered by open data
(including by establishing assessment instruments).
After launching open government and open data
partnerships, supreme audit institutions from the
countries which underwent a significant progress in the
government and data opening (for example, Great
Britain and the Netherlands)unfold audits to assess the
stage and modality to implement government
programmes relating to this domain, which are detailed
in the article:
1. The National Audit Office of the United
Kingdom1, NAO-UK, published two reports on
government and data opening, in 2012: (a) Report
on the British government open data project and
(b) Report on implementing transparency, a crossgovernment review:
1National
Audit Office UK
117
Elena Doina DASCLU
a) In the first report, NAO made an assessment of

the project stage, referring to the following
issues: data sets, costs, concern for citizens,
stimulation of business environment innovation,
opportunities.
Mention shall be made that, in keeping with
this report, the United Kingdom has 8,300
data sets, as compared to the 5,786 data sets
on the American executive portal, which
probably makes it the largest open data portal
of the ones held by governments worldwide.
b) In the second report, Cross-government
review - Implementing Transparency, drafted
in 2012, the National Audit Office of the
United Kingdom introduced the results of a
performance audit on transparency promotion
(as a result of data opening) within the
Cabinet Office (the most advanced, in the
Open Data Barometer), highlighting, on one
hand, the activity results in point of value for
money and, on the other hand, the impact
which transparency promotion had on the
public.
The United Kingdom government conducted
coordinated actions to promote transparency at
economic level; these contributed 16 billions of pounds
sterling a year, at the level of 2012, to the economy of
the United Kingdom, which reflected the fact that
public data have an economic value and the capacity
to contribute to the maximisation of the economic
growth.
The significant increase in the quantity and
diversification of public sector information types
supported the ever greater responsibility objectives
relating to the improvement of public services,
focussing on services quality and, implicitly, on their
respective social value. The public government value
was reflected in the enhancement of accountability,
transparency, response capacity and democratic
control.
2. The Netherlands Court of Accounts closely
followed the Netherlands government evolution,
which recorded a remarkable ascension in point
118
of government opening and data opening.

Furthermore, the Court assessed this issue in an
international context and the position of
Netherlands in relation to other advances states
and drafted two reports on their own
assessments, in 2014 and 2015.
Thus, as compared to 2014, the available open data
level did not increase substantially, and public
institutions use their own sites instead of the open
data government portal, which results in the fact that
data become fragmentary and biased, and access is
not made through a single contact point.
Furthermore, there are no data relating to
government processes and to public finances, data
which would allow the public to monitor their own
government (hence, an information transparency
deficit).
In the instance of open data on public expenditure
and performance data, the government offers the
possibility for a better visualisation of the own cash
flows and of public services quality. This also helps
the Parliament monitor open data referring to internal
operation of government organisations, operate
comparisons among them and identify opportunities
for savings. Moreover, certain reports may offer a
perspective on income and expenditure for a series
of costs standard categories.
In point of international situation, the Netherlands
Court of Accounts mentions, as an instance of good
practice, the example of Albania, which transparently
publishes as open data, through the intermediary of
the Central Treasury, information on public
expenditure at transaction level.
To illustrate information availability, we hereunder
present an open data provisions diagram, as data
sets pertaining to the following domains: legislative,
education, public transport, budget, environment,
criminality, international commerce, land fund,
chamber of commerce, health, expenditure. In
relation to criteria, the Netherlands is in the top five
(census.okfn.org) or the top ten
(opendatabarometer.org). Figure 1 reflects the
scores for open data provisions in several important
domains (2013).
Figure 1. Open data availability in 2013 (opendatabarometer.org) for the Netherlands
Source: The Netherlands Court of Accounts, Report on Open Data trends, 2014
Research conducted to design a new external audit
model, associated to the paradigm change resulting
from the open data oriented approach (which is in itself a
research subject matter), fall under the category of
advanced research and focus on the content
modifications of certain classical audit stages (mainly,
audit planning and execution), involving re-engineering
classical auditing architectures and of the classical
methodological and procedural framework. The article
proposes, in an original approach, a new external audit
model, based on open data usage; the model proposed
implements procedures which mainly use information
and communications, for the access to and re-use of
public institutions open data, available on the
government portal (www.data.gov.ro). This model also
implements advanced distance audit methods (online
audit, e-audit).
The documentary research also included studies and
analyses of the conceptual framework, reference
architectures, specific techniques, as well as
particularities which introduce radical changes in the
conduct of audit missions in a digital environment.
Nr. 1(133)/2016
The research having as an object open data use in

external audit were launched subsequent to the
mentioned orientations and concerns relating to these
subject matters around key international events: the 9th
EUROSAI Congress1 (Hague, Netherlands, 2014) the
main theme of which was innovation, and the 8th
EUROSAI-OLACEFS Conference2 (Quito, Ecuador,
2015), with a special focus on supreme audit institution
role in supporting the steps to promote governments and
data opening, transparency and good practices at public
administration level.
As to research stage, open data practical
implementation and assessment context, investigations
were made of research reports and articles drafted by
the European Union or international institutions which
are advanced in this field, as well as domain specific
assessment methodologies and instruments.
1
2
European Organisation of Supreme Audit Institutions

INTOSAI regional groups of Europe, Latin America and the
Caribbeans; a delegation of the Romanian Court of
Accounts participated at this event
119
Elena Doina DASCLU
The results of the scientific approach shall be

materialised in the creation of an original
methodological, procedural and instrumental framework
for external audit, based on the use of open data,
compatible with the international scientific level, which
can be capitalised in practice by the Romanian Court of
Accounts, as well as in the scientific collaboration and
cooperation in the field of audit with peer supreme audit
institutions.
The article presents and analyses highly interesting and
topical subject matters and proposes practical and
original solutions for a number of issues tackled and
contains both fundamental research items and
applicative research ones. The subject matter is dealt
with from the point of view of the impact open data use
has on external audit, as well as finding this approachs
impact at social and economic level.
Open data use

Open data represents information or recordings stored
electronically (documents, data bases with contracts,
hearing transcripts and events audio/visual recordings)
and are often associated to public authorities activities
transparency requirements. Open data represents the
most modern international framework and standard for the
definition of transparency specific to good government.
These are easy to read data, which can be re-used on the
computer, with no restrictions. In the instance of public
data, it is provided free of charge and may be generated
by a wide range of actors: government, public sector,
business environment and public.
From a conceptual point of view, data can be seen at the
lowest generalisation level, where information and then
knowledge are derived. The phenomenon involving
amplification of data volume and organisation of such in
data massifs resulting from available data sets
generated from various sources, made users more
aware of the value which can be obtained by combining
and connecting different data sets, generated by
different actors, both from the private environment and
from the public sector.
Why should government data be open? Here are three
key reasons: transparency, clearing the social and
commercial value and participative government.
The focussing on social and economic value of data
signals a change in paradigm of the economic model, as
compared to the one based on data use value,
120
significant in volume, dynamics and variety of

information.
Model of open data based external

audit
In the context of open government and of government
data, supreme audit institutions are called to play a vital
part in at least two senses: (1) auditing of the way in
which government programmes and projects relating to
opening were implemented, and (2) the use of open data
sets as input data in audit activities, in various domains
(finances, healthcare, culture, environment, local
administration etc.) and in various audit categories (the
level of audited entities and types of audit are to be
adapted accordingly).
Audits could answer, subsequent to data sets analysis, a
series of questions of genuine interest for the public:
How is money spent in the public administration;
Whether funds are exhausted;
Which are the payments for various services;
How much money is received from a specific
institution, in a certain time frame;
How much money is spent in each institution;
How much money is spent in each institution in a
certain period.
The auditing architecture proposed in this article
represents an original project, which involves major
changes in external audit approach, with a double
impact: both concerning audit management and
auditors role, and concerning the methodological and
procedural plan. A significant part of the classic audit
procedures shall be replaced with procedures capable to
insure electronic documents auditing (as open data),
which require specific treatment procedures. This
approach involves major risks, mainly devolving from the
de-materialised character of the information contained in
the open data sets.
The implementation of the new audit model needs to
consider a wide range of specific issues associated to
this domain, which requires a special processing:
ensuring open data quality, preparing auditors for this
approach, re-designing audit management, audit quality
assurance, granting the instrumental and methodological
support for auditing, information security, systems
continuity.
The general auditing architecture based on the use of

open data published on government portal, proposed by
the author, is featured in Figure 2. The associated
functionality is implemented by means of a generic three
step procedure:
(1) The audit team using the IT infrastructure of the
Court of Accounts collects information relating to the
auditee directly from the government portal
www.data.gov.ro (Open Data Portal), where data
sets provided by public entities are published.
(2) In relation to the audit objective, information

obtained as re-usable data is analysed and
processed, establishing a preliminary support for
findings wording.
(3) Audit findings shall be consolidated with the help of
the information collected from the websites of public
institutions involved in the audit or on site.
This audit architecture supports the implementation of
modern audit methods: remote audit, online audit, ongoing audit, e-audit.
Figure 2. General auditing architecture based on open data
Source: Own projection
From the operational point of view, the audit model has

two associated functional component parts: (1) auditing
the implementation of government programmes and
projects relating to open government and open
government data and (2) open data sets based auditing.
These component parts may be approached in an
integrated manner or independently.
The implementation of an auditing architecture based on
open data has a special impact on the audit activity
organisation and monitoring, as well as on the auditees,
among which the most significant ones are: (a) real time
information provision; (b) timely detection of errors
Nr. 1(133)/2016
through rapid information correlation; (c) obtaining richer

and more relevant information, through data sets
investigation and aggregation; (d) audit activity
modernization: procedures standardization, content and
work style change, mentality changes, audit quality
enhancement; (e) a higher efficiency in reports
submission; (f) training staff in modern technologies; (g)
changing activity nature through automation of certain
procedures; (h) enhancing audit effectiveness and
quality through information technology use.
Here is a brief analysis of the operational parts of the
open data based auditing model.
121
Elena Doina DASCLU
1. Auditing the implementation of

government programmes and projects
relating to open government and
government data
Auditing the implementation of government programmes
and projects relating to open government and government
data represents (or, in any case, should become) a key
contribution to the support and actuation of governments in
satisfying the imperatives of governing and, implicitly, in
implementing the priority desiderata of communities and
citizens and it is conducted under the form of a
performance audit. The main objectives include:
enhancing accountability in public funds management;
ensuring transparency of government operations;
stimulating economic growth; improving government
administration services and response capacity; enhancing
public relations and the latters attitude towards the
administration; enhancing government data and processes
quality through fostering data re-use.
2. Using open data sets in auditing

A series of hypotheses and conclusions, more or less
general or applicative in kind, may be drafted by
synthesising the issues in the previous sections, relating
to open government data development impact on audit
types and architectures:
a) Considering the incipient stage and the maturity of
open government implementation and of open
government data supply, as well as the stage in which
data infrastructures and sets are established, no
reference approaches or models pertaining to supreme
audit institutions were identified yet concerning the
open data sets use relating to various domain
(finances, health, education, culture, environment, local
administration etc.), as input data in audit activities.
b) However, assessments relating to adequate work
flows granting collection, integration, validation,
circulation, updating and promotion of data re-use or
supporting data re-use in audits frameworks can be
signalled. Moreover, data sets may be analysed
(used) to assess compliance with principles on open
government data.
c) Data sets of public institutions included in the
government open data portal represent a
complementary data source for audit, which can
provide, in principle, information of a wide diversity on
an auditee. Furthermore, through an adequate reuse, data sets belonging to different domains may be
combined according to the aim envisaged, and lead
122
to conclusions the complexity of which could not be

attained through classical auditing. Cross audits may
be conducted in this way, using open data.
Depending on the audited period, certain parts of the
audits may be conducted from a distance, thus
reducing the duration of field work.
d) Open data based auditing may be conducted, as a
general rule, as follows:
1. Auditing open data sets provided by an entity (the
set contains data relating to a well defined field:
finances, healthcare, education, statistics,
transports, social assistance, labour force, cadastre
and others). The aim of the audit is to establish
findings and conclusions, obtained based on the
data set analysis and processing, from the
perspective of criteria imposed by audit objectives
and by the specific character of the audited
domain.
2. Auditing recordings stored in open data sets
coming from heterogeneous sets (various entities).
The audit is aimed at drafting findings and
conclusions obtained following the analysis and
processing of individual data sets and of a series of
logical combinations of the latter, from the
perspective of criteria imposed by audit objectives
and by the specific character of the audited
domain. Subsequent to results analysis and
interpretation, based on audit imposed criteria, new
data sets are obtained, which can be compared
based on human interpretation, so as to detect
possible irregularities or inconsistencies.
Discrepancies processing is conducted through the
analysis of the new data sets and the interpretation
of results to identify discrepancies or incongruities
as compared to the expected result. In many
instances, it is necessary to conduct additional
investigations by consulting additional data sets.
Following investigations of data sets, all information
required is obtained (including historical ones), in
order to pass judgement on operations legality. The
conclusion of investigations is concentrated on:
analysis, correlation and interpretation of findings
and wording of conclusions and recommendations.
In order to launch open data based audit missions, one
should firstly establish the reliability of the data sets used
in the audit and the certification of the digital content. One
of the audit objectives is to analyse the factual situation of
the data sets which can be candidate to uploading on the
open data portal, to establish the reliability of data for
each of the sets, whether they are adequate from the
point of view of exhaustiveness, correctness, updating,

whether they are collected at the source; whether they are
timely available; accessible; allow machine processing; all
available to anyone, without discrimination or ownership
right, whether they are license free. That is why, audit
missions need to include a review of compliance
principles relating to open data.
Fiscal evasion prevention and fight, respectively
ensuring conditions to integrally and timely collect
revenues at the state budget, by stimulating
development and extending use of open data relating to
taxpayers goods and revenues, represent an extremely
important issue and a field in which ample audits can be
conducted, through the use of data sets of public
administration institutions holding information on tax
payers. Such an audit represents a complex model for
the capitalisation of open government data, with a
significant favourable impact on the economic value and
social value, obtained through the use of open data.
Conducting an audit on the use of open date in view of
managing, sharing and administering tax information
(required by ANAF) aims at: the efficient recovery of past
due debts, as well as at preventing and fighting tax
evasion, respectively insuring the conditions to integrally
and timely collect revenues to the state budget. Since in
the subsidiary it aims at accelerating the implementation of
programmes which would allow establishing measures to
support defaulters, on the one hand and to effectively
recover past due debts, on the other. In this context, the
audit mission would also represent an assessment and a
stimulation of the factors involved in the fiscal system
reform and management, in point of the latters stability
enhancement, by clarifying certain methodological issues
and the procedures enforced through a better monitoring,
by accelerating programmes implementation, which would
allow for the use of public institutions open data.
By combing information from data sets and the analysis
of results it is possible to identify and put into place the
best foreclosure procedure.
Auditing based on open data use will provide significant
benefits: abatement of overall costs through re-use,
diminishing of audit duration, enhancement of audit
effectiveness, obtaining data available for re-use.
Intensive and extensive use of open data in the audit
process above will have a positive impact on the results
obtained in the tax evasion fight and in corruption
prevention, materialised through:
a) Enhancing management procedures and increasing
their performance;
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b) Improving budget revenues collection;

c) Updating fiscal control, including by applying
computer assisted audit techniques;
d) Updating the technique to select taxpayers (based on
risk analysis) and inspection procedures
e) Extending the channels to obtain information and
enhancing systems to operate them;
f) Stimulating actors involved in the reform and
management of the fiscal system, both to enhance
stability and to better monitor it;
g) Modernization and technological innovation;
h) Promoting transparency and preventing corruption.
This new audit model represents a major challenge for
the Court of Accounts, considering that the use of open
data sets shall generate changes of the current auditing
model, both concerning the audit object (which devolves
from the extension of electronic document flows) and the
content of auditing processes (which involves new,
computer-based auditing methods).
Conclusion
The adoption and implementation, by the Romanian
Court of Accounts, of an auditing model based on the
use of open data will create the premises for the use of
modern audit methods, built on remote access to
auditees data sets (online audit, e-audit).
The requirements and transformations highlighted,
which shall bring about substantive quality modifications
in the external audit approach, need to be supported by
a new strategy of external audit institutions. The main
objective of such a strategy is the setting up of the
official framework for the evolution towards the new
external audit paradigm (the characteristics of which
were synthetically introduced in this article), as well as
the adequate work framework for the implementation.
The capitalisation of open government data,
including at the level of wide-ranging audits, also has
a significant favourable impact concerning the
economic value and the social value obtained
through the use of open data. Mention shall be made
in this respect, for exemplification purposes, of a very
interesting subject matter: the prevention and fight of
tax evasion, respectively insuring the conditions for
the integral and timely collection of revenues at the
state budget, by stimulating the development and
extension of the use of open data on tax payers
assets and revenues.
123
Elena Doina DASCLU
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Anul XIV, nr.

comercial n contextul rotaiei

informatice n auditul financiar

l The Quality of Financial

Information and the Value of

Impairment in Context of Audit

Intangible Capital on the

Mihaela DUMITRACU, Radu Daniel LOGHIN

Cristina PRECOB, Marilena MIRONIUC

Elena Doina DASCLU

Revist lunar editat de

Camera Auditorilor Financiari

Colegiul Editorial tiinific

Important pentru autori!

Tabelele i graficele se elaboreaz n alb-negru cu

Confereniar universitar dr. n Contabilitate

Confereniar universitar dr. n Contabilitate

Universitatea Alexandru Ioan Cuza din Iai, Romnia,

Ioan Bogdan ROBU, Maria GROSU, Costel ISTRATE

publicrii unor informaii din situaiile financiare asupra

Trecerea n revist a literaturii de

AUDIT FINANCIAR, anul XIV

Efectul rotaiei auditorilor asupra calitii informaiilor raportate

unor tarife de audit de ctre firmele care doresc s

auditorului poate duce la o descurajare a clienilor n a

Rotaia auditorului i creterea calitii

Ioan Bogdan ROBU, Maria GROSU, Costel ISTRATE

Heliodoro et al. (2015) scriu despre schimbarea

asociat unui audit de slab calitate. Un alt studiu care

AUDIT FINANCIAR, anul XIV

Efectul rotaiei auditorilor asupra calitii informaiilor raportate

mereu negativ eficiena investiiei. La rndul lor, Daniels

Reglementri europene privind rotaia

European, Comisia European i statele membre au

Ipoteza de cercetare propus spre testare i

Ioan Bogdan ROBU, Maria GROSU, Costel ISTRATE

investitorilor. Valoarea informativ (sau value relevance)

seciunea BVB piaa reglementat, sunt cotate un

Variabile analizate, modele propuse spre

Principalele obiective ale cercetrii urmresc

- BVPSi,t reprezint valoarea capitalurilor proprii ale

- 1 i 2 reprezint parametrii modelului, ale cror

Odat formulat ipoteza de cercetare propus spre

Populaia int i eantionul analizat

- EPSi,t reprezint rezultatul net pe aciune pentru firma i

Avnd n vedere aceste variabile i modul de calcul al

pentru care vom mpri fiecare variabil cu Cpr:

AUDIT FINANCIAR, anul XIV

Efectul rotaiei auditorilor asupra calitii informaiilor raportate

unde: At activ total; Dt valoarea datoriilor totale; Ren

unde estimaii semnificative ale parametrilor 3, 4 i 5

Pe baza acestor variabile, n studiu se propune spre

unde 1 i 2 reprezint parametrii modelului, ale cror

Pentru testarea influenei rotaiei de audit asupra

n urma analizei datelor colectate la nivelul eantionului

P/Cpri,t+1 = 0 + 1FLi,t + 2ROEi,t + 3AR +

Surs: prelucrri proprii n SPSS 20.0

Din datele prezentate n Tabelul 1, se poate observa c

Din datele prezentate n Tabelul 2 se poate observa c

Ioan Bogdan ROBU, Maria GROSU, Costel ISTRATE

auditorul nou este din Big 4. n acest caz, rotaia poate fi

aplicarea IFRS - firmele din Big 4 putnd fi avantajate n

Surs: prelucrri proprii n SPSS 20.0