The document assesses corporate financial reporting practices in Romania, using both International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks. The conference highlighted the significant progress made by Romania since the previous ROSC report was published in 2003, and noted the report’s recommendations to overcome the remaining challenges. The conference was attended by senior government and National Bank of Romania officials; international experts from the World Bank and the Federation of European Accountants (FEE); as well as private and financial sector companies, the accounting and auditing profession, and academia.
"On behalf of the Ministry of Public Finance, I would like to express our gratitude to the World Bank team of experts involved, in the preparation of this report, for their effort related to the complex analysis of various accounting and audit issues and also for their professional recommendations aimed to improve the quality of financial reporting in Romania", said Gratiela Iordache, Secretary of State, Ministry of Public Finance.
"A strengthened corporate financial reporting framework will foster private and financial sector development in Romania and will also help to mitigate the risks of financial disturbances posed by the ongoing international financial crisis" explained Pascal Frèrejacque, who led the World Bank team that prepared the A&A ROSC report. (Main findings and recommendations of the Romania A&A ROSC Update)
Hans van Damme, the President of the Federation of European Accountants said: "Reading the ROSC Report of the World Bank, I was pleased to see the progress achieved by Romania and Romanian auditors and accountants. [next sentence deleted as not clear] Robust and transparent corporate governance and financial reporting are essential to make the market economy work better for the good of all stakeholders. Prosperity can only flourish on trust and integrity. Also the World Bank should be congratulated, as its efforts in this field are vitally important" (Audit Public Oversight: A European View)
"Romania has made great progress in the last few years, pre- and post-EU accession: economic growth has been impressive, incomes have doubled,, living standards have significantly improved, and EU membership has presented spectacular new economic and social opportunities," concluded Benoît Blarel, the World Bank’s Country Manager for Romania. "The World Bank is proud to have accompanied Romania throughout its transition and will continue to remain actively engaged with the Government of Romania in facing the crisis and putting in place the policies that will help restore sustainable growth, improve governance and transparency, and foster private investment, foreign and domestic."
The A&A ROSC was carried out by a team of experts from the Vienna-based World Bank Centre for Financial Reporting Reform, a unique initiative of the World Bank to assist countries to enhance their corporate sector financial reporting standards and practices.