Financial management could not be conducted without information in general and without financial and accounting information in particular. Economic, financial, accounting and market information is essential for understanding and applying the management objectives. Financial decisions rely upon the association between the regulatory economic policies implemented on a macroeconomic level and the individual financial decisions made on a microeconomic level. The responsibilities of external auditors, internal auditors and government auditors often require the investigation of suspected fraud. SAS 99 and SAS 110 require auditors to use the information obtained during the planning and performance of the audit to identify risks that may result in a material misstatement due to fraud. In addition, auditors need to be aware of the various types of frauds, their signs and the need to follow up to determine whether a suspicion is justified.

The aim of this paper is to summarize the importance of the statistics in the financial audit area. Our main goal it is focused on "dissecting" the area of statistics to see what we can "steal" more from it for introducing it in the audit field. In the following paper we foresee a future direction of the audit for the next century. We try to prove that, if the auditor will used the Bayes' Theorem, then he will know for sure which is the possibility for a certain audit risk to appear, and which consequences can generate.

The aim of the present paper is to underline the most important definitions regarding some key concepts like: knowledge management or tacit dimension, to pinpoint its implications in the global competition of the business and to explain which is the importance of the tacit knowledge in the formation of the employees to reach the executive positions in a business organization. This paper focus as well on the possibilities of training within the company and emphasize which are the ways to capture the tacit knowledge from the individuals and use it for the organizational welfare and for the personal development that brings promotion to another level, called 'C' level.

Code of Ethics is a formal organization through which it declares its values and principles in social issues and defines its responsibility towards stakeholders and behavior they expect from their employees. The aim is to communicate the code of ethics are standards of the organization, namely to guide present and future behavior and actions in different situations makes them clear objectives, norms and values that support them and who is responsible. National Code of Ethics for Professional Accountants of Romania establishes rules of conduct for professional accountants and formulates the basic principles to be observed by them in order to achieve common goals. Professional accountant pursue his professional activities under the rules of conduct laid down by the Code of Professional Ethics and Compliance national and international regulations.

In this study we shall try to elaborate a comparative analysis regarding the policies of the process of banking denationalization used in five Central and South Eastern Europe (CSEE) countries (Poland, Slovakia, Hungary, Romania and Bulgaria) during the transition period, as they had a great influence on the increasing domination of the foreign capital banks and we shall offer a complete image of the denationalization process that tended in the last years to sell all these banks to foreign investors. We also intend to make a comparison between the features and the structure of the banking system in the above mentioned CSEE countries and we will show that in the last years, each of the five counties noticed an increasing domination of the foreign capital banks, numerically but also from the point of view of the market share.

The introduction of accrual accounting in the public sector is a recent phenomenon and a worldwide subject of debate. In this article, we presented the steps taken by Romania in adopting accrual accounting, first as a candidate country for European Union accession and later as a member state. Furthermore, we studied how the transition to accrual accounting led to a better management of the assets of public institution while choosing, as a case study, the revaluation and amortization of fixed assets. The scientific approach of this research paper consists of two parts: in the first part, we presented a gradual historical evolution of public accounting, combined with Romania's efforts in adopting accrual accounting. In the second part, we showed, in the form of a case study, the advantages of introducing amortization and revaluation of fixed assets as a first step in the strengthening of accrual accounting.

The present paper investigates the impact of gold price and exchange rates on sensex in India for the period from January 2, 1991 to October 31, 2013 using daily data with the application of unit root test, Johansen cointegration test and Granger causality test have been designed. In other words, this paper investigates the affiliation between three financial variables of gold price, exchange rates and sensex between 1991 and 2013. In recent times, Indian investors are demonstrating uncase in the stock markets due to continuous rising of gold prices on account of no fear and no future loss. Again, exchange rate fluctuations will affect international trades, thus influence the stock market. Johansen cointegration test result indicates that there exists a long-term relationship among the selected variables. Granger causality test result shows that there must be either bidirectional or no causality among the variables.

Many studies have shown that accounting systems have their own specificity in each country. Thereby the research focused mainly on the influence of environmental factors, cultural ones not being often into consideration. In this paper we aim to highlight the relationship between cultural characteristics and accounting systems relying on research and studies to date. Reviewing international accounting literature, we can say that there is no comprehensive theory to explain differences in the pattern of reporting and accounting practices in each country.

In a globalized world, SMEs need to be able to face increasing competition in developed economies and developing countries, there is a direct link between internationalization and growth performance of SMEs. Growth consolidation of international activities has increased the competitiveness and support the long term sustainability of the entities. However, SMEs still depend on their domestic markets, despite the extensive opportunities offered by the single market and globalization. According to the IASB in 2009 was issued the standard simplified IFRS for SMEs by providing information on the financial position, performance and cash flows of the entity, the necessary decision-making. This standard provides an alternative set of IFRS an entity in small or medium can adopt it and apply it to be understood internationally. As we know, in Romania, the applicability of the IFRS for SMEs is null, being used the Minister of Finance Order no.3055/2009 in accordance with European directives. Therefore CECCAR supports them by providing the most reliable information about this standard, as this sector depends on the quality of accountants. This article was followed, in a complex framework, the essential information on applying IFRS for SMEs in financial reporting.