Revista NR 144

Anul XIV, nr.
144 - 12/2016
12/2016
l Adoptarea principiilor raportrii
Un drept contabil care face apel

la raionamentul profesional:
o ameninare sau o oportunitate
pentru profesia contabil?
Accounting standards that
appeal to the professional
judgment: a threat or an
opportunity for the
accounting profession?
l The adoption of integrated
integrate de ctre companiile

romneti cotate
la Bursa de Valori Bucureti
reporting principles by the

Romanian companies listed at
the Bucharest Stock Exchange
l Controlul intern i auditul
l Internal control and auditing
o necesitate pentru raportarea

responsabil i utilitatea
informaiei contabile pentru
management
a necessity for responsible

reporting and managerial
usefulness of accounting
information
l Identificarea i controlul riscului
financiar al companiilor aflate

n proces de fuziune sau
achiziie transnaional
Studiu privind amprenta factorilor culturali
asupra sistemelor de contabilitate managerial
l Financial risk identification
and control of cross-border

merger and acquisition
enterprises
Study regarding the impact of cultural
factors on management accounting systems
Premiile revistei Audit Financiar pentru anul 2016

n luna noiembrie redacia revistei Audit Financiar a acordat premii autorilor articolelor
publicate n anul 2016.
Premiul special de excelen a fost acordat doamnei profesor universitar doctor Liliana Feleag,
de la Academia de Studii Economice din Bucureti. Premiul a fost oferit pentru susinerea
permanent a revistei manifestat prin articolele publicate, recenziile efectuate, promovarea
publicaiei n mediul academic.
Premiul de excelen Constantin Ionete a fost acordat doamnei confereniar universitar
doctor Ionela-Corina Chersan, de la Universitatea Alexandru Ioan Cuza din Iai, pentru
articolul Studiu privind practici i tendine n auditul intern n Romnia i n lume. Articolul a
fost publicat n revista Audit Financiar nr. 141/2016 i abordeaz o tem de interes pentru
membrii Camerei Auditorilor Financiari din Romnia. Acesta a fost articolul cel mai descrcat de
pe pagina web a revistei dup data publicrii sale.
Premiul de excelen Alexandru Rusovici a fost acordat doamnei doctorand Snziana-Maria
Rndau, de la Academia de Studii Economice din Bucureti, pentru publicarea articolului
Securitatea informaiei o nou provocare pentru tinerii i viitorii auditori financiari n revista
Audit Financiar nr. 138/2016. Articolul a avut cele mai multe descrcri din sistemul CrossRef.
Awards of the Journal Audit Financiar, 2016

In November, the editorial office of the journal Audit Financiar granted the awards to the
authors of the articles published in 2016.
The special award of excellence was granted to professor Liliana Feleag from Bucharest
University of Economic Studies. The prize was offered for the continuous support of the journal
through the published articles, reviews conducted, the promotion of the publication in the
academic environment.
The award of excellence Constantin Ionete was granted to the associate professor IonelaCorina Chersan from the Alexandru Ioan Cuza University, Iai, Romania, for the paper
Internal audit practices and trends in Romania and worldwide. The paper was published in
the journal Audit Financiar issue 141/2016 and approaches an interesting theme for the
members of the Chamber of Financial Auditors in Romania. This was the most downloaded
article from the journal's webpage ever since it was published.
The award of excellence Alexandru Rusovici was granted to the doctoral student SnzianaMaria Rndau from the Bucharest University of Economic Studies for the publication of the
article Information security a new challenge for the young and future financial auditors in
the journal Audit Financiar issue 138/2016. The article was the most downloaded in the
CrossRef system.
Sumar / Content
Alain BURLAUD, Maria NICULESCU
Un drept contabil care face apel la raionamentul
profesional: o ameninare sau o oportunitate
pentru profesia contabil? Click here!................................ 1267
Accounting standards that appeal to the professional
judgment: a threat or an opportunity for the accounting
profession? Click here! ...................................................... 1325
Ioana SOFIAN
Adoptarea principiilor raportrii integrate
de ctre companiile romneti cotate la
Bursa de Valori Bucureti Click here! ................................ 1277
The adoption of integrated reporting principles by the
Romanian companies listed at the Bucharest Stock
Exchange Click here! ......................................................... 1335
Alina Teodora CIUHUREANU

Controlul intern i auditul o necesitate pentru
raportarea responsabil i utilitatea informaiei contabile
pentru management Click here! ......................................... 1291
Internal control and auditing a necessity for
responsible reporting and managerial usefulness
of accounting information Click here! ................................. 1349
Flavius-Andrei GUINEA
Studiu privind amprenta factorilor culturali asupra
sistemelor de contabilitate managerial Click here! ........... 1301
Study regarding the impact of cultural factors on
management accounting systems Click here! ................... 1359
Yuanyuan SUI, Adelina DUMITRESCU-PECULEA

Identificarea i controlul riscului financiar al
companiilor aflate n proces de fuziune sau
achiziie transnaional Click here! .................................... 1310
Financial risk identification and control of crossborder merger and acquisition enterprises Click here!....... 1368
Revista Audit Financiar

Editorial Click here! ............................................................ 1320
Editorial Click here! ............................................................ 1378
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AUDIT FINANCIAR, anul XIV
Auditdrept
financiar,
XIV, Nr.care
12(144)/2016,
1267-1276
Un
contabil
face apel
la raionamentul profesional:
ISSN: 1583-5812; ISSN on-line: 1844-8801
o ameninare sau o oportunitate pentru profesia contabil?
Un drept
contabil care
face apel la
raionamentul
profesional:
o ameninare sau o
oportunitate pentru
profesia contabil?
Alain BURLAUD,
Conservatoire national des arts
et mtiers (CNAM), Paris,
E-mail: alain.burlaud@orange.fr
Rezumat
Dreptul contabil internaional (standardele IFRS i ISA)
face din ce n ce mai mult apel la raionamentul
profesional. Care este situaia n Frana i n Romnia?
Dup realizarea unor clarificri conceptuale, articolul
poziioneaz raionamentul profesional n contextul
evoluiei generale a dreptului, care trece de la
modernism la postmodernism, pentru a deveni un
drept al specialitilor n msur s emit o opinie avizat
cu privire la subiecte cu un caracter tehnic accentuat.
Pentru a observa din punct de vedere tiinific aceast
modificare n dreptul contabil, am realizat o analiz de
coninut a principalelor texte legislative contabile, la nivel
internaional i naional (Frana i Romnia), completat
printr-o analiz lexicometric. Aceste analize ne-au
permis s formulm concluzii referitoare la importana
mai redus a raionamentului profesional n dreptul
contabil naional, fa de dreptul contabil internaional.
Cu toate acestea, am remarcat o serie de riscuri pe care
le implic utilizarea sporit a raionamentului profesional:
reducerea comparabilitii i transparenei, riscuri sporite
pentru profesionitii contabili, inclusiv pentru auditori,
precum i discrepane semnificative n utilizarea
raionamentului profesional n cazul situaiilor financiare
individuale sau consolidate.
Cuvinte-cheie: Raionament profesional, normalizare
contabil, drept contabil, modernism juridic,
postmodernism juridic.
Clasificare JEL: M41
Maria NICULESCU,
Ecole Suprieure de la Francophonie pour
lAdministration et le Management (ESFAM), Sofia,
E-mail: maria.niculescu@auf.org
V rugm s citai acest articol astfel:

Burlaud, A. and Niculescu, M. (2016), Accounting standards that
appeal to the professional judgment: a threat or an opportunity
for the accounting profession?, Audit Financiar, vol. XIV,
nr. 12(144)/2016, pp. 1325-1334,
DOI: 10.20869/AUDITF/2016/144/1325
Link permanent pentru acest document:
http://dx.doi.org/10.20869/AUDITF/2016/144/1325
Nr. 12(144)/2016
1267
Introducere
S comparm dou enunuri:
Orice persoan fizic sau juridic avnd calitatea de
comerciant trebuie s efectueze nregistrarea micrilor
care afecteaz patrimoniul ntreprinderii sale (Code de
commerce, art. 123-12).
i
Obiectivul raportrii financiare cu scop general este
acela de a furniza (...) informaii utile investitorilor,
furnizorilor de capital i altor creditori actuali i poteniali
pentru luarea deciziilor () (Cadrul conceptual IFRS,
2015, 1.2).
Constatm c ne aflm n dou lumi diferite, care
vehiculeaz dou concepii opuse ale dreptului. Prima, a
crei putere provine din legitimitatea pe care i-o confer
sursa sa, votul Parlamentului, nu trebuie s justifice
alegerile efectuate. A doua, a crei legitimitate poate fi
contestat (Burlaud i Colasse, 2010) este justificat
prin indicarea utilitii sale. Aceasta din urm fiind
perfect subiectiv, va trebui s desemneze o autoritate
al crei raionament profesional va permite s
traneze alegerile efectuate. Desigur, n ecosistemul
normalizrii contabile internaionale, aceast autoritate
va fi profesionistul contabil (en. professional
accountant). Intervenia lui va fi cu att mai
determinant n contextul n care IASC/IASB a optat n
mod clar pentru o normalizare bazat pe principii
contabile, care trebuie s fac obiectul unei interpretri,
spre deosebire de normalizarea prin reguli contabile.
Frana se afl acum ntr-o situaie de mijloc. Pe de o
parte, ea are o lung tradiie de normalizare bazat pe
reguli, cu planurile sale contabile generale succesive i
cu multiplele lor adaptri profesionale. Pe de alt parte,
Frana integreaz referenialul IFRS la nivelul conturilor
consolidate. ntre aceste dou abordri, exist
directivele europene. Acest drept contabil hibrid face
apel mai mult ca niciodat la profesionitii contabili
pentru ca acetia s i exercite raionamentul
profesional, ceea ce i pune n valoare, pe de o parte,
dar poate fi i un factor de risc, pe de alt parte.
n Romnia, Parlamentul a adoptat Legea contabilitii n
data de 24 decembrie 1991. Aceast lege (art. 4)
desemneaz Ministerul Finanelor ca principal
normalizator al Planului contabil general i al modelelor
de documente de sintez. Aceast lege este n mare
parte inspirat din legislaia francez. ncepnd cu anul
1268
2000, Romnia a introdus obligaia de a aplica

standardele internaionale de contabilitate ale IASB
pentru a atrage investitorii strini i, promovnd astfel
deschiderea i tranziia ctre economia de pia; sfera
de aplicare obligatorie a standardelor IAS-IFRS s-a
extins n fiecare an, pn n 2005 (Khouatra, 2004,
p. 29).
n cele ce urmeaz, ne propunem ca pe baza
standardelor de contabilitate i a standardelor de audit,
s realizm urmtoarele obiective:
clarificarea conceptului de raionament profesional;
situarea tensiunii existente ntre cele dou concepii
ale dreptului contabil ntr-un context juridic mai
cuprinztor;
demonstrarea faptului c alegerea cuvintelor n
diferite texte de drept contabil i analiza lexical
ilustreaz conflictul dintre cele dou logici.
1. Conceptul de raionament
profesional
Dei facem raionamente n fiecare zi, acest concept
este greu de definit. El este folosit n diferite discipline,
precum: filosofia, dreptul, psihologia, psihanaliza,
teologia etc. Acesta poate face obiectul mai multor
calificative: judecat de valoare, judecat de gust,
raionament profesional, raionament etic etc. n
contextul acestei lucrri, vom reine urmtoarea definiie:
operaiune ce const n formarea unei opinii, n cazul n
care nu se poate ajunge la o cunoatere cert (Lalande,
1983, p. 548).
Mai exact, raionamentul profesional poate fi definit
dup cum urmeaz: Capacitatea unui membru al unei
profesii de a judeca o situaie fr a cunoate cu
certitudine toate elementele necesare i de a alege o
linie de conduit acceptabil n cazul n care standardele
profesionale i dau o astfel de latitudine. (...) Exercitarea
raionamentului profesional impune membrului profesiei
o analiz obiectiv i prudent, bazat pe experiena i
cunotinele sale (inclusiv cunoaterea propriilor sale
limite) i contiina responsabilitii fa de cei care
suport consecinele (Mnard .a., 2004, p. 931).
n centrul acestor dou definiii exist o incertitudine. De
fapt, un profesionist contabil trebuie s fac previziuni
(de exemplu, s calculeze valoarea actual a fluxurilor
de numerar viitoare), s traduc o serie de intenii (de
Un drept contabil care face apel la raionamentul profesional:

exemplu, s clasifice titlurile de participare sau de
plasament) i s evalueze riscuri (de exemplu, calculul
unui provizion), adic s ofere o imagine simplificat i
totui fidel a unei realiti pe care o cunoate doar
ntr-o form incomplet i incert.
statul i dreptul moderne din secolul al XIX-lea i

pn n anii 1970-80;
n cazul n care incertitudinea se refer la contextul

aciunii, atunci aceasta vizeaz i rezultatul raionamentului fcut de decident. Astfel, n sistemul judiciar deciziile
nu sunt niciodat perfect previzibile, ele comport, n
general, o procedur de apel. Dar, n cazul n care exist
o component personal a raionamentului, atunci
raionamentul personal nu trebuie confundat cu raionamentul profesional. Primul este mai liber dect al doilea,
care se bazeaz pe un set de reguli i standarde adoptate
de ctre o profesie (McHone, n.d., p. 3). Incertitudinea
este redus, n egal msur, de presiunea social. Noi
ne dm seama c nu suntem stpnii evalurilor noastre;
c suntem legai i constrni. Contiina public este cea
care ne leag (Durkheim, 1911, p. 6).
2.1. Modernismul
Evoluia normelor contabile corelat cu o evoluie mai

general a dreptului, conduce la definirea mai mult a
principiilor care vor face obiectul raionamentului
deductiv, n defavoarea regulilor detaliate1. Normele
contabile fac din ce n ce mai mult apel la raionamentul
profesionitilor2. Aceasta este una dintre caracteristicile
dreptului postmodern.
2. Ctre un stat postmodern:

norma devanseaz legea
O reflecie istoric ridic dou probleme majore:
1. definirea perioadelor istorice prin data nceperii lor i
data finalizrii acestora, care amintete de mprirea
timpului n exerciii contabile;
2. clasificarea evenimentelor prin definirea
caracteristicilor pe care le au, ceea ce trebuie s
fac, de asemenea, normalizatorul contabil.
Evoluia recent a dreptului n toate ramurile sale,
inclusiv n dreptul contabil, dup revoluia industrial
prezint, dup Chevallier (2014), dou mari perioade:
1
2
A se vedea: Lakovic i Puglister (2013, p. 28-42).

Sir David TWEEDIE, atunci preedinte al IASB, declara la
24 octombrie 2007 n cadrul Subcomitetului pentru titluri de
valoare, asigurri i investiii al Senatului Statelor Unite ale
Americii: Un standard bazat pe principii impune realizarea
de raionamente.
Nr. 12(144)/2016
statul i dreptul postmoderne din anii 1970-80 i

pn n prezent.
Modernismul sau modernitatea sunt caracterizate de

elemente tehnice (dezvoltarea tiinelor i tehnicilor),
economice (concentrarea mijloacelor de producie) i
administrative (dezvoltarea tehnologiilor invizibile cu
ntrirea birocraiei) (Chevallier, 2014, p. 12). Cultul
Raiunii nlocuiete supunerea fa de zei (laicizare).
Numai statul este n msur s fac un compromis
subtil ntre ntietatea acordat individului i necesitatea
de a crea o ordine colectiv (Chevallier, 2014, p. 12).
El se bazeaz pe o logic aristotelic (soluii aplicabile
n cazuri particulare, deduse din regulile generale)
(Chevallier, 2014, p. 101). Datorit unicitii sursei de
drept statul se poate vorbi, de asemenea, de drept
jupiterian sau de concepia monist a dreptului.
Dreptul contabil se supune acestei logici, n special n
Frana, prin diferitele planuri contabile generale care
s-au succedat din 1947 pn n prezent. Aceeai situaie
s-a nregistrat i n Romnia odat cu adoptarea legii
contabilitii din 1991. Statul este singurul arbitru al
conflictelor dintre interesele particulare exprimate n
cadrul instituiei responsabile cu normalizarea3 singurul
garant al interesului general. Normalizarea contabil, n
aceast concepie, trebuie s lase foarte puin loc
raionamentului profesional, plecnd de la supoziia c
acesta poate perturba echilibrul n mod ilegitim,
privilegiind una sau alta dintre prile interesate.
2.2. Postmodernismul
Postmodernismul s-a nscut din procesul de globalizare
a anilor 1970-1980, care nu a reprezentat o simpl
dezvoltare a comerului internaional, ci o transformare
profund a echilibrului motenit de la Revoluia
Industrial. Postmodernismul se caracterizeaz prin
faptul c statul a trebuit s in seama de creterea
complexitii, a dezordinii, a nedeterminrii i a
incertitudinii (Chevallier, 2014, p. 15). Individualismul
cedeaz locul unui hiper-individualism odat cu apariia
reelelor sociale i a declinului organismelor
intermediare: sindicate, partide politice etc. O societate
3
A se vedea: Colasse (ed.) (2009, p. 113).
1269
civil mondial, o comunitate internaional cu

contururi definite vag a cucerit spaiul mediatic dincolo
de state. Globalizarea a limitat n mare msur
suveranitatea statal. De exemplu, o treime din legile
adoptate de Parlamentul francez sunt legi de
transpunere i marea majoritate a acestora autorizeaz
ratificarea tratatelor internaionale (Chevallier, 2014, p.
110).
Dreptul nu este n afara acestei tendine. Complexitatea
i gradul crescut de tehnicitate al textelor fac deliciul
lobby-urilor i al reelelor sau al comunitilor de experi.
Acest lucru are n vedere mai mult reglementarea dect
legiferarea. Statul este un simplu arbitru al unui joc
asupra cruia a pierdut controlul n mare msur.
Rezultatul conduce ctre drept slab, adic suplu,
pragmatic, flexibil. Ne ndeprtm de un drept natural,
deci universal. Un drept oportunist i contingent devine
tipul ideal, legitimat de ideea c va fi mai reuit din punct
de vedere tehnic, deoarece vine din partea
profesionitilor, i mai democratic, deoarece vine de la
origini. De altfel, dezvoltarea arbitrajului n soluionarea
conflictelor limiteaz rolul statului n executarea
hotrrilor arbitrale n msura n care statele au (nc?)
monopolul constrngerii. n plus, arbitrajul se
instituionalizeaz prin crearea, de exemplu, a Curii
Permanente de Arbitraj. Dar, tribunalul opiniei publice,
la rndul su, ar putea concura cu puterea de
sancionare a statelor, fcnd s planeze asupra
companiilor un risc de reputaie, uneori chiar mai
redutabil, chiar dac nu este bine ncadrat. Exemplul
recent al Volkswagen ne amintete de acest risc, iar n
profesia contabil sunt nc resimite efectele cazului
Arthur Andersen. Puterea de opinie se bazeaz pe
mass-media, cu excepia situaiilor n care chiar aceasta
se bazeaz pe o opinie, ca n cazul Panama Papers.
Dar opinia se bazeaz i pe reelele sociale, pe
expertiza instituiilor, cum ar fi ageniile de rating,
certificare, calificare etc. i pe organizaiile societii
civile, cum ar fi Greenpeace sau, n domeniul nostru,
Transparency International, Finance Watch etc.
Dreptul contabil este un bun exemplu al acestui nou
drept al globalizrii, construit la iniiativa operatorilor
economici (Chevallier, 2014, p. 125), IASB n acest caz,
care a avut totui nevoie de un Regulament european1
1
Regulamentul nr. 99-02 din 29 aprilie 1999 cu privire la conturile consolidate ale societilor comerciale i ale companiilor
de interes public.
1270
pentru a avea fora legii. Globalizarea dreptului nu

este, de altfel, doar o chestiune teritorial, ci i o
chestiune de coninut. Astfel, dreptul contabil la nivel
mondial, normele IFRS, nu se pot referi la concepte care
provin din dreptul naional (de exemplu, noiunea de
patrimoniu provine din codul civil) sau din dreptul fiscal.
Prin globalizare, dreptul contabil devine autonom.
Produs pe scar larg de ctre profesionitii din
domeniu, aplicat de profesioniti, inaccesibil
publicului larg din cauza naturii tehnice a subiectelor
abordate, autonom, este logic ca acest nou tip de
drept s permit utilizarea raionamentului
profesional n procesul de punere n aplicare i de
interpretare. Trecem, astfel, de la un drept prescriptiv
provenit dintr-o lung tradiie (s nu ucizi), ctre un
drept interpretativ (cutarea de ctre profesionist a
unei soluii pertinente, utile sau adaptate). n
plus, raionamentul profesional permite dreptului
mondial s se adapteze la situaiile locale, pentru a
forma o glocalizare necesar (globalizare +
localizare).
Vedem, aadar, c se dezvolt o form de autogestiune
juridic, de auto-reglementare, de autoreglare, de
autodisciplinare sub ndrumarea organizaiilor
profesionale care coopereaz cu statele, dar care le
domin n privina aspectelor tehnice. Suveranitatea este
partajat, ceea ce implic o contradicie n termeni
(Frydman, 2000, p. 71).
Dreptul postmodern este, de asemenea, un drept
fragmentat, dup cum se poate observa din multitudinea
de coduri emise. n Frana, se pot numra astzi mai
mult de cincizeci de coduri (Chevallier, 2014, p. 152):
codul de urbanism, educaie, drumuri, sntate, mediu,
silvic, rural etc. Acesta este un drept al specialitilor,
conceput pentru specialitii capabili s aib o opinie cu
privire la subiecte cu un caracter tehnic pronunat.
3. Ctre un drept contabil care

face apel la raionamentul
profesional?
Dac dreptul contabil internaional sau naional nu
utilizeaz aproape niciodat termenul de raionament
profesional, vom vedea c acest concept este totui
foarte prezent prin intermediul expresiilor care sunt deja
de notorietate. Acest recurs la o soluie ocolitoare
justific unele precizri metodologice.

3.1. Metodologie
Nu este posibil realizarea unei cercetri lexicale asupra
ntregului drept contabil. Astfel, autorii au restrns
cmpul de investigare la cinci texte, cu scopul realizrii
acestui demers de tip explorator:
trei texte care trateaz contabilitatea sau raportarea
financiar:
o
cadrul conceptual IFRS (lansat n dezbatere

public n 2015);
directiva contabil din 2013;
planul contabil general francez din 2014;
ordinul 1802/2014 din Romnia i
dou texte care trateaz auditul legal al conturilor

anuale:
o
cadrul conceptual al ISA;
o directiva de audit din 2014.

Autorii nu au utilizat n cercetare totalitatea normelor
IFRS sau ISA, din lipsa unui singur fiier complet cu
aceste standarde n format MSWord. Prin urmare,
pentru atingerea scopului studiului au fost reinute doar
cadrele conceptuale, pornind de la ipoteza c acestea ar
fi reprezentative pentru totalitatea standardelor. Din
acest motiv, nu a fost realizat compararea unor texte
de natur similar.
A fost aleas versiunea n limba englez a directivelor,
iar pentru planul contabil general francez a fost realizat
o cutare folosind traducerea cuvintelor-cheie, propus
de Mnard .a. (2004). Pentru ordinul 1802/2014 din
Romnia, traducerile au fost realizate de autorii acestui
articol.
O prim lectur a acestor documente a permis
identificarea a 40 de cuvinte care exprim faptul c
profesionistul contabil a recurs la utilizarea
raionamentului profesional. Acest ultim termen nu a fost
utilizat niciodat. Dar nevoia de utilizare a
raionamentului profesional deriv din alte formulri. De
exemplu, cuvntul relevant (pertinent) presupune o
intervenie uman pentru a determina relevana unei
soluii, pentru a realiza o alegere. Astfel, articolul nr. 2.4
din Cadrul conceptual IFRS prevede: Pentru a fi util,
informaia financiar trebuie s fie relevant i s ofere o
imagine real a ceea ce pretinde c reprezint. Prin
urmare, expertul este cel care trebuie s decid ce este
relevant, pentru cine i din ce punct de vedere.
Pentru fiecare dintre cele 40 de cuvinte sau derivate ale
acestora (de exemplu, relevant sau relevan sunt
Nr. 12(144)/2016
tratate ca un singur cuvnt), a fost msurat frecvena

utilizrii acestora n diferite documente. Astfel, cuvntul
relevant i derivatele sale sunt folosite de 95 de ori n
Cadrul conceptual IFRS.
De asemenea, a fost calculat frecvena n raport cu
numrul total de cuvinte ale documentului, cu scopul de
a compara probabilitatea de apariie n texte de
dimensiuni diferite. Astfel, relevant este utilizat de 3,6 ori
la fiecare 1.000 de cuvinte din cadrul conceptual, spre
deosebire de 0,6 ori la 1.000 de cuvinte n cadrul
directivei contabile.
n mod evident, importana unui cuvnt nu poate fi
proporional cu frecvena sa. Cu toate acestea, este
greu de contestat faptul c un cuvnt cu inciden
ridicat este important. Acest fapt nu poate fi doar o
simpl coinciden.
3.2. Statistici privind indicatorii care vizeaz

utilizarea raionamentului profesional
Pentru fiecare din aceste texte, printre cele 40 de
cuvinte, au fost izolate cel mai frecvent utilizate 10
cuvinte, cu scopul de a reduce volumul de date
prezentate n Tabelul 1 i Tabelul 2. A fost realizat i
separarea normelor contabile de normele de audit,
pentru a compara texte de natur asemntoare, pe ct
posibil.
Modernismul juridic, aa cum este definit anterior, este
rezultatul tradiiei dreptului roman, prin care legitimitatea
legii se bazeaz pe sursa de provenien a acesteia.
Astfel, legea francez a contabilitii1 a fost adoptat de
Parlament, adic de Reprezentarea naional.
Interpretarea legii este de competena instanei, care
decide n numele poporului. Prin urmare, legea
francez las puin loc pentru utilizarea raionamentului
profesional al contabilului. Este logic c pot fi gsite cu
dificultate n PCG cuvinte cum ar fi: relevant, util, a
estima etc., care necesit o serie de precizri de tipul n
raport cu cine sau ce. Ordinul romnesc din 2014, a
crui surs de provenien o constituie tradiia
influenat de legea francez a contabilitii din anii 90,
nu mai folosete nici el unele cuvinte care lipsesc din
PCG, cum ar fi just sau transparent. Cuvntul
relevant este utilizat doar o singur dat. Exist deci
elemente comune ntre aceste dou refereniale
contabile naionale. Dar, spre deosebire de PCG, ordinul
1
Legea din 30 aprilie 1983 integrat n Codul comercial.
1271
romnesc folosete des cuvntul estimare (de 45 de

ori). Acest lucru se datoreaz poziiei contabilitii n
cultura romneasc de gestiune; aceasta joac un rolcheie ca surs de informare.
Tabelul 1. Frecvena de apariie a cuvintelor care presupun utilizarea raionamentului profesional n dreptul
contabil
Cadrul conceptual IFRS
2015
Cuvinte
Relevant
(pertinent)
Estimate
(estimare)
Frecvena
la 1.000 de
cuvinte
3,557
3,033
Useful (util)
2,621
Faithful (fidel)
2,546
Certainty
(certitudine)
1,797
Fair (just)
1,610
Assessment
(evaluare)
Necessary
(necesar)
Comparable
(comparabil)
Decision
(decizie)
1,573
1,348
1,123
1,123
Directiva contabil
european din 2013
Cuvinte
Fair (fidel)
Material
(semnificativ)
Necessary
(necesar)
Appropriate
(adecvat)
Relevant
(pertinent)
Consistent
(consecvent)
Significant
(semnificativ)
Comparable
(comparabil)
Assessment
(evaluare)
Substantial
(important)
Frecvena
la 1.000
cuvinte
1,274
0,849
0,751
0,718
0,621
0,457
0,392
0,327
0,294
0,261
Planul contabil general

(PCG) francez din 2014
Cuvinte
Assessment
(evaluare) 1
Necessary
(necesar)
Probability
(probabilitate)
Decision
(decizie)
Reliable
(credibil)
Error (eroare)
Significant
(semnificativ)
Appropriate
(adecvat)
Sufficient
(suficient)
Comparable
(comparabil)
Frecvena
la 1.000 de
cuvinte
3,103
0,703
0,524
0,345
0,290
0,234
Ordinul romnesc 1802 din

29/12/2014
Cuvinte
Assessment (a
evalua) 2
Material
(semnificativ)
Necessary
(necesar)
Estimate (a
estima)
Public interest
(interes public)
Comparable
(comparabil)
Frecvena
la 1.000
de cuvinte
3,841
0,812
0,569
0,377
0,192
0,117
0,221
Faithful (exact)
0,109
0,179
Accurate
(exact)
0,100
0,152
Useful (util)
0,100
0,138
Appropriate
(adecvat) 3
0,092
n PCG, faptul c expresia evaluare este citat att de des provine din faptul c aceasta are o dubl semnificaie: evaluare cu
sensul de a stabili o valoare (spre exemplu, evaluarea unui activ; n englez: appraisal sau valuation sau measurement) i a evalua
cu sensul de a utiliza un raionament critic asupra unei situaii (spre exemplu, a evalua posibilitatea de continuitate a activitii; n
englez: evaluation). Pentru PCG, numrul de apariii al cuvntului evaluare nu este neaprat unul semnificativ.
Aceeai remarc ce se aplic n limba francez este valabil i pentru limba romn.
n coloana asociat ordinului romnesc, se regsesc dou cuvinte poziionate pe locul 10 ex aequo cu 11 apariii: adecvat i
suficient. n mod arbitrar, a fost reinut doar primul, din cauza limitei de 10 cuvinte.
Sursa: prelucrrile autorilor.
Postmodernismul juridic, dimpotriv, a rezervat un loc

important raionamentului profesional, sau
raionamentului experilor. Astfel, cadrul conceptual
IFRS utilizeaz termenul relevant de 3,6 ori la 1.000 de
cuvinte. Directiva european, care a introdus n dreptul
contabil continental conceptul de imagine fidel, se
bazeaz n mare msur pe principii generale (en.
principles based) i folosete de asemenea cuvinte cum
ar fi: just, semnificativ, necesar, adecvat, relevant.
1272
Utilizarea acestor cuvinte are, fr ndoial, i o funcie

retoric. Este ntr-adevr necesar s se precizeze c
informaiile produse ar trebui s fie relevante sau utile?
Am putea s ne imaginm un obiectiv contrar? Desigur,
cadrul conceptual precizeaz c Obiectivul raportrii
financiare cu scop general este acela de a furniza (...)
informaii utile investitorilor, furnizorilor de capital i altor
creditori actuali i poteniali n procesul de luare a
deciziilor (...) (Cadrul conceptual IFRS, 2015, 1.2).

Bineneles, IASB precizeaz n mod implicit ce este
util prin producerea unei serii de standarde. Cu toate
acestea, ideea exprimat aici nu este aceeai cu a
afirma c situaiile financiare trebuie s fie
reglementate, adic n conformitate cu reguli scrise.
De asemenea, este interesant de observat ce cuvinte nu
sunt utilizate niciodat. Astfel, n timp ce una dintre
proprietile majore ale contabilitii este aceea de a
asigura trasabilitatea fluxurilor financiare i, prin urmare, de
a contribui la transparena n lipsa creia nu poate exista
nicio ncredere (ncredere care este liantul dintre companie
i lumea afacerilor), cuvntul n sine, transparen nu
este folosit niciodat1. ntr-adevr, n mod curios, niciunul
din documente (Constituia Fundaiei IFRS, Cadrul
conceptual IFRS, directiva european din 2013 cu privire
la situaiile financiare anuale, PCG din 2014 sau ordinul
romnesc din 2014) nu utilizeaz acest cuvnt. Nici n
Constituia IFAC nu se face nicio referin la
transparen. Acest lucru este cu att mai surprinztor cu
ct transparena conduce la nevoia existenei unui limbaj
comun pentru ca informaia s fie corect produs i apoi
interpretat de diferii utilizatori. Nu mai este menionat
nici de codurile de deontologie sau de etic ale IFAC, de
Corpul auditorilor sau de Ordinul experilor contabili.
Opus opacitii, transparena este totui una dintre
condiiile de existen a unui stat de drept. Acest lucru nu
nseamn c totul trebuie s fie cunoscut tuturor. Exist,
desigur, drepturi de acces, cum ar spune informaticienii,
variabile fr de care nu ar exista via privat sau secretul
afacerilor, secret care poate fi necesar i care nu acoper
neaprat deturnrile de fonduri. Transparena poate fi
intermediat. Astfel, auditorul are acces la toate
documentele clientului su, utile pentru ndeplinirea
misiunii sale i prin intermediul su terii tiu c acestea nu
conin elemente care s constituie sau s releve fapte
penale. Trebuie s adugm faptul c drepturile de acces
nu sunt transferabile. Astfel, unii beneficiari ai informaiilor
trebuie, de asemenea, s fie discrei (de exemplu, membrii
alei ai consiliului administrativ) sau s respecte secretul
profesional (de exemplu, auditorul sau expertul contabil).
n timp ce nevoia de transparen este universal, modul
n care se rspunde acestei nevoi depinde de drepturile de
acces la informaii (secretul nu este protejat peste tot n
acelai mod aa cum arat, de exemplu, cazul secretului
bancar) sau de echilibrul stabilit ntre transparena capabil
s exercite controlul social, pe de o parte, i secretul
1
Referitor la transparen, a se vedea Burlaud i Colasse

(2010, p. 10-11).
Nr. 12(144)/2016
comercial, care permite neutralizarea eventualelor aciuni

ostile, pe de alt parte. Acest echilibru reflect n bun
msur utilizarea raionamentului profesional.
Interesul public/general este argumentul central al
legitimrii legiuitorului sau normalizatorului, care este
ntr-un fel legiuitor prin delegare. Acest concept are o
mare putere evocatoare. Astfel, Constituia Fundaiei
IFRS utilizeaz expresia interes public de opt ori n 19
pagini, iar cea a IFAC de 28 de ori n 17 pagini.
Niciunul dintre cei doi normalizatori nu ofer o definiie a
interesului public; acetia ofer doar un rspuns
instituional n ceea ce privete guvernana.
Pentru Fundaia IFRS, cei 22 de reprezentani (en.
Trustees) se angajeaz s acioneze n interesul public
(Constituia IFAC, art. 6). Se precizeaz c:
Grupul de reprezentani trebuie sa reflecte pieele de
capital internaionale i diversitatea mediilor
geografice i profesionale (art. 6).
Reprezentanii trebuie s includ indivizi care, ca
grup, s asigure un echilibru din punct de vedere al
pregtirii profesionale, incluznd auditori, persoane
care ntocmesc raportri financiare, reprezentani din
mediul academic i persoane care servesc interesul
public. n mod normal, doi dintre reprezentani
trebuie s fie parteneri seniori ai unor importante
firme internaionale de contabilitate. Pentru a realiza
un astfel de echilibru, reprezentanii ar trebui
selectai dup o consultare cu organizaiile naionale
i internaionale de auditori (inclusiv IFAC), entitile
care raporteaz, utilizatori i reprezentani ai
mediului academic (art. 7).
Acest lucru evideniaz c, pentru IASB, interesul public
se rezum mai degrab la interesul pieelor financiare i
c reprezentanii sunt n mare msur profesioniti
numii de profesioniti.
Pentru IFAC, Constituia prevede o Autoritate de
Supraveghere de Interes Public, fr alte precizri.
Aceste rspunsuri instituionale ilustreaz dificultatea de
a defini interesul public. Constituirea unui grup de
persoane competente din punct de vedere tehnic i a
cror probitate nu este pus la ndoial, nu este
suficient pentru a garanta o bun reprezentare a
interesului public2.
2
Cu referire la acest subiect, a se vedea: Burlaud i Colasse

(2011, p. 119).
1273
Prin natura sa, interesul public este o noiune neclar i

contingent. Acesta are un caracter eminamente politic.
Dac nu poate fi definit cu precizie, este acest concept
preluat n dispozitivul normativ? Cadrul conceptual IFRS
nu l menioneaz nici mcar o dat. Acelai lucru se
nregistreaz i n cazul Directivei contabile din 2013 i
al PCG francez. Nici ordinul romnesc din 2014 nu
evoc interesul public. Acesta recunoate un interes
public prin referire la entitile de interes public, adic
entitile care prezint interes pentru public, dar este
irelevant n raport cu interesul public sau interesul

general. n niciunul dintre aceste documente interesul
public nu a gsit o traducere care s fie funcional i
care s contribuie la universalitatea normei.
Alegerea cuvintelor i frecvena de utilizare a lor sunt
indicatori ai unei anumite concepii de drept, n general
i de drept contabil, n special: un drept fcut de i
pentru experi. n continuare vor fi analizate sursele de
drept privind auditul financiar.
Tabelul 2. Frecvena de apariie a cuvintelor care presupun utilizarea raionamentului profesional n

reglementrile referitoare la auditul financiar
Cadrul conceptual al IAASB 2005
Cuvinte
Appropriate (adecvat)
Material (semnificativ)
Reasonable (rezonabil)
Sufficient (suficient)
Relevant (relevant)
Reliable (credibil)
Effective (eficace)
Assessment (evaluare)
Judgement, judgment (judecat)
Consistent (consecvent)
Significant (semnificativ)
Frecvena la 1.000 de cuvinte

5,852
4,835
4,326
2,926
2,672
2,163
2,036
1,399
0,891
0,891
0,763
Directiva de audit 2014

Cuvinte
Appropriate (adecvat)
Relevant (relevant)
Decision (decizie)
Effective (eficace)
Assessment (evaluare)
Necessary (necesar)
Sufficient (suficient)
Transparent (transparent)
Significant (semnificativ)
Fair (just)
Material (semnificativ)
Frecvena la 1.000 de cuvinte

2,264
1,932
1,049
0,939
0,939
0,883
0,552
0,442
0,331
0,331
0,276
Sursa: prelucrrile autorilor.
Comparaia dintre textele care reglementeaz practicile

profesionale ale auditorilor este mai complicat,
deoarece textele nu sunt de aceeai natur. Ar fi trebuit
comparate toate Standardele Internaionale de Audit
(ISA) cu Standardele profesionale (NEP) ale Experilor
Auditori din Frana, fapt care ar fi fost destul de dificil,
avnd n vedere volumul de informaii de prelucrat.
n ciuda acestor limite, este revelator a se vedea cum
folosesc standardele ISA urmtoarele cuvinte: adecvat,
semnificativ, rezonabil, suficient, relevant etc. Aceste
cuvinte implic utilizarea raionamentului profesional.
Directiva european folosete aceleai cuvinte, dar cu o
frecven relativ sistematic mai redus. Influena anglosaxon a fost, fr ndoial, temperat de tradiia juridic
a altor ri europene.
comparabilitatea i, pe de alt parte, relevana pentru

sprijinirea deciziilor luate de ctre investitori (Cadrul
conceptual IFRS, 2015, 2.a). ntre aceste obiective
poate exista un conflict.
CONCLUZII
Utilizarea raionamentului profesional nu contribuie la

asigurarea transparenei. De fapt, alegerile fcute de
ctre cei care pregtesc situaiile financiare i de ctre
auditori sunt prezentate succint n anex sau n raportul
de audit, de multe ori folosind formule standard, care
relev o retoric de tipul: soluii adecvate, n
conformitate cu practicile profesiei, asigurare
rezonabil etc. n plus, raionamentul profesional,
subiectiv prin definiie, poate conduce la oferirea de
rspunsuri diferite la aceeai ntrebare. Ce se ntmpl
atunci cu comparabilitatea? Ar trebui s se reduc
spaiile pentru interpretare i s se revin la o
normalizare prin norme detaliate (en. rules based).
n avangarda unei normalizri contabile postmoderne,

IASB promoveaz, pe de o parte, transparena i
De altfel, evocarea interesului public i a relevanei

informaiilor financiare pentru investitori, afirmarea
1274

supremaiei realitii asupra aparenei i normalizarea prin
enunarea de principii generale (en. principles based)
conduc la extinderea cmpului raionamentului profesional
dincolo de ceea ce este necesar pentru punerea n
aplicare a vechii reguli a prudenei1. Se poate observa
paradoxul utilizrii raionamentului profesional, pe care lam demonstrat cu ajutorul analizei lexicometrice, utilizare
care penalizeaz transparena i comparabilitatea n
favoarea relevanei, un termen dificil de definit.
Aceast evoluie fundamental n dreptul contabil, care
trece de la stadiul de jupiterian sau regal la un drept
realizat n coproducie cu profesionitii, de i pentru
experi, n afara reprezentrii naionale, reprezint o
ameninare sau o oportunitate?
Aceasta este, fr ndoial, o ameninare la adresa
interesului public, reprezentat n procesul de producie a
normelor contabile doar de grupurile de presiune care nu
au nimic general, ct timp alte pri interesate sunt
absente. Existena unor contra-puteri este deci absolut

necesar. EFRAG se va situa la nlimea ateptrilor?
Din punctul de vedere al profesiei contabile, utilizarea
ntr-o mai mare msur a raionamentului profesional n
producerea i controlul informaiei financiare este extrem
de benefic. Aceasta este o oportunitate. Expertiza
profesionistului devine un element-cheie. Dar, n virtutea
principiului conform cruia rentabilitatea crete odat cu
riscul asumat, responsabilitatea profesionistului
evolueaz de la o responsabilitate de mijloace la o
responsabilitate de rezultate. Regularitatea
(conformitatea cu regula) este un mijloc, n timp ce
relevana este un rezultat2. Aceasta este o ameninare.
Aceast evoluie a legislaiei contabile ne las astzi la
mijloc de drum, cu un drept hibrid: acesta are nc fora
trecutului, mai ales la nivelul situaiilor financiare individuale, i un viitor posibil, dar incert, mai ales la nivelul situaiilor financiare consolidate. Dar schimbarea nu trebuie
confundat cu progresul. Jocurile nu sunt nc fcute.
BIBLIOGRAFIE
1. Autorite des Normes Comptables, Rglement no.
2014-03 du 5 juin 2014 Relatif au plan comptable
general, [online] Disponibil la: https://www.google.ro/
url?Sa=t&rct=j&q=&esrc=s&source=web&cd=10&cad
=rja&uact=8&ved=0ahukewj5wrxq6kpqahxc1iwkhejfc
toqfgg7mak&url=http%3A%2F%2Fwww.focuspcg.co
m%2Fcontent%2Fdownload%2F2495%2F12296%2
Fversion%2F1%2Ffile%2freglt%2B2014-1
03_Plan%2Bcomptable%2Bgeneral.pdf&usg=afqjcnf
qwtzkriaup9kfva0egqumnb6kbq&sig2=esxjkjpugn7xqw8w18lda, [Accesat pe 12 noiembrie 2016].
2. Burlaud, A. i Colasse, B. (2011), Rponse aux
commentaires sur Normalisation comptable
internationale: le retour du politique, Comptabilitcontrle-audit, vol. 17, nr. 3, pp. 115-128, DOI:
10.3917/cca.173.0115.
3. Chevallier, J. (2014), LEtat postmoderne, LGDJ.
4. Code de Commerce, Version consolide au 6
novembre 2016, [online] Disponibil la:
https://www.legifrance.gouv.fr/affichCode.do?cidText
e=LEGITEXT000005634379, [Accesat pe 12
noiembrie 2016].
1
Aceast regul, care aproape a disprut din cadrul conceptual al IFRS, este evocat doar la art 2.18, dar este asociat
cu neutralitatea pentru a nu subevalua n mod sistematic
situaia net.
Nr. 12(144)/2016
5. Colasse, B i Lesage, C. (2007), Introduction la

comptabilit, Economica.2
6. Colasse, B. (ed.) (2009), Encyclopdie de la
comptabilit, contrle de gestion, audit, Paris:
Economica.
7. Directiva 2013/34/UE a Parlamentului European
i a Consiliului din 26 iunie 2013 privind situaiile
financiare anuale, situaiile financiare consolidate
i rapoartele conexe ale anumitor tipuri de
ntreprinderi, de modificare a Directivei
2006/43/CE a Parlamentului European i a
Consiliului i de abrogare a Directivelor
78/660/CEE i 83/349/CEE ale Consiliului,
Jurnalul Oficial al Uniunii Europene din
29.06.2013.
8. Directiva 2014/56/UE a Parlamentului European i a
Consiliului din 16 aprilie 2014 de modificare a
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situaiilor financiare anuale i al situaiilor financiare
consolidate, Jurnalul Oficial al Uniunii Europene din
27.05.2014.
2
Putem evoca, de asemenea, cererea din partea societii civile

de implicare a profesiei, cu regulile i metodele sale specifice,
n favoarea securizrii informaiei nefinanciare. Cu referire la
acest subiect, a se vedea Burlaud i Colasse (2015, pp. 43-53).
1275
9. Durkheim, E. (1911), Jugement de valeur et

jugement de ralit, [pdf] Disponibil la:
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postmodernit, Rseaux, nr. 88-90, pp. 67-76,
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http://www.philodroit.be/IMG/pdf/modernite_postmod
ernite.pdf, [Accesat pe 12 noiembrie 2016].
11. IAASB (2014), A Framework for Audit Quality, IFAC.
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http://www.ifrs.org/Current-Projects/IASBProjects/Conceptual-Framework/Pages/ConceptualFramework-Exposure-Draft-and-Commentletters.aspx, [Accesat pe 12 noiembrie 2016].
13. Khouatra, D. (2004), La normalisation comptable
entre modle anglo-saxon et modle continental: le
cas de la Roumanie, pays en transition vers
lconomie de march, [online] Disponibil la:
https://halshs.archives-ouvertes.fr/halshs00593994/document, [Accesat pe 23 octombrie
2016].
14. Lakovic, T. i Puglister, J. (2013), The International
Accounting Standards Boards Progress in Promoting
Judgement through Objective-oriented Accounting
1276
Standards, International Journal of Business and

Social Research, vol. 3, nr. 7, pp. 28-42.
15. Lalande, A. (1983), Vocabulaire technique et critique
de la philosophie, Paris: Presses universitaire de
France - PUF.
16. Legea nr. 82/1991, Legea contabilitii republicat
i actualizat, [online] Disponibil la:
https://static.anaf.ro/static/10/Anaf/legislatie/Legea_c
ontabilitatii.htm, [Accesat pe 12 noiembrie 2016].
17. McHone, S.P: (n.d.), Personal versus professional
judgment, Liberty University, [pdf] Disponibil la:
http://cpaphd.com/professional-v-personaljudgment.pdf, [Accesat pe 23 octombrie 2016].
18. Mnard, L. et collaborateurs (2004), Dictionnaire de
la comptabilit et de la gestion financire, 3eme
Edition, Institut Canadien des Comptables Agrs ICCA.
19. Ministerul Finanelor Publice (2014), Ordinul nr.
1802/2014 pentru aprobarea reglementrilor
contabile privind situaiile financiare anuale
individuale i situaiile financiare anuale consolidate,
Monitorul Oficial nr. 963/30.12.2014.
20. Order of 22 June 1999 approving French Accounting
Regulation Committee Regulation 99-02 of 29 April
1999 on the consolidated financial statements of
commercial companies and public enterprises.
Audit
financiar,principiilor
XIV, Nr. 12(144)/2016,
1277-1290
Adoptarea
raportrii
integrate de ctre companiile romneti
ISSN: 1583-5812; ISSN on-line: 1844-8801
cotate la Bursa de Valori Bucureti
Adoptarea
principiilor
raportrii
integrate de
ctre
companiile
romneti
cotate la Bursa
de Valori
Bucureti
Ioana SOFIAN,
Academia de Studii Economice din Bucureti,
E-mail: ioana.sofian@yahoo.com
Rezumat
Obiectivul acestei lucrri este identificarea unei companii
cu capital romnesc care are potenial de adoptare a
principiilor raportrii integrate, cu reale beneficii n
atragerea investitorilor i/sau crearea unei reputaii
internaionale de pe urma acesteia. n acest scop, s-au
analizat companii cotate la Bursa de Valori Bucureti
care aparin diferitelor sectoare de activitate din punct de
vedere al oportunitii de investiie, a rapoartelor
publicate n prezent i a conformitii cu precizrile
Cadrului Internaional de Raportare Integrat n viziunea
ntocmirii unui potenial raport integrat. Studiul de caz a
evideniat un potenial ridicat de implementare a
raportrii integrate n cadrul Antibiotice Iai S.A., aceast
companie avnd n prezent raportarea cea mai apropiat
de una integrat dintre entitile selectate. Cu toate
acestea, i n cazul celorlalte companii opiunea pentru
publicarea unui raport integrat devine viabil n anumite
condiii, n special n ideea conturrii unei cri de vizit
recunoscute pe plan internaional i universal
comparabil.
Cuvinte-cheie: Raportare integrat, Romnia, crearea
valorii, companii cotate.
Clasificare JEL: M14, M41.

Sofian, I. (2016), The adoption of integrated reporting principles
by the Romanian companies listed at the Bucharest Stock
Exchange, Audit Financiar, vol. XIV, no. 12(144)/2016, pp.
1335-1348, DOI: 10.20869/AUDITF/2016/144/1335
Nr. 12(144)/2016
1277
Ioana SOFIAN
Introducere
Conceptul de raportare integrat se aliniaz unei viziuni
moderne asupra unei entiti performante, viziune care
depete sfera economicului. Astfel, o companie i
consolideaz imaginea format pe pia dac se implic
n aciuni de protecie a mediului nconjurtor i la
dezvoltarea societii n ansamblul su. Relevana unui
raport integrat reiese din modul n care descrierea
procesului de creare a valorii pentru toate prile
interesate conduce la atragerea de investitori i
contureaz o imagine mai clar i complet pentru orice
utilizator al acestui mix de informaie financiar i
nefinanciar.
n anul 2010 a fost nfiinat Consiliul Internaional pentru
Raportare Integrat (IIRC) cu scopul de a crea un cadru
internaional al raportrii integrate. IIRC contribuie astfel
la dezvoltarea unui nou tip de raportare care s
furnizeze, ntr-un format unic, concis i comparabil,
aspecte legate de impactul sau performana unei entiti
trecute sau viitoare (IIRC, 2010). n anul urmtor,
aceast organizaie a iniiat un program-pilot care a avut
un rol important n dezvoltarea cadrului de raportare
integrat, demers care a determinat implicarea a peste
100 de entiti din ntreaga lume (IIRC, 2011).
Raportarea integrat urmrete crearea de valoare
pentru orice parte interesat pe termen mediu i lung,
printr-o abordare mixt, respectiv un raport unic accesibil
tuturor prilor interesate, care s surprind modul n
care performana de mediu, performana social i buna
guvernan contribuie la obinerea unei performane
financiare ridicate (Eccles i Serafeim, 2011). Conceptul
de raportare integrat definit de IIRC n Cadrul
Internaional de Raportare Integrat (IIRF) propune
crearea unei gndiri integrate n cadrul unei entiti,
direcionnd prezentarea acesteia ctre adevrata sa
putere de dezvoltare. Mai mult, ideea de raportare
integrat nu este legat de raportarea n sine, ci de
comunicarea adecvat a comportamentului responsabil
al companiei (Almond, 2015). De asemenea, putem
considera c raportarea integrat ndeplinete i o
funcie de marketing. O entitate care opteaz pentru
astfel de rapoarte arat o implicare suplimentar,
sporind interesul investitorilor asupra sa i garantnd
faptul c raportul va fi citit (Giuclea, 2013).
Pe lng o abordare holistic a afacerii i satisfacerea
nevoilor informaionale ale investitorilor privind
performana de mediu, social i guvernan, literatura
1278
de specialitate a constatat c raportarea integrat aduce

i beneficii interne precum un risc reputaional mai mic i
o mai bun alocare a resurselor i beneficii n domeniul
reglementrii pe plan mondial, construind un limbaj
universal acceptat ce faciliteaz compararea informaiilor
comunicate (Eccles i Saltzman, 2011).
Comunicarea de aspecte nefinanciare a fost voluntar
pentru marile companii din Europa pn n momentul
apariiei Directivei 2014/95/UE, cu aplicabilitate de la 1
ianuarie 2017. Mai exact, entitile mari de interes public
cu peste 500 de angajai trebuie s anexeze o declaraie
nefinanciar la raportul administratorilor sau s publice
un raport separat, cuprinznd descrierea modelului de
afaceri i a politicilor de mediu, sociale, i de personal,
respectarea drepturilor omului, combaterea corupiei i a
drii de mit, precum i analiza rezultatelor i a riscurilor
asociate acestor politici. Aceast reglementare vine n
sprijinul companiilor din Europa, inclusiv a celor din
Romnia, de a deveni contiente de importana
meninerii unei comunicri adecvate intereselor i
nevoilor informaionale ale tuturor prilor interesate.
De fapt, raportarea integrat este o practic bazat pe
realizarea armoniei ntre lumea rapoartelor financiare i
cea a celor de sustenabilitate (Van Bommel, 2014).
Majoritatea marilor companii public deja rapoarte de
sustenabilitate. Pornind de la faptul c 49% din totalul
entitilor care ntocmesc rapoarte integrate conform
cerinelor IIRF sunt din Europa (Chersan, 2015), aceast
directiv reprezint primul impuls ctre implementarea
acestei practici n i mai multe companii, inclusiv n cele
cu capital romnesc i care i desfoar activitatea n
Romnia.
Cadrul conceptual IASB plaseaz investitorii i creditorii
n fruntea categoriilor de utilizatori, avnd drept
justificare faptul c nevoile informaionale ale acestora
sunt similare i acoper interesele celorlalte categorii.
Mai mult, acetia nu pot solicita furnizarea de informaii
n mod direct, fiind nevoii s se bazeze pe rapoartele
publicate de companii (Dima i rmt, 2011). Astfel,
dei informaiile prezentate n situaiile financiare sunt
utile tuturor utilizatorilor, este privilegiat o prezentare
orientat ctre nevoile informaionale ale investitorilor,
de unde se poate deduce importana acordat pieelor
financiare din ntreaga lume (Ristea, Olimid i Calu,
2006).
Prin urmare, dincolo de ideea crerii de valoare,
raportarea integrat devine i o punte de comunicare
ntre companii i pieele de capital. Acest tip de raportare
Adoptarea principiilor raportrii integrate de ctre companiile romneti

faciliteaz nelegerea strategiei de afaceri a companiilor
i a modului n care acestea obin performan i
creeaz valoare (KPMG, 2011).
Raportul integrat al IIRC aferent anului 2015
menioneaz faptul c 71% dintre investitori acord
importan rapoartelor integrate n procesul adoptrii de
decizii (IIRC, 2016). Cu toate acestea, factorii care
influeneaz decizia de investiie ntr-o companie nu se
rezum doar la raportarea companiei, ci includ i
atractivitatea sectorului de activitate al acesteia sau
chiar personalitatea investitorului. nelegerea sectorului
n care opereaz o entitate i a riscurilor asociate i
permite acesteia s i mbunteasc raportarea cu
caracter nefinanciar, aspect care conduce, n final, la o
mai mare transparen pe pieele de capital (Eccles .a.,
2012).
Compania ar trebui s beneficieze, n primul rnd, de
toate costurile pe care le implic ntocmirea unui raport
integrat: raportarea la IIRF, la cerinele tuturor prilor
interesate, inovarea permanent, volumul de munc i
timpul dedicate de persoanele care particip la
ntocmirea raportului. Astfel, considerm c listarea unei
companii nu se rezum doar la obinerea de resurse
financiare (pentru firm) i de dividende (pentru
investitor), ci implic o altfel de deschidere ctre mediul
internaional, o mai mare comparabilitate a informaiilor
publicate, chiar o poziionare n rndul marilor companii,
motiv pentru care compania ar trebui s fie motivat s
publice rapoarte de o calitate superioar.
Conform IIRF, un raport integrat prezint procesul de
creare a valorii i contribuia tipurilor de capital n acest
proces (financiar, tehnic, natural, uman, social i
relaional i intelectual), de aa manier nct s
respecte cele apte principii de ghidare: focalizare
strategic i orientare ctre viitor, conectivitate a
informaiilor, relaia cu prile interesate, semnificaie,
concizie, fiabilitate i exhaustivitate, consisten i
comparabilitate.
n cadrul acestei lucrri se urmrete identificarea
potenialului de adoptare a raportrii integrate de ctre
companii cotate din Romnia i a beneficiilor aferente
acestei decizii. Pentru aceasta, s-a realizat un studiu de
caz pe companii romneti cotate la Bursa de Valori
Bucureti (BVB).
Importana acestei cercetri este dat de faptul c
raportarea integrat este o practic relativ nou i
aproape inexistent n companiile cu capital majoritar
Nr. 12(144)/2016
romnesc. Romnia poate deveni un teren favorabil

implementrii raportrii integrate prin intermediul
companiilor cotate la BVB, acestea avnd deja format o
imagine i o pia de interes pentru diferitele categorii de
utilizatori.
n continuare, lucrarea este structurat dup cum
urmeaz: seciunea a doua prezint metodologia
cercetrii. Seciunea a treia prezint, pe scurt,
companiile alese i ramura de activitate n care
activeaz. Seciunea a patra include studiul rapoartelor
publicate n prezent de ctre companiile selectate, iar
seciunea a cincea analizeaz entitile din punct de
vedere al potenialului de adoptare a raportrii integrate.
Ultima parte cuprinde concluziile i limitele acestui
studiu, precum i direciile de cercetare viitoare.
1. Metodologia cercetrii
Obiectivele acestei lucrri sunt: (i) analiza potenialului
de adoptare a raportrii integrate de ctre companiile
romneti cotate la BVB i (ii) identificarea
potenialelor beneficii care apar n urma adoptrii
acestei decizii.
Pentru atingerea acestui obiectiv, am realizat un
studiu de caz referitor la companiile cotate la BVB.
Au fost selectate un numr de 12 companii din
sectoare de activitate diferite care au capital
majoritar romnesc. Procesul de selecie a constat n
alegerea, din componentele indicelui BetPlus, a
acelor companii cu capital majoritar romnesc, cu un
numr mediu de peste 500 de angajai. Pentru
determinarea procentului de capital romnesc, nu au
fost luate n considerare valorile corespunztoare
cmpului ali acionari din subcategoria Structur
acionari de pe pagina de Sumar a fiecrei companii
disponibil pe pagina web a BVB.
A fost analizat domeniul n care companiile i
desfoar activitatea din punct de vedere al impactului
asupra deciziei de investiie n astfel de companii. Au
fost studiate rapoartele i informaiile publicate n prezent de companii, iar apoi s-a determinat ce companie
are potenial de adoptare a raportrii integrate i
eventualele beneficii aferente pe baza unei cercetri
calitative.
Concret, s-a urmrit obinerea de rspunsuri la
urmtoarele ntrebri:
Raportarea integrat ajut la atragerea investitorilor?
1279
Ioana SOFIAN
n ce msur caracteristicile (atractivitatea) sectorului

de activitate al unei companii o determin s adopte
o raportare superioar?
2. Companiile cotate la bursa de

valori bucureti
Raportarea integrat permite companiilor s devin

internaionale?
Aceast cercetare are la baz studiul rapoartelor i al

informaiilor publicate de companiile selectate pe
propriile pagini web. n componena indicelui BetPlus
exist 28 de companii, ns doar 18 dintre acestea au
capital majoritar romnesc. 12 dintre cele 18 companii
au un numr mediu de peste 500 de angajai. Astfel,
caracteristicile celor 12 entitii cotate la BVB selectate
pentru acest studiu de caz sunt prezentate n Tabelul 1.
Aceast cercetare are importan i pentru auditori

deoarece necesitatea prezentrii de informaii de natur
nefinanciar aduce cu sine necesitatea verificrii
credibilitii acestora, iar asigurarea rapoartelor integrate
se realizeaz de ctre auditori (Dumitru i Gue, 2016).
Tabelul 1. Companii cu capital romnesc cotate la BVB
Nr.
crt.
Denumirea companiei
1
2
3
4
5
Aerostar
Antibiotice
Artego
Compa
Conpet
Electromagnetica
7
8
9
10
11
12
Nuclearelectrica
Oil Terminal
Romgaz
Transelectrica
Transgaz
Vrancart
Capital
romnesc
Sector de activitate
Industrial (aeronave i nave spaiale)
Farmaceutic
Industrial (produse din cauciuc)
Industrial (piese i accesorii auto)
Servicii (transport prin conducte)
Industrial (instrumente i dispozitive pentru msur, verificare,
control, navigaie)
Utiliti (energie)
Servicii (manipulri)
Utiliti (gaze naturale)
Utiliti (energie)
Utiliti (gaze naturale)
Industrial (hrtie, carton i ambalaje de hrtie)
Numr
salariai
86,17%
66,57%
84,82%
54,60%
58,72%
1.600
1.465
1.176
1.660
1.709
54,90%
626
82,50%
59,62%
70,01%
58,69%
58,51%
74,72%
2.051
1.016
6.233
2.180
4.854
903
Sursa: Prelucrrile autorului.
n cele ce urmeaz, va fi conturat un portret obiectiv al

fiecrui sector de activitate din perspectiva oportunitii
investiiei ntr-o companie activ n acea ramur.
Sectorul farmaceutic se caracterizeaz printr-o cerere
inelastic, consumul de medicamente fiind independent
de evoluia preului, indiferent de etapa ciclului
economic. Pe fondul mbtrnirii populaiei i a scderii
natalitii (INS, 2015), n Romnia are loc o majorare a
cererii pentru tratamentele medicamentoase (Cealera,
2014), situaie care conduce la alocarea unei proporii
mai mari din resursele financiare ale consumatorilor i
ale statului ctre acest tip de cheltuieli i, implicit, la
majorarea ctigurilor obinute de companiile
productoare, fenomen cu recurs direct i pozitiv n
cotaia bursier a acestora.
1280
De asemenea, cererea n acest sector este atipic,

majoritatea medicamentelor fiind eliberate pe baz de
reet. Deci, factorul de decizie este medicul care le
prescrie sau farmacistul, tratamentele fiind, de obicei,
subvenionate prin intermediul sistemului naional de
asigurri de sntate (Comisia European, 2009). Astfel,
domeniul farmaceutic are un ciclu foarte mare de
conversie a lichiditilor, cauzat de ntrzierea
rambursrilor i decontrilor n sistem. Acest aspect
poate deveni o problem prin creterea ndatorrii
cauzat de lipsa lichiditii i poate conduce, pe termen
lung, la intrarea n insolven a companiilor productoare
sau distribuitoare de produse farmaceutice. Prin urmare,
sectorul farmaceutic prezint perspective favorabile de
investiie deoarece este caracterizat de un risc sczut,

fiind unul dintre domeniile cel mai bine reglementate din
lume (IPE, 2011).
Sectorul utilitilor publice este, de asemenea, o
ramur caracterizat printr-o cerere inelastic,
deoarece vor exista comenzi n continuare, indiferent
de preul acestora. Este un sector cu o concuren
de tip oligopol, existnd cteva companii care
furnizeaz astfel de servicii n Romnia. n teorie,
preurile se formeaz n mod liber, pe baza cererii i
a ofertei, dar, n practic, acestea sunt dictate de
circumstanele politice i economice internaionale i
de interesele proprii ale furnizorilor de gaze naturale
i electricitate. n plus, preul gazelor naturale este
strns legat i de evoluia cotaiilor petrolului.
Modificarea preului petrolului din ultimul timp a
influenat i preul gazelor naturale. Se consider c
investiia n acest sector este benefic, deoarece
gazele naturale reprezint cea mai utilizat resurs
energetic1, iar Romnia are cea mai mare pia de
gaze naturale din Europa Central i de Est2. ns
trebuie avut n vedere i caracterul sezonier al
consumului de gaze naturale, cu maxime n
anotimpul rece i minime n anotimpul cald.
n ceea ce privete sectorul industrial din Romnia,
ultimul Buletin statistic de industrie disponibil
precizeaz faptul c producia industrial a
nregistrat o cretere de 5,3% n august 2016
comparativ cu august 2015. Aceast variaie s-a
datorat, printre altele i creterii cu 23,9% a fabricrii
autovehiculelor de transport rutier, remorcilor i
semiremorcilor, cu 27,1% a fabricrii echipamentelor
electrice, diminurii cu 16,8% a produciei n
domeniul reparrii, ntreinerii, instalrii mainilor i
echipamentelor i majorrii cu 12,7% a fabricrii
hrtiei i a produselor din hrtie (INS, 2016).
Se remarc faptul c majoritatea companiilor
selectate pentru acest studiu i desfoar
activitatea n cadrul sectorului industrial sau cel al
utilitilor. Cotarea acestora la BVB este un atu i un
motiv n plus pentru care se poate considera c
opiunea pentru o raportare superioar este
echivalent cu o implicare suplimentar, deci o
redefinire a imaginii de succes deja dobndite.
https://ro.wikipedia.org/wiki/Industria_energetic%C4%83_%
C3%AEn_Rom%C3%A2nia#Gazele_Naturale
2 http://www.anre.ro/ro/gaze-naturale/informatii-de-interespublic/piata-gazelor-naturale
1
Nr. 12(144)/2016
Exemple de beneficii dobndite de pe urma adoptrii

raportrii integrate pot fi: atragerea de noi investitori
(resurse financiare), ntrirea ncrederii
consumatorilor, aport la bunstarea comunitii i la
protejarea mediului nconjurtor. Toate aceste
caracteristici pot avea o contribuie important la
alegerea produselor i serviciilor oferite de una dintre
aceste companii n detrimentul altora din acelai
sector de activitate. n cazul unui potenial investitor
responsabil (preocupat i de aspecte nefinanciare),
raportarea integrat poate influena semnificativ
decizia acestuia de a investi ntr-o companie cotat.
3. Analiza rapoartelor publicate de

companiile cotate la BVB
Am analizat rapoartele anuale publicate de fiecare
companie selectat prin consultarea documentelor
disponibile pe pagina web a BVB i pe paginile web ale
companiilor. Am folosit ca an de referin exerciiul
financiar 2015.
n afar de Raportarea contabil conform Ordinului
Ministrului Finanelor Publice nr. 123/2016, Bugetul de
venituri i cheltuieli, Raportul auditorului independent i
Situaiile financiare ntocmite n conformitate cu IFRS
adoptate la nivelul UE, companiile selectate mai public
Regulamentul/Codul (dup caz) de guvernan
corporativ i alte rapoarte, dup cum este prezentat n
Tabelul 2.
Rapoartele anuale (uneori intitulate Raport anual al
administratorilor sau Raport anual al Consiliului de
Administraie) publicate de toate aceste companii
sunt, de fapt, cele ntocmite n conformitate cu
Regulamentul Comisiei Naionale a Valorilor
Mobiliare - CNVM nr. 1/2006 (n prezent, Autoritatea
de Supraveghere Financiar). Astfel, acestea
cuprind aspecte legate de activitatea desfurat de
entitate n exerciiul financiar ncheiat (cu includerea
situaiilor financiare), de responsabilitate social i
protecia mediului, managementul riscului,
perspective ale activitii entitii, informaii legate de
conducerea societii i despre piaa valorilor
mobiliare emise de entitate.
n plus, multe dintre companii public pe paginile lor web
nite prezentri destinate investitorilor care cuprind
informaii pe scurt privind activitatea desfurat n anul
respectiv.
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Ioana SOFIAN
Tabelul 2. Alte rapoarte publicate de companiile selectate cotate la BVB

Nr.
crt.
Denumirea companiei
Simbol
BVB
1
2
3
4
Aerostar
Antibiotice
Artego
Compa
ARS
ATB
ARTE
CMP
Conpet
COTE
6
7
8
Electromagnetica
Nuclearelectrica
Oil Terminal
ELMA
SNN
OIL
Romgaz
SNG
10
Transelectrica
TEL
11
Transgaz
TGN
12
Vrancart
VNC
Rapoarte suplimentare publicate

Raport anual
Raport anual
Raport al Consiliului de Administraie
Raport anual
Raport anual privind situaia sponsorizrilor acordate
Raport trimestrial privind performana de mediu
Raportul administratorilor
Raportul anual (al administratorilor, din 2013)
Raport anual
Responsabilitate social
Raport anual
Raport de mediu (ultima variant 2007)
Revista Impuls (ultima variant 2009)
Raport anual al administratorilor
Broura de responsabilitate social corporativ (CSR) (ultima revizuire
2014)
Raport anual al Consiliului de Administraie
n cele ce urmeaz, vor fi prezentate alte informaii utile

n vederea coninutului unui raport integrat, disponibile
pe paginile web ale companiilor. Toate companiile au o
seciune separat care descrie sumar misiunea, viziunea
i setul de valori care contureaz filosofia de afaceri a
entitii.
Rapoartele anuale publicate de Aerostar, Artego, Oil
Terminal i Vrancart se aliniaz strict necesarului cerut
prin Regulamentul CNVM nr. 1/2006, reflectnd
aspectele legate de protecia mediului n seciunea care
monitorizeaz impactul activitii entitii asupra
factorilor de mediu. Totodat, sunt tratate aspecte legate
de guvernana corporativ i managementul riscului i
este prezentat o sintez a rezultatelor din exerciiul
financiar ncheiat. n plus, paginile lor web nu prezint
alte informaii legate de aspecte nefinanciare. Raportul
anual publicat de Aerostar prezint, ntr-un mod mai
interactiv i comparativ, viziunea companiei la nceputul
anului, rezultatele obinute la finalul acestuia i
perspectivele de viitor. Orientarea este ctre dezvoltare
sustenabil i protecia mediului. Raportul anual al Oil
Terminal este format din mai multe rapoarte i situaii,
dintre care Raportul administratorilor ofer o imagine
alb-negru a situaiei companiei. Vrancart public un
1282
raport anual sumar, bine structurat, ntr-un format

interactiv, menionnd i impactul activitii companiei
asupra apei, aerului i solului i aciunile CSR de
sprijinire a comunitii locale.
Raportul anual publicat de Antibiotice Iai este
interactiv i mbin noiuni financiare cu progrese din
sfera social sau de mediu. Raportul debuteaz cu
mesaje ale conducerii, descrierea afacerii i prezentarea
orientrii strategice a companiei. Partea cea mai
consistent a raportului o reprezint descrierea
performanelor obinute n domenii diverse n cursul
exerciiului financiar: aciuni i rezultate n domeniul
cercetrii, a calitii ntregului proces de producie,
politica de investiii, politica de marketing, politica de
export, relaia cu prile interesate, politica de resurse
umane.
n capitolul intitulat Responsabilitate social sunt
prezentate proiectele sociale, educaionale i culturale n
care este implicat compania, precum i rezultatele
obinute n anul n cauz, demonstrnd implicarea
Antibiotice S.A. n bunstarea comunitii. Exemple de
astfel de programe de responsabilitate corporatist sunt:
Fundaia Antibiotice tiin i Suflet, Doneaz snge!
Salveaz o via!, Puterea faptei. Aspectele legate de

mediu sunt prezentate tot n cadrul acestui capitol, n
subseciunea Promovarea protejrii mediului, unde
compania dezvolt politica sa fa de calitatea apei, a
aerului, utilizarea energiei, protecia solului, gestionarea
deeurilor. Exemple de programe de mediu sunt Fii pro
natura. Pune suflet! i implicarea n iniiativa Ora
Pmntului.
Implicarea companiei nu se rezum la aspectele
menionate n acest raport, pagina web menionnd, n
seciunea Parteneriate n educaie, faptul c
sponsorizeaz tratamentul pacienilor i cercetarea n
domeniul medical, cu trimitere direct ctre o list cu
beneficiarii direci ai acestor sponsorizri. Mai mult, n
seciunea Nouti, se gsesc informaii privind coala de
var a+ sau proiectul Perform a+, iar, n seciunea
Parteneriate n sport, Antibiotice amintete c sprijin
clubul de volei ieean Penicilina.
Societatea comercial Compa S.A. cuprinde n Raportul
anual ntocmit o seciune foarte sumar, denumit
Responsabilitate social, n care sunt menionate o serie
de principii i reguli din domeniu aplicabile n cadrul
societii i cteva aciuni de sprijin al comunitii.
Aceasta nu ntocmete rapoarte privind aspecte legate
de mediu sau societate, ci ofer doar cteva meniuni pe
pagina sa web privind filosofia companiei n domeniul
proteciei mediului, personalului i a responsabilitii
sociale. Concret, n seciunea Despre COMPA, se
regsesc urmtoarele rubrici:
Preocuparea i grija pentru mediul nconjurtor
descrierea succint a politicii de mediu, precum i
existena unui dialog cu prile interesate prin
informri trimestriale, raportri anuale (nc n lucru)
sau anunuri de mediu n cadrul crora sunt
reflectate activiti de mediu desfurate ntr-un
anumit interval de timp;
Responsabilitatea social menionarea principiilor
de etic i transparen respectate n cadrul
companiei i a rezultatelor implicrii acesteia n viaa
comunitii;
Principiile COMPA prezentarea sumar a filosofiei
companiei n ceea ce privete clienii, performana,
legislaia, respectul fa de mediu i investiia n
oameni;
Proiectele europene compania a implementat
proiecte europene cu scopul dezvoltrii resurselor
umane, a eficienei energetice, dar i creterii
competitivitii n cercetare i a capacitii de inovare.
Nr. 12(144)/2016
Societatea comercial Conpet S.A. public un raport

trimestrial privind performana de mediu, care descrie pe
scurt modul n care activitatea companiei afecteaz
elementele mediului nconjurtor (ap, sol, aer), politica
de gestionare a deeurilor i aspecte legislative privind
protecia mediului. Societatea public i un raport al
sponsorizrilor, oferind transparen n rndul aciunilor
destinate dezvoltrii comunitii locale care prezint
concret toate detaliile activitii de sponsorizare
desfurate de aceasta. Pagina sa web su conine
informaii legate de responsabilitatea social i protecia
mediului nconjurtor n cadrul seciunii Politici, unde
sunt prezentate pe scurt informaii privind:
Responsabilitate social entitatea ofer
sponsorizri pentru desfurarea unor evenimente
culturale i artistice, campanii naionale n domeniul
sntii, cluburi sportive, concursuri i olimpiade
colare (detaliate n Raportul anual privind situaia
sponsorizrilor oferite);
Responsabilitate fa de mediu dezvoltarea unui
Program de management de mediu, detalierea
angajamentelor asumate fa de mediu i existena
unui sistem de management al mediului mbuntit
continuu (detaliat n Raportul privind performana de
mediu).
Electromagnetica prezint, de asemenea, o seciune
pe pagina sa web intitulat Responsabilitate social
unde sunt menionate aciuni precum Mici bucurii de la
Electromagnetica, aciuni de ecologizare i de susinere
a colarilor.
Nuclearelectrica mai public pe pagina sa web
informaii legate de aciunile CSR desfurate, n
seciunea cu aceeai denumire. Este prezentat o
declaraie de responsabilitate social corporativ,
proiectele realizate n acest sens (exemplu: Primete un
arbore n familia ta) i lucrrile executate n sprijinul
comunitii locale din Cernavod.
Pe pagina web a societii comerciale Romgaz exist o
seciune intitulat CSR care cuprinde urmtoarele
categorii: mediu, comunitate, educaie, sntate, cultur,
sport i ghid sponsorizare. n cadrul acestora, compania
descrie pe scurt politica sa de protecie a mediului
nconjurtor, programele de implicare social la care ia
parte, proiectele prin care investete n educaie,
sistemul de sntate, diferite sporturi i evenimente
culturale. Toate aceste aspecte sunt centralizate ntr-un
raport denumit Responsabilitate social ROMGAZ
1283
Ioana SOFIAN
disponibil tot pe pagina web a companiei. Exemple de

proiecte CSR sunt: participarea la iniiativa Ora
Pmntului, programul Druiete o carte, creeaz o
bibliotec, proiectul Cinema-edu, proiectul Spitalul
verde, sponsorizarea evenimentelor culturale din Sibiu,
implicare n comunitatea sportiv.
Raportul anual al societii comerciale Transelectrica
este o combinaie de mai multe rapoarte i are un
coninut colorat i interactiv. Printre aceste rapoarte, se
regsete i Raportul de guvernan corporativ i
responsabilitate social. n cadrul acestuia sunt descrise
i rezultatele proiectelor CSR n care este implicat
compania, aspecte legate de tratamentul angajailor i
aciuni i rezultate privind protecia mediului nconjurtor.
De asemenea, Raportul de mediu (ultima ediie fiind din
anul 2007) este un document care aduce un plus de
imagine companiei i care este disponibil att n limba
romn, ct i n limba englez. Acesta descrie politica
de mediu, aciunile i rezultatele obinute n anul
respectiv. Este probabil ca informaiile coninute de
acest raport s fie cuprinse, pe scurt, n anii urmtori n
cadrul raportului anual. Mai mult, Transelectrica a
publicat, pn n anul 2009, Revista Impuls ca portavoce
a principalelor tiri din domeniu, deci a oferit i informaii
legate de sectorul de activitate.
n ceea ce privete Transgaz S.A., sub sloganul O
companie responsabil este o companie a viitorului, ia
fiin Broura CSR intitulat Oameni i fapte, ultima
ediie disponibil fiind cea din anul 2014. Acest
document prezint un rezumat al aciunilor de
responsabilitate social i voluntariat desfurate de

companie i al proiectelor propuse pentru viitor.
Compania i prezint filosofia n ceea ce privete
responsabilitatea social i i justific opiunea pentru a
realiza astfel de aciuni. Domeniile CSR n care aceast
companie declar c activeaz sunt: dezvoltarea
comunitii, educaie, sport, art i cultur, aciuni
umanitare, sntate, mediu, fiind prezentat, pe scurt,
politica adoptat n fiecare din aceste domenii. Exemple
de proiecte CSR: Olimpiada verde, Investim n viitor,
Hand in hand, Oameni pentru oameni. Toate aceste
programe sunt descrise n cadrul brourii fiind, de
asemenea, prezentate i rezultatele obinute n
urma implementrii acestora. Alte proiecte de
voluntariat sau caritabile sunt: Druiete un zmbet;
Donnd snge, poi salva o via!; Alturi de tine. n
plus, este prezentat impactul acestor proiecte prin
centralizarea feedback-urilor primite de organizatori la
momentul respectiv i rezumarea acestora n cadrul
brourii. Sunt prezentate o serie de reuite aniversare i
apoi citate opinii ale participanilor sau responsabililor
pentru aceste proiecte. Documentul se contureaz ca o
revist, cu poze i citate celebre, n armonie cu filosofia
expus. Politica CSR este dezvoltat prin intermediul
paginii web, la seciunea CSR.
Prin urmare, ca orice companie mare, fiecare entitate din
cele selectate i arat implicarea, mai mult sau mai
puin intens, n bunstarea societii n ansamblul su,
n modul considerat cel mai adecvat la momentul
raportrii.
Figura 1. Numrul de pagini ale rapoartelor anuale ale companiilor selectate
Transgaz
Romgaz
Nuclearelectrica
Conpet
Artego
Aerostar
50
100
numr de pagini
150
200
250
1284

Din punct de vedere structural, dup cum se poate

observa n Figura 1, cel mai complex raport aparine
companiei Transgaz, care are peste 200 de pagini,
urmat de raportul entitii Oil Terminal, iar pe locul trei se
situeaz societatea Transelectrica.
Numrul mediu de pagini ale unui raport integrat n anul
2015 a fost de 148 de pagini, n scdere fa de anii
precedeni (EY, 2016). Analitii susin faptul c un raport
integrat trebuie s fie concis i, n acelai timp, cuprinztor. Astfel, opiunea de 200 de pagini sau mai mult nu
este cea mai bun alegere, innd cont de faptul c un
utilizator va obosi citind rapoartele mai multor companii
deodat, fapt care i va diminua interesul de a investi n
acestea (PwC, 2016). De aceea, analiza va continua cu
studiul calitii rapoartelor menionate, din punct de
vedere al imaginii companiei pe care o reprezint.
4. Potenialul de adoptare a
principiilor raportrii integrate
Pentru a determina potenialul de adoptare a principiilor
raportrii integrate, am analizat posibilitatea de
conformitate a rapoartelor publicate de aceste companii
(vizualizate ca un ntreg) cu precizrile IIRF, respectiv
urmrind urmtoarele aspecte:
respectarea celor apte principii ale raportrii

integrate;
prezentarea modelului de afaceri;
descrierea tuturor capitalurilor care contribuie la
crearea valorii;
prezentarea elementelor legate de guvernan
corporativ i managementul riscului;
strategia i performanele obinute n domeniul
activitilor sociale i de protecie a mediului;
orientarea afacerii ctre dezvoltarea sustenabil.
Dup cum s-a constatat la paragraful al treilea al acestui
articol, fiecare dintre companiile selectate prezint
aspecte legate de guvernan ca urmare a obligaiei pe
care le-o impune cotarea la BVB, publicnd un
document n acest scop. Prin urmare, toate companiile
analizate dein, n prezent, resurse informaionale pentru
conturarea acestui potenial element de coninut al unui
raport integrat.
Tabelul 3 prezint o sintez a alinierii la precizrile IIRF
pentru fiecare companie selectat. Pentru obinerea
datelor din acest tabel au fost luate n considerare
informaiile publicate de companii n toate rapoartele
suplimentare menionate n Tabelul 2.
Tabelul 3. Conformitatea la IIRF a rapoartelor suplimentare publicate de companiile selectate

Companie
Cerin
Principii de RI
Capitaluri
Model de afaceri
Dezvoltare
sustenabil
Activiti sociale
Protecia mediului
ARS
ATB
ARTE
CMP
COTE
ELMA
SNN
OIL
SNG
TEL
TGN
VNC
5/7
4/6
Da
7/7
6/6
Da
5/7
4/6
Da
5/7
4/6
Nu
5/7
4/6
Da
5/7
4/6
Da
7/7
6/6
Da
5/7
4/6
Nu
5/7
4/6
Da
5/7
5/6
Da
5/7
4/6
Da
5/7
4/6
Da
Da
Da
Nu
Nu
Nu
Nu
Da
Nu
Da
Da
Nu
Nu
Nu
Da
Da
Da
Nu
Da
Nu
Da
Nu
Da
Nu
Da
Da
Da
Nu
Da
Da
Da
Da
Da
Da
Da
Da
Da
Artego i Aerostar sunt cotate la BVB din anul 1998.

Seciunea Nouti de pe pagina web a Artego pune la
dispoziie rapoarte anuale din anul 2010. Pe pagina web
a Aerostar sunt disponibile rapoarte anuale ncepnd cu
anul 2012. n ceea ce privete Aerostar, descrierea
modelului de afaceri se realizeaz n cadrul seciunilor
Nr. 12(144)/2016
Misiunea, prezent i viitor i Afacerile Aerostar din cadrul

raportului anual. Nu s-au observat schimbri
semnificative de form sau coninut ntre rapoartele
disponibile pentru aceste dou companii.
Antibiotice S.A. este cotat la BVB din anul 1997.
Pagina web a companiei pune la dispoziie rapoarte
1285
Ioana SOFIAN
anuale ncepnd cu anul 2003, prima modificare

semnificativ fiind o schimbare de coninut n anul 2009.
Prezentarea modelului de afaceri se realizeaz n
seciunea Profilul companiei, iar strategia i
performanele obinute se bazeaz pe numeroase
programe mbuntite i multiplicate n timp. O simpl
trecere n revist a acestor rapoarte arat o evoluie
clar a modului interactiv de prezentare a afacerii i a
performanelor obinute. Raportul este concis i prezint
o tendin relativ ascendent a numrului de pagini (ca
urmare a multiplicrii proiectelor desfurate).
Considerm c Antibiotice Iai beneficiaz de modelul
Takeda (Japonia) analizat de Dumitru i Jinga (2015) n
ideea potenialei adoptri a raportrii integrate.
Compa S.A. este cotat la BVB din anul 1997 i pune la
dispoziie rapoartele anuale publicate din anul 2008
pn n prezent. S-a constatat o cretere continu a
numrului de pagini ale documentului i o mbuntire a
imaginii acestuia ncepnd cu anul 2010. Entitatea
opteaz pentru utilizarea paginii sale web n scopul
furnizrii de detalii legate de aspecte nefinanciare.
Activitatea internaional desfurat de Compa S.A.
permite ncadrarea sa din perspectiva raportrii integrate
n categoria beneficiilor de reglementare menionate
anterior. De asemenea, activitatea internaional a
companiei poate reprezenta o motivaie pentru alegerea
practicilor de raportare integrat, bazat pe transparena
i imaginea fiabil i responsabil pe care le implic.
Considerm c, n funcie de impactul pe care l va avea
declaraia nefinanciar pe care trebuie s o realizeze
ncepnd cu 1 ianuarie 2017, aceast companie poate
avea n vedere implementarea raportrii integrate, avnd
disponibile modele de abordare n grupul Volvo, care a
fost membru al programului-pilot iniiat de ctre IIRC n
anul 2011.
Conpet S.A. are titluri admise la tranzacionare n cadrul
BVB din anul 2004. Utilizatorii pot gsi pe pagina web a
companiei rapoarte anuale ncepnd cu acelai an. S-a
constatat o cretere continu a volumului acestui
document, iar, din punct de vedere al fondului,
prezentarea este tot alb-negru i urmrete aceeai
structur.
Electromagnetica este cotat la BVB din anul 1996, iar
pe pagina sa web sunt disponibile rapoarte anuale
ncepnd cu anul 2013. Rapoartele administratorilor nu
prezint nicio modificare de form sau fond n intervalul
2013-2015. n viziunea adoptrii raportrii integrate,
aceast companie poate avea un exemplu n societatea
1286
comercial Showa Denki din Japonia, parte a

programului pilot iniiat de IIRC n anul 2011.
Nuclearelectrica este cotat din anul 2013, iar pagina
sa web pune la dispoziie rapoarte anuale din anul 2000.
Raportul aferent anului 2000 este redactat n limba
romn, alb-negru i foarte sumar, avnd doar 16
pagini. Din anul 2001 pn n anul 2007 inclusiv, raportul
a fost prezentat n limba englez i prezint mbuntiri
att din punct de vedere al formei (n 2004, devine
color), ct i al fondului (din ce n ce mai voluminos i
mai interactiv). Din anul 2008 pn n anul 2012, este
folosit o nou structur a documentului, cu o
dimensiune medie de 41 de pagini, i se remarc o
mbuntire continu a imaginii acestuia. Din anul 2013,
documentul publicat i schimb denumirea din Raport
anual n Raportul anual al administratorilor i sunt
reconfigurate structura i calitatea acestuia. Raportul din
anul 2014 este rezultatul unui proces de mbuntire
continu, compania prezentnd cea mai bun variant a
raportului anual i apropiindu-se mai mult de conceptul
raportrii integrate. Entitatea beneficiaz de exemplu n
acest sens prin compania State Nuclear Energy
(Rosatom) din Rusia, care a fost membru al
programului-pilot IIRC.
Transelectrica este cotat la BVB din anul 2006 i are
disponibile pentru consultare pe pagina sa web rapoarte
ncepnd cu anul 2002. n intervalul 2002-2005, raportul
anual prezint situaiile financiare ntocmite conform
IFRS. ncepnd cu anul 2006, raportul anual i
completeaz structura cu alte informaii pe lng
situaiile financiare, observndu-se o mbuntire
continu pn n anul 2011. n anul 2012 sunt publicate
ca rapoarte anuale Raportul CNVM i Raportul
Directoratului, primul ntocmit conform Regulamentului
nr. 1/2006 al CNVM, iar cel de-al doilea prezentnd, n
mod interactiv, activitatea companiei n anul respectiv i
impactul acesteia asupra societii i a mediului. Din
anul 2013 i pn n prezent, Raportul anual este un
document unic ce cuprinde toate rapoartele anterioare,
cu un coninut i o structur mbuntite, cu o medie de
143 de pagini. Un model de raportare integrat pentru
aceast companie l reprezint Enel din Italia membru
al programului-pilot IIRC.
n cazul Transgaz S.A. aceasta este cotat la BVB din
anul 2008 i pune la dispoziia utilizatorilor rapoarte
anuale publicate ncepnd cu anul 2004. Dac n
perioada 2004-2011 raportul anual al acestei companii
era format doar din situaiile financiare conform IFRS,

ncepnd cu anul 2011 raportul primete denumirea de
Raport anual al administratorilor i prezint o nou
structur. Din anul 2012, acest document ncepe s
devin mai voluminos, avnd 212 de pagini n anul
2015. Din anul 2013, raportul este prezentat n format
color, cu excepia anului 2015, cnd a fost publicat un
raport scanat alb-negru.
n plus, nu se poate afirma c unicul raport privind
responsabilitatea social corporativ (ultima dat
actualizat n anul 2014) respect vreo precizare IIRF,
deoarece el trateaz doar o parte dintr-un potenial
raport integrat. Cu toate acestea, sunt prezentate
aciunile i rezultatele programelor umanitare, de
voluntariat, pentru dezvoltarea societii i protecia
mediului nconjurtor. Documentul este interactiv,
concis, fiabil i denot o orientare spre viitor, ns
reprezint doar o parte dintr-un posibil ntreg.
Considerm c, prin intermediul acestui document,
Transgaz are un punct de pornire n redactarea
declaraiei solicitate prin Directiva 2014/95/UE i,
desigur, potenial de optare pentru raportarea integrat
n viitor. O comparaie cu o companie din acelai sector
care a fost parte a programului-pilot iniiat de IIRC,
respectiv Enags din Spania, evideniaz faptul c
entitatea romneasc mai are de efectuat pai ctre
ideea unui raport integrat. n acelai timp, cu toate c
beneficiaz de un model, decizia implementrii raportrii
integrate depinde de msura n care aceast companie
de stat consider relevante eforturile pentru a atrage
investitori strini sau prefer s rmn n comunitatea
naional deja construit i s se bucure de imaginea
responsabil pe care o are deja format; mai exact,
adoptarea principiilor raportrii integrate depinde de
msura n care compania este interesat s i dezvolte
o imagine internaional.
Vrancart este cotat la BVB din anul 2005, iar pe
pagina sa web se gsesc rapoarte anuale conform
Regulamentului CNVM nr. 1/2006 ncepnd cu acelai
an de start de tranzacionare. Structura raportului este
aceeai n perioada 2005-2011, cu un volum mediu de
17 pagini. Din anul 2012 raportul prezint o nou
structur i o nou imagine color, interactiv. Un
posibil exemplu de raportare integrat pentru aceast
companie ar putea fi Fibria Cellulose S.A. din Brazilia,
un productor global de past de eucalipt, membru al
programului-pilot iniiat de IIRC n 2011.
n ceea ce privete tipurile de capital, majoritatea
companiilor selectate pentru acest studiu nu prezint n
Nr. 12(144)/2016
rapoartele publicate aspecte legate de capitalul

intelectual sau de cel social i relaional.
n cadrul principiilor de raportare integrat respectate,
s-au luat n considerare informaiile cuprinse n toate
rapoartele publicate de fiecare entitate. Majoritatea
companiilor nu respect principiul semnificaiei, acest
fapt avnd drept explicaie faptul c le sunt impuse
anumite elemente de coninut prin Regulamentul
CNVM. De asemenea, sunt foarte puine companii
care explic modul n care neleg i rspund nevoilor
tuturor prilor interesate, motiv pentru care principiul
privind relaia cu prile interesate nu este ndeplinit de
majoritatea dintre acestea. n acelai timp, gradul de
conformitate la un anumit principiu mai poate fi
mbuntit pentru fiecare companie n parte deoarece
nu sunt analizate rapoarte integrate. n acest sens,
rezultatele prezentate n Tabelul 3 au fost stabilite cu
un grad ridicat de toleran.
n urma analizrii acestor aspecte, considerm c
dintre companiile selectate, cea care are n prezent cel
mai mare potenial de adoptare a principiilor raportrii
integrate este Antibiotice S.A. Raportul anual publicat
de Antibiotice S.A. se conformeaz celor mai multe
aspecte menionate n IIRF i, n plus, imaginea
acestuia se apropie foarte mult de ideea unui raport
integrat. Compania este considerat a avea cel mai
mare potenial datorit modului n care i explic
filozofia de afaceri i procesul de creare a valorii,
precum i datorit volumului de munc mai redus pe
care l-ar presupune implementarea acestor principii.
Astfel, se recomand companiei s abordeze un
model superior de raportare, cu att mai mult cu ct ea
activeaz pe piaa internaional (realiznd exporturi),
iar raportarea integrat poate contura diferit cartea sa
de vizit internaional.
anse semnificative de implementare a raportrii
integrate le prezint i Nuclearelectrica, raportul su
anual respectnd majoritatea precizrilor IIRF. ns
documentul este nc focalizat pe elementele
structurale precizate de Regulamentul CNVM nr.
1/2006. Nuclearelectrica primete locul al doilea n
ierarhia companiilor cu potenial de adoptare a
principiilor raportrii integrate i pentru mbuntirea
continu a coninutului raportului, n special dup data
de start a tranzacionrii.
Dintre celelalte companii, datorit faptului c au
modele de succes pe care s le urmeze i un sector
de activitate favorabil investiiilor, n msura n care
1287
Ioana SOFIAN
consider c aceasta este o opiune benefic, pot

adopta raportarea integrat i companiile: Romgaz,
Transelectrica, Aerostar, Vrancart i Transgaz.
Concluzii
Raportarea integrat este o practic n dezvoltare i
ctig popularitate deoarece tot mai multe companii
descoper beneficiile sale multiple. Concluziile vor fi
prezentate avnd n vedere obiectivele propuse.
n ceea ce privete primul obiectiv, ultimul raport
anual al IIRC arat c 71% dintre investitori
utilizeaz rapoartele integrate n procesul adoptrii
deciziilor. Astfel, dincolo de ideea susinerii unei noi
tendine n domeniu, raportarea integrat este chiar
dorit de investitori.
Referitor la cel de-al doilea obiectiv, considerm c
nelegerea sectorului n care activeaz o companie
o ajut s i contureze mai bine orientarea raportrii
aspectelor nefinanciare.
Din toate domeniile n care i desfoar activitatea
companiile selectate pentru acest studiu, sectorul
farmaceutic este cel mai bine reglementat, n pofida
faptului c, din cauza decontrilor din sistemul de
asigurri de sntate, companiile pot ntmpina
probleme de lichiditate. Cu toate acestea, Antibiotice
S.A. a prezentat o raportare superioar, ncercnd
poate s compenseze eventualele riscuri ale
sectorului i s ctige ncrederea potenialilor
investitori. Aceast companie a publicat n anul 2015
raportul cel mai apropiat de ideea unui raport
integrat: este concis, interactiv, prezint modelul de
afaceri, procesul de creare a valorii i strategia i
rezultatele politicilor n domeniul proteciei mediului i
responsabilitii sociale, avnd o abordare ctre
dezvoltarea sustenabil.
De asemenea, sectorul utilitilor publice, n special cel
al gazelor naturale, este caracterizat prin caracterul
sezonier i semne de ntrebare privind formarea liber a
preului. Cu toate acestea, pe lista companiilor cu
potenial de adoptare a raportrii integrate se afl patru
companii din sectorul utilitilor publice. Dintre acestea,
se evideniaz Nuclearelectrica, prin mbuntirea
continu a calitii raportrii.
n ceea ce privete cel de-al treilea obiectiv, se poate
considera c raportarea integrat ajut o companie
s i formeze un renume internaional, n primul
1288
rnd datorit comparabilitii informaiilor pe care le

prezint. Antibiotice Iai realizeaz exporturi. n
cadrul companiilor din sectorul utilitilor publice,
decizia implementrii practicilor de raportare
integrat se traduce prin dorina i necesitatea pe
care fiecare astfel de companie consider c le are
pentru a deveni internaional. De asemenea, trebuie
avut n vedere faptul c participarea la baze de date
internaionale i o mai mare comparabilitate a
informaiilor aduce un plus de imagine, dar i o
responsabilitate mai mare n domeniul concurenial.
Dei este stat membru UE din anul 2007, Romnia
nu reuete nc s se adapteze uor la acest statut
(Gue .a., 2016). Cu toate acestea, prin puterea
exemplului de urmat, Romnia poate deveni un teren
favorabil dezvoltrii raportrii integrate. Consider c
primul instrument n acest sens l reprezint
companiile cotate la BVB care sunt motivate s
devin internaionale i s atrag ct mai muli
investitori. Un alt impuls n acest sens l reprezint
aplicarea Directivei UE 2014/95, care va determina
toate companiile mari s abordeze aspecte
nefinanciare n rapoartele lor.
O limitare a cercetrii este faptul c numrul
sectoarelor rezultate n urma aplicrii criteriilor de
selecie este destul de redus pentru a formula opinii
generale asupra companiilor romneti cotate la
BVB. O soluie ar fi identificarea tuturor companiilor
cu capital majoritar romnesc care au titluri cotate la
BVB i studiul rapoartelor acestora. De asemenea,
un impediment a fost imposibilitatea identificrii
pentru toate companiile a unui model de raport
integrat deja existent. O alt limitare o reprezint i
absena unor discuii cu persoane din interiorul
companiilor care fac parte din studiu, n viziunea
aflrii opiniilor acestora privind publicarea potenial
a unui raport integrat.
Acest studiu reprezint un nceput, o idee n vederea
promovrii i a creterii afacerilor formate prin capital
romnesc. Aspecte precum tendina global de a
aborda raportarea integrat i numeroasele beneficii
descrise din punct de vedere teoretic i confirmate
practic ale acesteia au reprezentat motorul pentru o
astfel de iniiativ. Lucrarea intenioneaz s
lrgeasc viziunea de raportare a acestor companii
i nu numai.

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Audit financiar, XIV, Nr. 12(144)/2016, 1291-1300

Controlul
intern i auditul o necesitate pentru raportarea responsabil
ISSN: 1583-5812; ISSN on-line: 1844-8801
i utilitatea informaiei contabile pentru management
Controlul
intern i
auditul
o necesitate pentru
raportarea responsabil i
utilitatea informaiei
contabile pentru
management
Rezumat
Este cunoscut faptul c n Romnia, i nu numai,
controlul intern i auditul sunt activiti reglementate.
Adeseori, cele dou forme de asigurare a calitii
informaiei contabile sunt percepute n special ca fiind o
obligativitate n detrimentul necesitii certificrii
informaiei care circul ntre productor i utilizator.
Lucrarea abordeaz aspecte prin care se urmrete
evidenierea necesitii organizrii controlului intern i a
auditrii informaiei contabile din perspectiva necesitii
de certificare a informaiei contabile n vederea unei
raportri responsabile. De asemenea, prin intermediul
unui studiu realizat pe un eantion de 301 firme
romneti din Regiunea Centru, am surprins opiniile
managerilor/administratorilor privind controlul intern i
auditul din perspectiva ncrederii, asigurrii
oportunitilor de valorificare a informaiei contabile i
utilitii acesteia pentru management.
Cuvinte-cheie: Control, audit, informaie contabil,
certificare, management.
Clasificare JEL: M41, M42.
Alina Teodora CIUHUREANU,

Academia Forelor Terestre Nicolae Blcescu, Sibiu,
E-mail: alinaciuhureanu@yahoo.com

Ciuhureanu, A.T. (2016), Internal control and auditing a
necessity for responsible reporting and managerial usefulness
of accounting information, Audit Financiar, vol. XIV,
nr. 12(144)/2016, pp. 1349-1358,
DOI: http://dx.doi.org/10.20869/AUDITF/2016/144/1349
Nr. 12(144)/2016
1291
Introducere
La nivel micro i macro-economic, controlul reprezint o
funcie necesar a managementului (Ionescu, 2010),
sistemul de control fiind un instrument esenial att
pentru asigurarea calitii n valorificarea i utilitatea
informaiei contabile, ct i pentru monitorizarea i
perfecionarea activitilor. ndeplinirea cu succes a
obiectivelor urmrite prin controlul intern nu este ns o
certitudine. n opina noastr, una din principalele limite
cu implicaii asupra oportunitilor de valorificare a
informaiei contabile pentru management (fie c vorbim
de informaii interne sau provenite din exterior) rezid n
subiectivismul care poate aprea n controlul intern,
acesta fiind n relaie direct cu etica i autoritatea. n
contextul n care independena reprezint stlpul eticii
profesionale n audit, considerm c pentru o informare
mai responsabil, care s furnizeze ncrederea ateptat
utilizatorilor interni i externi, se impune auditarea
informaiilor contabile. Totui, auditul nu are un caracter
de predictibilitate. El nu vizeaz totalitatea tranzaciilor
unei firme, ci numai o parte a acestora, motiv pentru
care, conform abordrilor conceptuale, auditorul caut
s obin o asigurare rezonabil i nicidecum una
absolut.
Toate aceste aspecte au condus la identificarea
obiectivelor cercetrii. Astfel, n prima parte este
realizat o sintez a opiniilor specialitilor i a cadrului
legislativ naional i european cu privire la controlul i
auditul intern, auditul financiar/statutar, accentul fiind pus
pe prezentarea avantajelor i limitele acestora din
perspectiva funciei de control i evaluare a
managementului. Cea de a doua parte prezint un
studiu exploratoriu realizat pe un eantion de 301 firme
din Regiunea Centru, Romnia.
1. Cadrul empiric i teoretic

n Romnia, conform Reglementrilor contabile privind
situaiile financiare anuale individuale i situaiile
financiare anuale consolidate aprobate prin OMFP
nr. 1802/2014, managementul trebuie s se asigure prin
controlul intern c obiectivele stabilite sunt coerente, iar
factorii care concur la atingerea acestora au fost
identificai. Mai mult, aceeai reglementare subliniaz
necesitatea controlului intern din perspectiva asigurrii n
timp real a informaiilor ce vizeaz performanele
obinute i perspectivele firmei. Reglementarea
accentueaz faptul c activitile derulate trebuie s fac
1292
parte din procesul de gestiune. Este evideniat astfel

integrarea controlului intern n funciile managementului,
dar i necesitatea realizrii acesteia prin determinarea
legalitii, realitii, oportunitii, eficacitii i eficienei
operaiunilor derulate i prin dezvoltarea mecanismelor
utile managementului care s ncorporeze informaia
contabil (Guinea, 2011). Astfel, funciile controlului
intern pot fi sintetizate, conform specialitilor (Bogdan,
2004; Popeang i Popeang, 2004) n cunoatere,
evaluare, prevenie, documentare, recuperare, reglare,
educaie i stimulare, nvare i autonvare.
La nivelul entitilor economice, controlul intern i
dovedete utilitatea n generarea oportunitilor de
valorificare a informaiei contabile i asigurarea utilitii
informaiei pentru management prin faptul c urmrete
s asigure:
conformitatea documentelor, operaiunilor,
prelucrrilor, raportrilor cu reglementrile;
identificarea realitii activelor, datoriilor i
capitalurilor proprii;
aplicarea deciziilor adoptate de manageri;
buna funcionare a activitii interne a firmei;
fiabilitatea informaiilor financiare;
adecvarea alocrii resurselor n concordan cu
obiectivele stabilite;
utilizarea eficient a resurselor;
creterea rspunderii decidenilor n angajarea i
efectuarea oricror tranzacii;
verificarea modului de contractare, utilizare i
restituire a creditelor de orice fel;
verificarea condiiilor de numire sau de alegere a
administratorilor, a consiliului de administraie, a
comitetului de conducere i a auditorilor;
verificarea activitilor privind emiterea de aciuni sau
obligaiuni;
verificarea declinrii corecte a obiectivelor strategice;
execuia bugetelor;
rentabilitatea activitilor, produselor i centrelor de
gestiune, de profit i de performan (dac sunt
implementate);
supravegherea ncasrilor i plilor;
prevenirea practicilor contabile neconforme;
Controlul intern i auditul o necesitate pentru raportarea responsabil

prevenirea nregistrrii minusurilor, descoperirea i
recuperarea lor atunci cnd este cazul;
prevenirea i controlul riscurilor de nendeplinire a
obiectivelor;
evitarea cheltuielilor n exces sau supraestimrii
acestora;
ncheierea contractelor cu partenerii interni i externi,
verificarea organizrii licitaiilor;
verificarea ncasrilor i plilor de orice natur;
repartizarea rezultatului exerciiului etc.
Aceast concluzie se bazeaz pe analiza opiniilor
specialitilor n domeniu (Popeang i Popeang, 2004;
Aslu i Almai, 2011) i pe analiza legislaiei aplicabile:
OMFP nr. 1802/20014 Reglementri contabile privind
situaiile financiare anuale individuale i situaiile
financiare anuale consolidate;
OMFP nr. 923/2014 Normele privind exercitarea
controlului financiar preventiv i Codul specific de
norme profesionale;
Ordonana nr. 119/1999 privind auditul intern i
controlul financiar preventiv, republicat;
OMFP nr. 946/2005 pentru aprobarea Codului
controlului intern/managerial, cuprinznd standardele
de control intern/managerial la entitile publice i
pentru dezvoltarea sistemelor de control
intern/managerial, republicat;
OMFP nr. 2861/2009 pentru aprobarea Normelor
privind organizarea i efectuarea inventarierii
elementelor de natura activelor, datoriilor i
capitalurilor proprii.
De regul ns, firmele se confrunt i cu o serie de
limite n organizarea i exercitarea controlului intern,
acestea avnd un impact negativ asupra certificrii i
implicit asupra valorificrii informaiei contabile, innd
cont de gradul de ncredere pe care utilizatorii l pot avea
n informaia raportat. ntre limitele controlului intern
putem meniona cultura organizaional, costurile
asociate, riscurile de nedetectare, procedurile inadecvate, etica, integritatea, profesionalismul celor implicai,
autoritatea conducerii manifestat prin presiuni etc.
Dar este controlul intern suficient? Aa cum am
prezentat, controlul intern are anumite limite. Din
aceast perspectiv, se pot impune cerine suplimentare
pentru asigurarea calitii i certificarea informaiei
Nr. 12(144)/2016
contabile. Intervine astfel rolului auditului intern

(Ciuhureanu i Balte, 2010) i al auditului financiar
(Ciuhureanu i Popa, 2007). Mai mult, n Directiva
2013/34/UE se menioneaz c situaiile financiare ar
trebui auditate, obligaie care s nu fie impus i
ntreprinderilor mici. Prin aceste precizri, opiunile
statelor membre nu sunt ngrdite, fiind evideniat
posibilitatea de a impune i ntreprinderilor mici un audit
n funcie de condiiile i nevoile specifice ale acestora.
Literatura de specialitate prezint cel mai adesea auditul
ca fiind o examinare obiectiv ce implic un profesionist
i se finalizeaz prin exprimarea unei opinii
independente.
Din perspectiva organizrii distingem dou tipuri de audit
auditul intern i auditul financiar/statutar pentru
ambele fiind necesar calitatea de auditor financiar.
Adeseori ns, n cadrul auditului intern informaia
contabil era omis sau i se acord o importan mai
redus, fiind accentuat rolul controlului intern. Importana
auditului intern pentru certificarea informaiei contabile a
fost evideniat la nivelul instituiilor publice prin
aprobarea Legii nr. 672/2002 privind auditul public intern
i ulterior la nivelul entitilor private de ctre Camera
Auditorilor Financiari din Romnia (CAFR) prin
adoptarea Hotrrii nr. 88/2007 pentru aprobarea
Normelor de audit intern i a Standardelor Internaionale
pentru Practica Profesional a Auditului Intern.
Hotrrea subliniaz caracterul independent i obiectiv,
rolul de asigurare i consiliere, scopul de a sprijini n
stabilirea i evaluarea obiectivelor, precum i n
mbuntirea eficacitii managementului riscurilor,
controlului i guvernanei.
Pentru a accentua importana auditului intern i
legtura strns cu informaia contabil, n cadrul
OUG nr. 75/1999 privind activitatea de audit financiar,
republicat, este prevzut obligativitatea organizrii
auditului intern de ctre toate entitile economice ale
cror situaii financiare sunt supuse auditului financiar.
De asemenea, a fost nfiinat Asociaia Auditorilor
Interni din Romnia (AAIR) fiind astfel recunoscut
profesia de auditor intern. n anul 2014, CAFR a
adoptat Hotrrea nr. 48/2014 prin care sunt adoptate
integral Normele obligatorii din Cadrul internaional de
practici profesionale (International Professional
Practices Framework IPPF), emise de Institutul
Auditorilor Interni (Institute of Internal Auditors IIA).
Normele au n structur definiii, codul etic i
standardele specifice de audit intern.
1293
Conform opiniilor specialitilor n domeniu i

reglementrilor aplicabile (Suciu i Savloschi, 2003;
Mitea .a., 2005; Macarie, 2011; OUG nr. 75/1999
privind activitatea de audit financiar, republicat), prin
aciunile derulate, auditul intern contribuie la certificarea
informaiei contabile cel puin prin verificarea
conformitii nregistrrilor, evaluarea gradului de
adecvare i aplicare a controlului intern n domeniul
financiar-contabil, protejarea elementelor bilaniere i
extrabilaniere, prevenirea fraudelor contabile,
asigurarea credibilitii informaiei contabile, identificarea
i minimizarea riscurilor de eroare contabil, evaluarea
gradului de oportunitate, conformitate, economicitate,
eficacitate i eficien a operaiunilor nregistrate n
contabilitate, elaborarea analizei SWOT a activitii
contabile, monitorizarea ntregului sistem de
management etc.
n concluzie, toate abordrile privind auditul intern atrag
atenia asupra independenei i caracterului preventiv al
acestuia, iar prin componentele sale audit de sistem,
auditul performanei, auditul de regularitate (Ghi, 2009)
se evideniaz necesitatea ca auditul intern s aib ca
principal scop prevenirea disfunciilor, n condiiile n
care se impune ca managementul s fie deplin interesat
s ia n considerare, s aprecieze i s valorifice
concluziile (Morariu i Crecan, 2009; Ghi, 2006).
Astfel, auditul intern este o necesitate i nu numai o
obligativitate.
Cel de al doilea tip de audit la care facem referire din
perspectiva certificrii calitative a informaiei contabile
oferite utilizatorilor pentru valorificare este auditul
financiar. Acesta include i auditul statutar conform OUG
nr. 90/2008 privind auditul statutar al situaiilor financiare
anuale i al situaiilor financiare anuale consolidate i
supravegherea n interes public a profesiei contabile,
definit prin OUG nr. 75/1999 privind activitatea de audit
financiar, republicat, ca fiind o activitate realizat de un
profesionist auditor financiar ce are ca obiectiv
exprimarea unei opinii asupra situaiilor financiare sau a
unor componente ale acestora. Misiunile de audit
financiar pot fi mai diversificate dect cele de audit
statutar, care vizeaz obligativitatea legal de auditare a
situaiilor financiare. La nivelul Uniunii Europene,
Directiva 2006/43/CE privind auditul legal al conturilor
anuale i al conturilor consolidate menioneaz utilizarea
termenului de audit legal definit ca audit al conturilor
anuale sau consolidate, iar prin Directiva 2014/56/UE
acesta este nlocuit cu termenul audit statutar.
1294
n Romnia, obligativitatea auditului pentru anumite

entiti este prevzut prin OMFP nr. 1802/2014 pentru
aprobarea Reglementrilor contabile privind situaiile
financiare anuale individuale i situaiile financiare
anuale consolidate, care, conform art. 563(1), impune
auditarea situaiilor financiare de ctre auditori statutari
sau firme de audit. Conform Standardului Internaional
de Audit 200 Obiective generale ale auditorului
independent i desfurarea unui audit n conformitate
cu Standardele Internaionale de Audit i a Directivei
2013/34/UE privind situaiile financiare anuale, situaiile
financiare consolidate i rapoartele conexe ale anumitor
tipuri de ntreprinderi, obiectivul angajamentului de
auditare a situaiilor financiare este s creeze
auditorului posibilitatea de a certifica imaginea fidel a
situaiilor financiare din perspectiva ntocmirii i
respectrii cadrului legal aplicabil. Venind n sprijinul
entitilor, dar i al auditorilor statutari/firmelor de audit,
la nivelul Uniunii Europene a fost adoptat Regulamentul
nr. 537/2014 privind cerinele specifice referitoare la
auditul statutar al entitilor de interes public.
Decizia de utilizare a situaiilor financiare se poate baza
pe opinia auditorului privind aceste situaii i poate fi:
fr rezerve situaia ideal, cu rezerve, imposibilitatea
exprimrii unei opinii sau opinie sau aviz contrar,
aceasta din urm genernd un semnal de alarm pentru
utilizatori. Desigur c raportrile financiare frauduloase
pot fi dependente sau independente de management.
Avnd n vedere abordrile de mai sus, considerm c
oportunitile oferite prin auditul financiar se regsesc cu
prioritate n sporirea credibilitii situaiilor financiare prin
luarea n considerare a riscului de apariie a unor
denaturri semnificative ca rezultat al unor fraude sau
erori (Todea i Stanciu, 2009).
Problema decizional identificat prin studii anterioare
(Ciuhureanu, 2015) vizeaz un nivel diminuat de
recunoatere a atribuiilor persoanelor implicate n
activitile de control intern (auditori) i a importanei
auditului intern i financiar factori importani pentru
succesul firmei, oferind ncredere n informaia contabil
i majorndu-i ansele de a fi cu adevrat util.
Scopul funcional al cercetrii o ncadreaz, conform
tipologiei realizate de Ctoiu .a. (2009), n categoria
celor descriptive-explicative; n funcie de tipul de date
utilizate, aceasta este o cercetare cantitativ.

Obiectivele, variabilele utilizate pentru realizarea
acestora i ipotezele cercetrii sunt prezentate n
Tabelul 1. Menionm c am pstrat numerotarea
iniial a acestora, cercetarea de fa fiind parte

component a unui studiu mai complex, bazat pe 16
obiective.
Tabelul 1. Obiective, variabile i ipoteze

Ipotez
Variabile
principale cod
i tip
Variabile
secundare cod
i tip
Obiective specifice
Obiectiv principal: Q9 Analiza opiniei privind controlul intern i auditul din perspectiva asigurrii
informaiei contabile prin certificare i creterea utilitii acesteia n management.
v51 Multihotomic v1 Multihotomic
Q9.1 Analiza atitudinii
/ Scala lui Likert
/ nchis cu
privind controlul
cu 5 trepte
rspuns unic
intern n funcie de
IP31 Controlul intern i auditul
categoria i domeniul
contribuie n mare msur la
de activitate.
raportarea responsabil,
certificare, la creterea
v52 Multihotomic v2 Multihotomic
ncrederii i ofer oportuniti n / Scala lui Likert
/ nchis cu
Q9.2 Analiza atitudinii
valorificarea informaiei
cu 5 trepte
rspuns unic
privind auditul n
contabile.
v53 funcie de categoria
Multihotomic /
firmelor.
Scala lui Likert cu
5 trepte
Ipoteze secundare
oportunitilor de valorificare a
IS19 Exist o relaie direct i
ntre percepia pozitiv
privind influena controlului
intern i categoria
firmelor/domeniul de
activitate.
IS20 Percepia pozitiv privind
influena auditului pentru
utilitatea informaiei contabile
variaz direct n funcie de
categoria firmei.
Sursa: prelucrrile autorului.
Metoda pe care s-a bazat studiul este cea de

cercetare direct, prin sondaj, pe baza unui
chestionar. Eantionul a cuprins 301 companii din
Regiunea Centru, fiind un eantion ne-probabilistic
construit conform metodei Bulgrele de zpad i
cu o eroare de 5,63%. Cu toate c la prima
vedere metoda poate fi considerat o limit a
studiului, subliniem c am recurs la aceasta
datorit complexitii instrumentului de cercetare, a
diversitii populaiei (firme active din cele ase
judee din Regiunea Centru), a dificultilor
ntmpinate n distribuirea chestionarelor i
colectarea rspunsurilor, ndeosebi derivate din
disponibilitatea respondenilor. Imposibilitatea
construirii unui eantion reprezentativ din
perspectiva stratificrii a provenit, pe de o parte,
din lipsa actualizrii tuturor datelor statistice
furnizate la nivelul Regiunii Centru, iar pe de alt
parte din imposibilitatea identificrii unei clasificri
a firmelor n funcie de anumite criterii (spre
exemplu, forma de capital).
Nr. 12(144)/2016
3. Rezultatele studiului
Prin cercetarea realizat s-a urmrit cunoaterea
atitudinii vizavi de organizarea i exercitarea
controlului intern din perspectiva ncrederii,
asigurrii oportunitilor de valorificare a informaiei
contabile i utilitii acesteia pentru management.
n acest sens, s-a formulat n chestionar variabila
operaional v51, rspunsurile obinute fiind
prezentate n Tabelul 2.
n prima parte a articolului am surprins att
oportunitile, ct i limitele aduse prin controlul intern n
valorificarea i utilitatea informaiei contabile. Opinia
respondenilor, identificat pe baza scorului de 3,41,
este c acesta contribuie doar ntr-o oarecare msur la
obinerea unor informaii utile i responsabile. Aceast
opinie este n dezacord cu tendina expus anterior.
Este posibil ca acest rezultat s fi fost obinut prin
racordarea incontient a controlului intern ca activitate
la costurile pe care aceasta le-ar presupune, ceea ce se
reflect de regul asupra stabilirii unei opiuni.
1295
Tabelul 2. Atitudinea privind controlul intern din perspectiva asigurrii oportunitilor de valorificare a
informaiei contabile i utilitii sale pentru management
Cod
Opinia
1
2
3
4
5
n foarte mic msur

n mic msur
Nici n mic, nici n mare msur
n mare msur
n foarte mare msur
Total
3,41
Scor
Frecven
28
33
56
157
27
301
Procent
Procent valid
9,30
10,96
18,60
52,16
8,97
100,00
9,30
10,96
18,60
52,16
8,97
100,00
Prin obiectivul specific Q9.1 am analizat atitudinea

privind controlul intern n funcie de categoria i
domeniul de activitate al firmelor (asocieri v51 cu v2
i v1 Tabelul 3), criterii pe care le-am avut n

vedere pe tot parcursul cercetrii.
Tabelul 3. Atitudinea privind controlul intern n funcie de categoria firmei i domeniul de activitate
Categorie (%)
Opinia
1
2
3
4
5
Scor
Total
%
Domeniul de activitate (%)
Total
Micro
Firm
mic
Firm
mijlocie
Firm
mare
Comer
Industrie
Servicii
Agricultur
12,84
15,54
21,62
46,62
3,38
3,12
148
100,00
10,71
8,33
19,05
58,33
3,57
3,36
84
100,00
0,00
5,77
13,46
67,31
13,46
3,88
52
100,00
0,00
0,00
5,88
23,53
70,59
4,65
17
100,00
8,20
11,48
13,11
44,26
22,95
3,62
61
100,00
0,00
0,00
18,67
69,33
12,00
3,93
75
100,00
11,61
15,48
20,00
50,32
2,58
3,17
155
100,00
50,00
20,00
30,00
0,00
0,00
1,80
10
100,00
9,30
10,96
18,60
52,16
8,97
3,41
301
100,00
Analiza aprofundat n funcie de categoria firmei

reflect, din nou, dependena atitudinii respondenilor de
dimensiunea firmei. Astfel, dac majoritatea de 70,59%
a respondenilor ncadrai n categoria firmelor mari
apreciaz c prin organizarea controlului intern
informaia contabil este foarte util managementului
(scor 4,65), percepia are o tendin descresctoare,
gradul de utilitate ajungnd la o valoare neutr n cazul
microentitilor (scor 3,12). Remarcm c pentru nicio
categorie de firme nu s-a evideniat o opinie general
negativ n privina beneficiilor aduse prin controlul
intern, fie c este vorba de asigurarea conformitii
documentelor, operaiunilor, prelucrrilor, raportrilor cu
legislaia n vigoare; aplicarea deciziilor manageriale;
1296
prevenirea, descoperirea i recuperarea pagubelor;

verificarea ncasrilor i plilor de orice natur etc.
n funcie de domeniul de activitate, firmele din industrie
nregistreaz cel mai ridicat scor (3,93), majoritatea
acestora considernd c prin activitatea de control intern
informaiile contabile devin mai utile. O opinie similar se
evideniaz i pentru firmele din domeniul comerului,
scorul de 3,62 fiind ns mult mai aproape de valoarea
3,5 (maximul pentru opinie neutr). n categoria opiniei
neutre regsim domeniul serviciilor (scor 3,17), situaia
fiind previzibil dac avem n vedere c multe din firmele
care activeaz n acest domeniu sunt microentiti.
Pentru agricultur scorul este de 1,8, ceea ce relev c
respondenii din acest domeniu consider c prin

controlul intern informaia contabil devine mai util
managementului n mic msur.
n scopul analizei opiniei privind auditul din perspectiva

ncrederii, asigurrii oportunitilor de valorificare a
informaiei contabile, certificrii i utilitii pentru
management, s-au formulat n chestionar
ntrebrile v52 i v53. Rspunsurile obinute sunt
prelucrate n Tabelul 4.
Pe baza rezultatelor obinute, ipoteza specific

IS19 Exist o relaie direct i ntre percepia pozitiv
privind influena controlului intern i categoria
firmei/domeniul de activitate se confirm.
Tabelul 4. Auditul contribuie la raportarea responsabil, la creterea ncrederii i ofer oportuniti n

valorificarea i utilitatea informaiei contabile pentru management
Opinia
Cod
1
2
3
4
5
Audit intern
301
Frecven
n foarte mic msur

n mic msur
Nici n mic, nici n mare msur
n mare msur
n foarte mare msur
Total
Procent
valid
Procent
15
27
61
162
36
301
Audit financiar
4,98
8,97
20,27
53,82
11,96
100,00
4,98
8,97
20,27
53,82
11,96
100,00
3,59
Scor
Frecven
Procent
6
18
58
172
47
301
1,99
5,98
19,27
57,14
15,61
100,00
Procent
valid
1,99
5,98
19,27
57,14
15,61
100,00
3,78
Analiza datelor obinute pentru ambele tipuri de audit i

scorurile calculate (3,59 audit intern n domeniul
financiar-contabil; 3,78 audit financiar) evideniaz
utilitatea ridicat a auditului pentru raportarea
responsabil, certificarea informaiilor contabile, oferind
oportuniti n valorificarea i utilitatea managerial a
informaiei contabile. Este totui de remarcat c nu s-a
obinut niciun scor peste valoarea 4, ceea ce reflect
distribuia neomogen a rspunsurilor furnizate.
Detalierea concluziilor a avut la baz formularea

obiectivului secundar Q9.2 Analiza atitudinii privind
auditul n funcie de categoria firmelor i s-a realizat prin
asocierile v52 cu v2 i v53 cu v2 Tabelul 5. Am optat
doar pentru criteriul categoriei firmelor deoarece, n
urma analizei realizate pentru v51 cu v1 (domeniul de
activitate) am constatat c rezultatele nu au fost
concludente.
Tabelul 5. Auditul contribuie la raportarea responsabil, certificare, la creterea ncrederii etc. asociere n
funcie de categoria firmei
Categorie/Audit intern (%)
Opinia
1
2
3
4
5
Scor
Micro
Firm
mic
Firm
mijlocie
Firm
mare
Categorie/Audit financiar (%)
Total
%
Micro
Firm
mic
Firm
mijlocie
Firm
mare
Total
%
8,78
2,38
0,00
0,00
4,98
4,05
0,00
0,00
0,00
1,99
12,84
29,73
47,30
1,35
3,20
9,52
13,10
69,05
5,95
3,67
0,00
11,54
53,85
34,62
4,23
0,00
0,00
35,29
64,71
4,65
8,97
20,27
53,82
11,96
3,59
12,16
30,41
53,38
0,00
3,33
0,00
11,90
84,52
3,57
3,92
0,00
5,77
38,46
55,77
4,50
0,00
0,00
11,76
88,24
4,88
5,98
19,27
57,14
15,61
3,78
Nr. 12(144)/2016
1297
n privina contribuiei auditului intern n domeniul financiar

i contabil, opinia majoritii respondenilor din firmele
mari (64,71%) este c acesta are o contribuie esenial
(scor 4,65). Este un rezultat previzibil, mai ales dac
avem n vedere c multe din firmele mari organizeaz
efectiv auditul intern. Referitor la firmele mijlocii i mici,
majoritatea respondenilor (53,85%, respectiv 69,05%)
consider c auditul intern are o contribuie important
(scor 4,23, respectiv 3,67) pentru utilitatea informaiei
contabile. n cazul microentitilor, scorul de 3,20 este
unul bun deoarece, aa cum am precizat n concluziile
aferente v51, considerm c opinia acestora a fost
influenat de costurile poteniale generate prin aceast
activitate (calificarea personalului, elaborarea de
proceduri, tehnologii informaionale) iar majoritatea
firmelor din aceast categorie nu organizeaz audit intern,
nefiind obligatoriu.
Pentru auditul financiar situaia este similar cu cea
anterioar. Este ns de remarcat creterea
semnificativ a ponderii majoritii respondenilor din
firmele mari care confirm contribuia esenial pe care
auditul financiar o genereaz n asigurarea utilitii
informaiei contabile, prin certificare, comparativ cu cea
referitoare la auditul intern (de la 64,71% la 88,24% i un
scor de 4,88).
Firmele mari i auditeaz situaiile financiare, iar
exprimarea de ctre auditori a unei opinii favorabile a
contribuit sau poate contribui n viitor la atragerea unor
surse de finanare, ctigarea ncrederii partenerilor de
afaceri, a publicului vizat ca generator de venituri. n
privina firmelor mijlocii s-a obinut scorul de 4,23 (n
mare msur) n ceea ce privete utilitatea auditului
intern n generarea unei informaii contabile de
ncredere. Referitor la auditul financiar, scorul atinge
valoarea de 4,5 ceea ce plaseaz opinia respondenilor
la limita n foarte mare msur. De altfel, o majoritate
de 55,77% i exprim aceast opinie. Se evideniaz
astfel o schimbare a situaiei, care n opinia noastr
poate fi generat de faptul c respondenii sunt
contieni de independena auditorilor financiari i au
ncredere c acetia nu i permit, din punct de vedere
profesional, s exprime o opinie neconform. Amintim
ns c i auditorii interni sunt supui principiului privind
independena n derularea activitii lor.
n urma asocierilor realizate, ipoteza specific IS20
Percepia pozitiv privind influena auditului pentru
utilitatea informaiei contabile pentru management
1298
variaz direct n funcie de categoria firmei este

confirmat.
La final, pe baza interpretrilor realizate, validm parial
ipoteza lansat (IP31 Controlul intern i auditul
contribuie n mare msur la raportarea responsabil, la
creterea ncrederii i ofer oportuniti n valorificarea i
utilitatea informaiei contabile pentru management).
Caracterul parial deriv din neconfirmarea atitudinii
privind controlul intern i situarea auditului intern la limita
inferioar de confirmare.
Concluzii
Pentru a se asigura c beneficiaz de o informaie
concludent, bazat pe etic, corect i oportun,
utilizatorii de informaie contabil au la dispoziie
funcia de control-evaluare, care n contabilitate se
poate identifica prin activitile de control intern i
audit. n urma celor prezentate considerm c
organizarea controlului intern i auditului contribuie
prin obiectivele stabilite la responsabilitate n oferta
de informaii contabile i crete gradul de ncredere
al utilizatorilor.
De asemenea, din perspectiva managementului, aceste
activiti contribuie i la o organizare mai eficient, la
asigurarea disciplinei economice i financiare,
gospodrirea eficient a resurselor, respectarea
regulilor, normelor, procedurilor, reglementrilor, aciuni
care n final se reflect n informaia contabil raportat
i n deciziile utilizatorilor. Acestea nu trebuie privite ca o
obligativitate, ci ca o necesitate de a sprijini
managementul n atingerea obiectivelor, identificarea i
eliminarea riscurilor prin intermediul unor informaii
financiare i contabile utile, conforme cu realitatea,
necosmetizate.
n plus, auditorul are rolul de a emite opinii i de a
aduce n atenie problemele din perspectiva
utilizatorului de informaii, fiind astfel interfaa dintre
raportare i calitatea informaiilor. Condiia este ca
ndeplinirea rolului auditorului s fie un obiectiv al
managerilor. Rmne la latitudinea managerilor i a
administratorilor s decid care sunt prioritile
afacerii i implicit s determine raportul
cost/beneficiu n privina realizrii funciei de
control-evaluare prin organizarea controlului intern i
auditrii informaiei contabile.

BIBLIOGRAFIE
1.
Aslu, T. i Almai, R. (2011), Controlul intern i

calitatea informaiei contabile, Contabilitatea,
expertiza i auditul afacerilor, nr. 1, p. 58.
2.
Bogdan, I., (2004), Management financiar,

Bucureti: Editura Universitar.
3.
Ctoiu, I. (coord.), (2009), Cercetri de marketing,

Bucureti: Editura Uranus.
4.
Ciuhureanu, A.T. (2015), Oportuniti i limite ale

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financiare anuale consolidate, Monitorul Oficial nr.
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Normele privind exercitarea controlului financiar
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Audit financiar,
XIV,amprenta
Nr. 12(144)/2016,
1301-1309
Studiu
privind
factorilor
culturali asupra sistemelor de contabilitate managerial
ISSN: 1583-5812; ISSN on-line: 1844-8801
Rezumat
Studiu privind
amprenta
factorilor
culturali
asupra
sistemelor de
contabilitate
managerial
Flavius-Andrei GUINEA,
Academia de Studii Economice din Bucureti,
E-mail: flavius.guinea@cig.ase.ro
Obiectivul studiului este investigarea aspectelor mai

puin clare ale influenelor culturale asupra stabilirii
obiectivelor i n procedurile de adoptare i de
implementare a unui sistem de contabilitate
managerial. Pentru atingerea acestui obiectiv a fost
utilizat o metodologie de cercetare de tip preponderent
calitativ, cu inserii ale unor concluzii generate de
cercetrile de teren ale autorului. Factorii culturali i
mediul n care opereaz o entitate afecteaz obiectivele
strategice ale sistemelor de contabilitate managerial.
Contribuia esenial a studiului const n identificarea
dovezilor semnificative conform crora obiectivele
strategice ale unei entiti pot varia n funcie de
caracteristicile naionale i culturale. S-a afirmat c
exist numeroi factori care pot explica aceste variaii,
ns majoritatea factorilor sunt guvernai de dimensiunea
cultural. n mod inevitabil, entitile romneti se
plaseaz ntr-un anumit context cultural. Studiul
identific dimensiunile culturale specifice i modul n
care acestea influeneaz procesul de stabilire a
obiectivelor n cadrul sistemelor de contabilitate
managerial. Sistemele naionale de contabilitate
managerial se situeaz la momentul actual ntr-o zon
relativ conflictual generat de confruntarea permanent
dintre valorile i mentalitatea locale i efectul
convergenelor internaionale. Concluziile studiului
constituie un punct de plecare n identificarea,
analizarea i concilierea tuturor factorilor care
cristalizeaz sau erodeaz un sistem modern i eficient
de contabilitate managerial.
Cuvinte-cheie: Contabilitate managerial, cultur,
diferene naionale, stabilire obiective.
Clasificare JEL: M41

Guinea, F.A. (2016), Study regarding the impact of cultural
factors on management accounting systems, Audit Financiar,
vol. XIV, no. 12(144)/2016, pp. 1359-1367,
DOI: 10.20869/AUDITF/2016/144/1359
Nr. 12(144)/2016
1301
Introducere
Orice sistem de contabilitate managerial trebuie s aib
n vedere amploarea schimbrilor culturale pe care le
implic adoptarea sa. Este inutil implementarea
sistemului prin impunerea unei decizii adoptate ierarhic.
Un sistem modern nu poate fi viabil dect prin aportul
cotidian al utilizatorilor si de baz. Dac acetia nu
ader la sistem, sistemul este condamnat la dispariie.
Eforturile de explicare i formare trebuie orientate spre
schimbarea cultural, mai degrab dect spre
prezentarea tehnicilor.
Originea acestei provocri poate prea, la o prim
analiz, destul de simpl: studiul asemnrilor i
deosebirilor dintre sistemele contabile nu ar trebui s se
limiteze la contabilitatea financiar. S-a afirmat c
sistemele contabile sunt influenate i determinate de o
serie de factori, cum ar fi mediul economic, financiar,
politic, juridic, social i cultural. Fenomenele de cretere
i globalizare au determinat o mrire accentuat a
necesitilor de informare financiar. n aceste condiii,
contabilitatea financiar i contabilitatea managerial
difer prin coninut i aplicabilitate de la o ar la alta.
Contabilitatea reprezint o construcie social i, n
consecin, reflect caracteristicile unui grup cultural,
deci societatea n care opereaz (Feleag, 1999).
n general, cultura organizaional este definit ca un
imaginar organizaional (Laron i Reitter, citai de
Bescos .a., 1997), altfel spus un ansamblu de imagini,
de reprezentri, de credine privind organizaia,
funcionarea acesteia, ceea ce este bun sau ru,
modurile de a se comporta i de a aciona. Acest
imaginar se manifest prin intermediul unor producii
simbolice, sub forma de rituri, mituri, uzane i obiceiuri.
Cultura este produsul istoriei organizaiei. n consecin,
aceasta se constituie progresiv n funcie de experienele
avute i de soluiile reinute, crend astfel referine
pozitive sau negative, dar ntotdeauna mprtite. Astfel
se formeaz un ntreg ansamblu de reprezentri cu care
fiecare membru nou se va confrunta, pe care le va
interpreta, interioriza i vehicula la rndul su, fr a fi
neaprat contient de existena acestor interpretri sau
de influena lor asupra comportamentului su.
Prin mecanismele de consolidare, intoleran mai mult
sau mai puin puternic fa de cei care deviaz,
recrutarea de persoane care au un profil adaptat, cultura
tinde s devin din ce n ce mai coerent, pn la a
manifesta o adevrat autoritate asupra indivizilor
(Pags .a., 1981). Organizaia este n acest caz
1302
marcat de o cultur puternic, putnd constitui un

avantaj concurenial: o coeren crescut a
comportamentelor membrilor organizaiei, implicarea
personalului, un grad nalt de cooperare. Dar aceasta
este, de asemenea, generatoare de rigiditate, limitnd
capacitatea de adaptare a organizaiei la mediul su.
Astfel, orice organizaie constituit din indivizi cu un
trecut comun este marcat de o cultur dat care,
puternic sau difuz, va influena comportamentul
membrilor si i, n consecin, va afecta ntr-o anumit
msur funcionarea sistemului de contabilitate
managerial.
Contribuiile acestei cercetri sunt axate pe studierea
implicaiilor pe care le au factorii culturali asupra definirii
obiectivelor i adoptrii unor sisteme coerente de
contabilitate managerial, precum i a rolului pe care l
au diferenele naionale n implementarea i
funcionalitatea sistemelor de contabilitate managerial.
Studiul prezint importan pentru profesioniti contabili
i auditori, n special prin prisma nelegerii motivaiilor i
comportamentelor care stau la baza implementrilor i
funcionalitii sistemelor de contabilitate managerial.
Principala concluzie este c orice implementare a unui
sistem de contabilitate managerial trebuie precedat de
un amplu demers de identificare a mixului de amprente
culturale i caracteristici naionale ale mediului n care
va opera respectivul sistem.
Din punct de vedere al structurii, n urmtoarea seciune se
prezint stadiul cunoaterii n domeniul impactului culturii
asupra sistemelor de contabilitate managerial. Seciunea
a treia evideniaz metodologia cercetrii, fiind urmat de
analiza rezultatelor cercetrii n seciunile a patra i a
cincea. Ultima seciune conine concluziile studiului.
1. Literatura de specialitate
Literatura internaional include studii i cercetri
empirice relevante n ceea ce privete influena factorilor
culturali n implementarea, organizarea, funcionalitatea
i stabilirea obiectivelor strategice ale sistemelor de
contabilitate managerial (Abdalah i Keller, 1985;
Hofstede i Bond, 1988; Gray, 1988; Appleyard, Strong
i Walton, 1990; Bailes i Assada, 1991; Johnson i
Byington, 1993; Amat, Carmona i Roberts, 1994;
Bescos .a., 1997; Ahrens, 1997; Sharp i Salter, 1997;
Nobes i Parker, 1998; Amat, Blake i Wraith, 2000;
Gray, Salter i Radebaugh, 2001).
Toate aceste studii relev invariabil faptul c impactul
culturii asupra sistemelor de contabilitate managerial
Studiu privind amprenta factorilor culturali asupra sistemelor de contabilitate managerial
este foarte puternic, iar concluzia general este aceea

c obiectivele entitilor din diferite ri variaz
considerabil. Entitile asiatice sunt considerate mai
puin individualiste i mai mult orientate pe termen lung.
Acestea se concentreaz mai puin asupra ctigurilor
imediate i aleg obiective specifice stabilitii pe termen
lung. Prin opoziie, entitile anglo-americane prefer, n
general, orientarea pe termen mai scurt i stabilesc mai
multe obiective bazate pe profit, ca de exemplu
rentabilitatea investiiei (ROI).
Studiile comparative ale practicilor naionale de
contabilitate managerial au nceput s fie publicate abia
din a doua jumtate a anilor 90. Relevant n acest sens
este studiul-sintez realizat de Amat, Blake i Wraith
(2000), care reuete s identifice mai muli factori-cheie
prin care se explic de ce diferite ri i dezvolt diferite
practici de contabilitate managerial. De fapt, studiul lui
Amat, Blake i Writh (2000) are la baz analizele
efectuate de Lizcano (1996) n 11 ri latino-americane
i n Spania i Portugalia i de Bhimani (1996) n 11 ri
europene, la care se adaug Macintosh (1998), Shields
(1998) i Birkett (1998).
Literatura naional poate fi caracterizat numai n ultimii
ani printr-o producie de lucrri care surprind
problematica diferenelor culturale n stabilirea
obiectivelor i implementarea sistemelor de contabilitate
managerial (Feleag, 1999; Ionacu, 2003; Albu i
Albu, 2003; 2004).
n scopul prezentrii i analizei impactului pe care l au
factorii culturali asupra contabilitii manageriale s-a
apelat, n principal, la o metodologie de cercetare de tip
calitativ. n acest sens, ca strategii de cercetare s-au
folosit cercetarea documentar, cercetarea analitic,
opinia i analiza comparativ. Documentarea s-a
efectuat pe baza diferitelor studii i analize privind relaia
dintre aspectele culturale i sistemele de contabilitate
managerial. De asemenea, n contextul unor cercetri
de teren, efectuate pe un eantion de 20 de societi
romneti din domeniul construciilor civile i industriale
n perioada 2010-2015 s-au avut n vedere i anumite
concluzii privind impactul factorilor culturali asupra
sistemelor naionale de contabilitate managerial.
Ipoteza studiului este c i n domeniul contabilitii
manageriale se poate sesiza o legtur direct ntre
obiectivele strategice, metodele de cuantificare a acestor
obiective, instrumentele de analiz managerial ale
Nr. 12(144)/2016
entitilor i mediul naional i cultural (cu toi subfactorii

implicai) n care opereaz aceste entiti. Limitele
inerente ale tuturor studiilor viznd aceast tem sunt
generate de specificitatea domeniului abordat,
dificultile de modelare economic a variaiilor
manifestate, subiectivism, tendinele tot mai accentuate
de globalizare economic i convergen internaional,
dimensiunea eantioanelor care au stat la baza
cercetrilor empirice.
Analiza comparativ a rezultatelor cercetrilor n materie
de dimensiune cultural a sistemelor de contabilitate
managerial poate constitui un punct de plecare pentru
extinderea studiilor privind identificarea aspectelor
comportamentale ale implementrii acestor sisteme.
Aplicabilitatea reuit a instrumentelor contabilitii
manageriale depinde nu numai de pertinena metodei n
sine, ci i de modalitatea de implementare i de
acceptare de ctre membrii entitii. Oscilarea ntre o
implementare forat sau una de consens va rmne o
problem cultural i de mentalitate (Albu i Albu, 2003).
Una din caracteristicile eseniale ale oricrui sistem de
contabilitate managerial este compatibilitatea cu mediul
cultural.
3. Cultura ntre specific naional i

convergen internaional
ncercarea de a nelege diversele baze culturale ale
contabilitii manageriale poate fi considerat un
paradox, avnd n vedere presiunile evidente n
favoarea unei uniformizri internaionale. Aparent,
oriunde ne-am localiza, se pare c exist interese
comune privind creterea intensitii utilizrii unor
practici similare de contabilitate financiar. Dar, la o
analiz mai atent, pot fi relevate dou tendine:
contientizarea tot mai puternic a specificului cultural i
ameninarea armonizrii internaionale. Cu toate
acestea, interesele locale pot fi favorizate, cu nclcarea
tendinelor internaionale.
Mixul obiectivelor locale i a celor globale este mai
evident n domeniul contabilitii financiare. Odat cu
dezvoltarea politicilor pieei unice a Uniunii Europene,
contientizarea diferenelor culturale s-a accentuat.
Intensificarea identificrii diferenelor a creat ea nsi o
mai mare contientizare a elementelor naionale.
Politicile de armonizare i standardizare au generat o
aprofundare a practicilor naionale care pot fi modificate
de regulile i directivele internaionale. Presiunile
standardizrii regionale i, mai trziu, internaionale ale
1303
contabilitii financiare au avut ca efect dezvoltarea

identitii naionale contabile (n condiiile n care
aceasta nu exista deja). Prin urmare, specificul naional
i cultural nu se afl neaprat n opoziie cu
internaionalizarea. Cele dou pot genera relaii
constructive i creative una cu cealalt.
n domeniul contabilitii manageriale, relaia dintre
naional i global poate s nu fie neleas imediat, dei
se pare c nerespectarea practicilor internaionale
favorizeaz un anumit grad de reflecie privind specificul
i prevalena practicilor naionale. n acest domeniu
exist, de asemenea, i alte motive privind ncercarea
de a nelege diferenele ntre naional i global, precum
i a interaciunii ntre acestea. Fiind profund legate de
alte practici ale corporaiilor i de aspecte de
management, forma, funciile i importana sistemelor de
contabilitate managerial pot varia n funcie de
poziionarea n cadrul structurilor complexe ale
organizaiilor. Diferitele configuraii culturale pot
comporta explicaii diferite ale factorilor economici i se
pot concretiza n forme diferite de management, iar prin
acesta, n forme diferite de calcule economice.
Un alt punct de plecare l poate constitui renumitul studiu
al lui Hofstede (1991, citat de Feleag, 1999; Gray,
Salter i Radebaugh, 2001; Nobes i Parker, 1998)
privind valorile culturale. Conceptul de cultur a fost
definit aproape axiomatic ca fiind o programare mental
colectiv care difereniaz membrii unui grup de restul
indivizilor. Pentru a descrie culturile naionale, Hofstede
a utilizat urmtoarele criterii sau dimensiuni, care
afecteaz fiecare decizie luat de un individ, de o

societate, cu referire special la activitatea economic:
individualism opozabil colectivismului. Aspectul
fundamental abordat de aceast dimensiune se
refer la gradul de independen al indivizilor n
cadrul unei entiti;
distan ierarhic mic sau mare. Distana ierarhic
reprezint msura n care membrii unei entiti
accept faptul c puterea este inegal distribuit n
cadrul organizaiilor, aspect care afecteaz
comportamentele;
control puternic sau redus al incertitudinii. n acest
caz este vorba de gradul n care membrii unei entiti
se simt sau nu ameninai de incertitudinile viitorului;
masculinitate opozabil feminitii. Masculinitatea
este reprezentat de caracteristici precum curaj,
agresivitate, dominaie, hotrre, determinare,
ambiie, eroism. Prin opoziie, feminitatea genereaz
nclinaii spre modestie, respect, calitatea relaiilor
umane i a vieii, comportamente protective.
n 1988, Hofstede i Bond identific suplimentar o alt
dimensiune cultural denumit dinamism confucian sau
orientare pe termen lung versus orientare pe termen
scurt. Aceast dimensiune separ entitile cu o
strategie pe termen lung (asiatice) de cele care
favorizeaz orientarea pe termen scurt (anglo-saxone i
europene).
O ncercare de cuantificare a acestor variabile culturale
este reflectat de analiza pe baza datelor din Tabelul 1:
Tabelul 1. Selecia scorurilor lui Hofstede

ri
SUA
Australia
Marea Britanie
Canada
Noua Zeeland
Germania
Africa de Sud
Japonia
Mexic
Hong Kong
Singapore
Taiwan
Mediana
Interval
Individualism
Orientare pe termen
lung
Masculinitate
Distan
ierarhic
Control incertitudine
91
90
89
80
79
67
65
46
30
25
20
17
38
6-91
29
31
25
23
30
31
80
96
48
87
33
0-118
62
61
66
52
58
66
63
95
69
57
48
45
49
5-95
40
36
35
39
22
35
49
54
81
68
74
58
60
11-104
46
51
35
48
49
65
49
92
82
29
8
69
68
8-112
Sursa: Hofstede, 1991, citat de Gray, Salter i Radebaugh, 2001; Nobes i Parker, 1998.
1304
Cel puin din punct de vedere teoretic, Hofstede (1991,

citat de Feleag, 1999) a afirmat c exist o
probabilitate considerabil ca anumite aspecte
culturale s afecteze i sistemele de contabilitate
managerial.
Aceste idei sunt reflectate i de primele lucrri n
domeniul contabilitii financiare, lucrri care pun n
relaie contextul cultural i practica raportrii financiare
(Gray, 1988, cu cele patru valori ale culturii contabile:
profesie contabil control legal, uniformitate
flexibilitate, conservatorism optimism, discreie
transparen).
n cazul entitilor romneti, ncadrarea n funcie de
aceste dimensiuni culturale este relativ dificil i
caracterizat de dinamism sau chiar de volatilitate. Un
alt element semnificativ care influeneaz aceast
clasificare este reprezentat de mixul dintre valorile
culturale autohtone i cele importate, ntre reticena
naional i asimilrile de noi elemente. Sub rezerva
subiectivismului i avnd n vedere aspecte de ordin
economic, pe baza cercetrilor de teren desfurate n
contextul entitilor romneti, dimensiunile culturale
specifice mediului din Romnia, relevante pentru
contabilitatea managerial sunt:
o lung tranziie de la colectivismul forat la
individualism;
orientare exagerat spre obiective pertinente pe
termen foarte scurt;
masculinitate, inclusiv cu aspectele mai puin pozitive
specifice acestei dimensiuni;
distana ierarhic mare, indus de manifestarea
puternic a autoritii;
controlul redus al incertitudinilor, generat de
orientarea pe termen scurt i de manifestrile unei
economii mai puin stabile.
Aceste caracteristici culturale ale entitilor romneti
devin mai evidente n contextul proceselor de bugetare.
n context naional, reeaua de bugete creeaz invariabil
o corelaie ntre performan i recompens la nivel de
individ. Tot ca efect al individualismului, procedurile de
responsabilizare i sancionare sunt omniprezente la
nivel de individ, mai mult dect la nivel de grup. Distana
ierarhic mare pare s erodeze procesul de bugetare
participativ, iar aciunile ulterioare de ajustare sunt
limitate. Controlul incertitudinii are o eficien redus,
bugetarea se efectueaz pe perioade reduse i nu este
Nr. 12(144)/2016
foarte detaliat, orientarea fiind preponderent asupra

obiectivelor pe termen scurt.
4. Cultura i influena sa asupra

sistemelor de contabilitate
managerial
Orice sistem de contabilitate managerial conine n
mod necesar i un sistem de msurare a
performanelor. Acesta reprezint un proces ce
permite realizarea convergenei scopurilor individuale
cu obiectivele globale ale organizaiei. Convergena
scopurilor constituie o condiie esenial pentru
derularea unui proces de contabilitate managerial.
Mecanismul necesit o implicare permanent a
actorilor, iar convergena poate fi ntrit sau
subminat de natura sistemului de msurare a
performanelor reinut.
Implicarea responsabililor este indispensabil la
fiecare nivel, principalele caracteristici fiind (Bescos
.a., 1997) c acetia:
trebuie s participe la fixarea obiectivelor i s se
asigure c, dincolo de a fi ambiioase, dar n
acelai timp realiste, ele sunt corelate cu
obiectivele globale ale organizaiei;
joac un rol important n estimarea mijloacelor care
ar trebui ntrebuinate pentru atingerea obiectivelor
propuse. Uneori, sunt necesare competene
specifice, deinute de un numr restrns de
responsabili. Implicarea lor real n alegerea
mijloacelor i a modului de utilizare se poate
dovedi de o importan capital;
orice sistem de msurare a rezultatelor,
indispensabil n derularea unui proces de
contabilitate managerial, are la baz producerea
n mod regulat de informaii fiabile. i n aceast
privin aciunea diferiilor responsabili operaionali
este fundamental, acetia contribuind la calitatea
i la rapiditatea cu care sunt produse informaiile;
un sistem de contabilitate managerial are
importan numai dac diferenele aprute ntre
obiective i realizri dau natere unor aciuni
corective. Rezultatele evideniate, orict ar fi de
precise, nu au nicio utilitate dac responsabilii nu
in cont de ele, n scopul adoptrii aciunilor
corective care se impun.
1305
Un sistem de contabilitate managerial nu

funcioneaz automat. Calitatea desfurrii sale
depinde n mare parte de voina responsabililor de la
diferite nivele ierarhice de a se implica. Acest aspect
poate fi implementat printr-un unui sistem de
evaluare a performanelor, de cele mai multe ori
asociat cu un sistem de recompensare a
performanei obinute.
s influeneze modalitile reinute pentru msurarea

rezultatelor. Relaiile dintre stabilirea obiectivelor,
obinerea rezultatelor i influenele culturale
genereaz msura performanelor. Confruntarea
rezultatelor obinute cu obiectivele stabilite i
interpretarea prin prisma culturii relev o abordare
mai subiectiv i expunerea unei judeci de valoare
asupra acestei eficaciti.
Gray, Salter i Radebaugh (2001) au identificat

principalele premise n jurul crora se cristalizeaz
orice sistem de contabilitate managerial:
Mai multe studii empirice (Abdallah i Keller, 1985;

Appleyard, Strong i Walton, 1990; Shields .a.,
1991; Bailes i Assada, 1991; Ueno i Sekaran,
1992; Harrell i Harrison, 1994; Harrison .a., 1994;
Gray, Salter i Radebaugh, 2001) ilustreaz c
obiectivele principale al unei entiti variaz
considerabil n funcie de naiune, dezvoltarea
economic i social i de aspectele de ordin
cultural. Printre cele mai vehiculate obiective ale
sistemelor de contabilitate managerial, cuantificate
prin indicatori financiari, se pot enumera profitul, cifra
de afaceri, marja brut, rentabilitatea comercial,
profitul rezidual, valoarea economic adugat,
rentabilitatea investiiei, diminuarea costurilor de
producie, comparaia buget versus realizri, cota de
pia. Fiecare dintre aceste obiective prezint
avantaje i dezavantaje, fiind ntotdeauna conectat
cu specificul activitii entitii i analizat ntr-un
anume context cultural.
obiectivele strategice ale organizaiei;

resursele necesare atingerii obiectivelor
strategice i modalitile de asigurare ale
acestora;
existena unor sisteme funcionale de avertizare,
de adoptare de msuri corective i de analiz a
realizrii obiectivelor strategice;
modalitile de evaluare i recompensare a
performanelor managerilor;
impactul mediului intern i extern organizaiei
asupra necesitilor informaionale i de analiz;
impactul caracteristicilor naionale asupra
punctelor precedente.
Diversele studii empirice desfurate la nivel
internaional demonstreaz c influena fiecrei
dimensiuni culturale asupra premiselor anterioare nu
este ntotdeauna foarte clar i c exist numeroase
situaii n care acestea trebuie abordate n corelaie.
Concluziile principale au indicat c dimensiunile cu
impactul cel mai puternic sunt gradul de
individualism, distana ierarhic, orientarea pe
termen lung. n acelai timp, criteriile de control al
incertitudinilor i de masculinitate au o influen mai
redus. n opinia noastr, toate cele cinci dimensiuni
i manifest prezena la modul corelativ i integrativ
n procesele de organizare, implementare i
funcionare ale sistemelor de contabilitate
managerial.
Cultura influeneaz comportamentele de o manier
general, dar afecteaz n mod particular natura i
determinarea obiectivelor (Bescos .a., 1997). Este
posibil ca dimensiunile culturale ale unei organizaii
1306
Concluziile acestor studii empirice au evideniat

faptul c divergena cultural mparte entitile din
diverse ri n dou categorii principale, fiecare
avnd ca reprezentant Statele Unite ale Americii,
respectiv Japonia, cu toate naiunile ,,arondate sau
similare cultural acestor doi reprezentani. Grupurile
de societi anglo-saxone i americane manifest o
predilecie semnificativ pentru obiective msurate
prin rentabilitatea investiiei (ROI), analiza bugetar,
profituri, cifra de afaceri. Grupurile nipone comport
o abordare total diferit, fiind favorizate obiective
caracterizate prin cifra de afaceri, costuri de
producie, profituri, marja brut, cota de pia, n timp
ce prezena ROI este aproape nesemnificativ.
Considerm c cele mai relevante studii n acest
sens sunt Shields .a. (1991) i Bailes i Assada
(1991), ale cror concluzii sunt sintetizate n Tabelul
2 i Tabelul 3.
Tabelul 2. Corelaia dintre stabilirea obiectivelor i evaluarea managerilor

Obiectiv
Japonia (%)
Cifra de afaceri
Creterea cifrei de afaceri
Cota de pia
Viteza de rotaie a activelor
Rentabilitatea comercial
Rentabilitatea investiiei
Profitul controlabil
Profitul rezidual
Rezultatul operaional
Costurile de producie
Altele
Statele Unite ale Americii (%)

69
28
12
7
30
7
28
20
44
28
8
19
28
19
13
26
75
49
13
38
13
17
Sursa: Shields .a., 1991.
Tabelul 3. Stabilirea obiectivelor bugetare

Obiectiv
Japonia (%)
Volumul vnzrilor
Rezultatul operaional
Profitul controlabil
Marja brut asupra vnzrilor
Creterea cifrei de afaceri
Rentabilitatea investiiei
Costurile de producie
86,30
44,70
28,20
30,70
19,40
3,10
40,70
Statele Unite ale Americii (%)

27,90
35,00
51,80
30,50
22,40
68,40
12,40
Sursa: Bailes i Assada, 1991.
n contextul eantionului de entiti romneti care au

fcut obiectul cercetrilor de teren s-a evideniat faptul
c stabilirea obiectivelor este n strns corelaie cu
dimensiunile culturale amintite anterior. Trecerea rapid
i mai mult sau mai puin forat spre individualism,
distanele ierarhice mari, orientarea pe termen scurt,
controlul slab al incertitudinilor au generat concentrarea
excesiv asupra obiectivelor cuantificabile prin profituri
pe termen scurt i cifra de afaceri. De asemenea, s-a
constatat c printre alte elemente preferate de entitile
romneti ca repere pentru stabilirea obiectivelor i
msurarea performanelor se afl marja brut, rezultatul
de exploatare, EBIDTA (din ce n ce mai frecvent), ratele
de rentabilitate, costurile de producie, ratele de cretere
a cifrei de afaceri, ROI (foarte rar). De asemenea, nu se
acord nc o atenie deosebit analizei bugetelor,
abaterilor, multe aspecte necorectate propagndu-se n
continuare. O caracteristic din ce n ce mai frecvent
este influena anumitor instrumente ale contabilitii
Nr. 12(144)/2016
manageriale importate din culturile anglo-saxone asupra

procesului de stabilire a obiectivelor. Modalitile de
implementare i procesele de asimilare erodeaz mult
din eficiena acestor instrumente. Aspectele legate de
implicaiile laturii umane n procesele de implementare
sunt ignorate, fiind destul de absent un demers intens de
familiarizare cu manifestrile comportamentale.
Concluzii
n permanen se demonstreaz c impactul culturii
asupra sistemelor de contabilitate managerial poate fi
unul foarte puternic, iar concluzia general este aceea
c obiectivele entitilor din diferite ri variaz
considerabil. Un sistem de contabilitate managerial
este inevitabil plasat ntr-un anumit context cultural.
Anumite instrumente sunt considerate att de inofensive
nct implementarea acestora pare a nu solicita un
mediu cultural specific. Altele par a produce efecte
1307
numai n condiiile manifestrii unei anumite mentaliti.

n contextul cercetrii noastre s-a afirmat c ri sau
zone diferite se concentreaz pe instrumente contabile
diferite. nainte de implementarea unui instrument ntr-un
mediu strin este necesar s fie percepute i asimilate
caracteristicile culturale ale mediului i mentalitile
organizaionale. Transplantul oricrui instrument trebuie
s ia n considerare o varietate de factori care pot s nu
fie prezeni n toate contextele, caracteristicile
organizaionale i, nu n ultimul rnd, aspectele sociale
relevante. n fiecare mediu nou, avantajele anticipate ale
implementrii unui anumit instrument trebuie reevaluate
n permanen.
Awasthi, Chow i Wu (1998) au artat c diferenele
legate de cultura naional ar putea s nu reprezinte
obstacole insurmontabile pentru importul i exportul
instrumentelor de contabilitate managerial. Mai
degrab, indivizii dispun de autonelegere i de
inventivitate, putnd lua msuri pentru a deveni flexibili
i a se adapta la cerinele noilor practici manageriale i

la mediul de lucru. Harrison i McKinnon (1998) au
solicitat ca n contextul cercetrilor interculturale s fie
negat ,,drogarea cultural a unei relaii dintre cultur
i comportament. La modul fundamental trebuie s se
evidenieze contiina aciunii i a comportamentului
uman, abilitatea indivizilor de a raiona asupra
factorilor multiculturali, personali i contextuali i de a
aciona deliberat n interaciunea complex a acestor
factori.
Orice proces de implementare trebuie s aib n vedere
amploarea schimbrilor de mentalitate i de cultur
solicitate persoanelor implicate. Implementarea nu
trebuie efectuat prin impunerea unor decizii adoptate
ierarhic, accentul punndu-se pe aportul cotidian al
fiecrui individ. Un sistem nou nensuit i neacceptat
corespunztor este condamnat la dispariie. Efortul de
formare trebuie orientat spre schimbarea de mentalitate
mai degrab dect spre prezentarea tehnicilor.
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1309
Nr. 12(144)/2016, 1310-1319

Yuanyuan Audit
SUI,financiar,
AdelinaXIV,
DUMITRESCU-PECULEA
ISSN: 1583-5812; ISSN on-line: 1844-8801
Identificarea
i controlul
riscului
financiar al
companiilor
aflate n
proces de
fuziune sau
achiziie
transnaional
Rezumat
Fuziunile i achiziiile reprezint ci fundamentale de
cretere a companiilor moderne. Odat cu accelerarea
procesului de globalizare, companiile multinaionale
recurg tot mai frecvent la fuziuni i achiziii, n vederea
consolidrii poziiei pe pia i a creterii competitivitii.
n decursul ultimilor ani, fuziunile i achiziiile au jucat un
rol important n companiile din China. Riscul financiar
este inerent proceselor de fuziune i achiziie n
companiile transnaionale. n plus, mai mult de 50% din
companiile de origine chinez nu i-au atins obiectivele
din sfera fuziunilor i achiziiilor. Din aceste
considerente, recunoaterea i controlul riscului financiar
sunt eseniale. Prezenta lucrare analizeaz riscul
financiar din diferite perspective, oferind sugestii bazate
pe analiza unui caz tipic de fuziune i achiziie: fuziunea
ntre companiile Bohai Leasing i Seaco. ntre
modalitile de control i diminuare a riscului financiar se
numr buna gestionare i prezena unor strategii clare
de fuziune i achiziie, utilizarea unui pachet de
instrumente financiare diferite i a unor metode de plat
strategice, precum i integrarea financiar.
Cuvinte-cheie: Risc financiar, fuziuni i achiziii
transnaionale, metoda Dupont, mecanisme de
management financiar.
Clasificarea JEL: M14, M16, O16.
Yuanyuan SUI,
Ocean University of China,
E-mail: suiyuanyuan1994@163.com
Adelina DUMITRESCU-PECULEA,
coala Naional de Studii Politice i Administrative,
Romnia,
E-mail: adelina.peculea@snspa.ro
1310

Sui, Y. and Dumitrescu-Peculea A. (2016), Financial risk
identification and control of cross-border merger and acquisition
enterprises, Audit Financiar, vol. XIV, no. 12(144)/2016,
pp. 1368-1377, DOI: 10.20869/AUDITF/2016/144/1368
Identificarea i controlul riscului financiar al companiilor

aflate n proces de fuziune sau achiziie transnaional
Introducere
Pn n luna noiembrie 2015, companiile din China
finalizaser 581 de proiecte de fuziuni i achiziii
transnaionale, ajungnd la o rat de cretere anual de
19,55% (PwC, 2016). Suma total a tranzaciilor se
ridic la circa 93,7 miliarde de dolari, o cretere de
20,9% (PwC, 2016). Cu toate acestea, riscul financiar
este prezent n ntregul proces de fuziuni i achiziii
derulat de companii transnaionale.
Fuziunile ntre companii de pe teritoriul Chinei i firme
din strintate au crescut cu 40% n 2015 (PwC, 2016).
n consecin, modul de recunoatere i control al
riscurilor financiare asociate stabilirii preului, finanrii,
plii i integrrii este esenial. O bun gestionare i
prezena unei strategii clare privind fuziunea sau
achiziia contribuie la diminuarea riscului asociat stabilirii
preului; combinarea unor tipuri diverse de instrumente
financiare servete diminurii riscului asociat obinerii
finanrii; utilizarea unei metode strategice de plat este
util pentru acoperirea riscului de plat; integrarea
financiar, mpreun cu integrarea afacerii i a
resurselor umane are ca efect un risc de integrare mai
sczut. Societatea cu rspundere limitat Bohai Leasing
a devenit, la nivel mondial, cea mai mare companie care
nchiriaz containere, dup derularea unor operaiuni de
fuziune i achiziie. Fuziunea ntre companiile Bohai
Leasing i Seaco este important n sine, fiind
reprezentativ pentru piaa internaional de leasing. Din
acest motiv, am optat pentru fuziunea ntre Bohai
Leasing i Seaco SRL pentru a ilustra studiul.
1. Literatura de specialitate
nainte de izbucnirea crizei financiare n anul 2008,
companiile cutau s iniieze proiecte de fuziuni i achiziii
n scopuri diverse, legate de exemplu de poziia pe pia i
eficien (Andrade, Mitchell i Stafford, 2000). Cu toate
acestea, studiile arat c principalele motivaii care au
condus la activiti de fuziuni i achiziii s-au schimbat
dup 2009, orientndu-se spre achiziia de tehnologii
avansate i explorarea de noi zone de afaceri, n afara
domeniului de activitate principal al firmei, ca rspuns la
concurena global i schimbrile tehnologice (Lee i
Lieberman, 2010; Stettner i Lavie, 2014). Spre deosebire
de fuziunile i achiziiile la nivel naional, activitile
transnaionale de fuziune i achiziie sunt caracterizate
printr-un nivel sporit de incertitudine, de natur politic,
economic i cultural, cu impact financiar semnificativ.
Nr. 12(144)/2016
Riscul financiar este abordat n mod diferit, n funcie de

diversele tradiii academice, neexistnd o definiie unitar.
Anumii autori cerceteaz riscurile asociate fuziunilor i
achiziiilor din perspectiv general (Hongyanshi, 2003).
Bruner (2005) propune un cadru de analiz a riscului i o
metod de analiz calitativ care pune n balan nivelul
de risc sub ase aspecte: complex, conectat, cazul
anormal, subiectiv, alegerea managementului i probleme
ale echipei (Calandro, 2008). Intensitatea relaiei dintre
aceste aspecte influeneaz riscurile asociate cu fuziunile
i achiziiile. n ceea ce privete studiul influenei riscului
financiar aferent fuziunilor i achiziiilor, Aloke and Prem
(2000) consider c activitile de fuziune i achiziie
transnaional au o influen negativ asupra capacitii
financiare i capacitii de creditare a dobnditorului. n
contextul evalurii i controlului riscului, Perry and Herd
(2004) consider c o expertiz eficient, desfurat
anterior fuziunii sau achiziiei, ar diminua riscul. Weaver i
Weaton (2003) susin c bursa este n msur s
soluioneze problema incertitudinii n fixarea preului pentru
firma-int. Metoda cantitativ i calitativ reprezint
principala metod de evaluare a riscului financiar. Au fost
deja introduse msurtori multidimensionale ale riscului de
ctre Prkopa (2012), n cadrul crora sunt investigate
concepte ca valoarea la risc multidimensional (MVaR) i
valoarea la risc condiional multidimensional. Noi
metode de calcul numeric al acestor concepte au fost
prezentate de Lee and Prkopa (2013).
ncepnd cu anii optzeci, i cercettorii din China au
nregistrat progrese n studiul riscului asociat
activitilor de fuziune i achiziie. Fixarea unui pre
int pentru firme, finanarea, lichiditatea i achitarea
datoriilor, ca parte a efectului de levier, reprezint
riscurile fundamentale n fuziuni i achiziii (Zhiqun Ai,
2001). n ceea ce privete identificarea, Chen i Ai
(2002) propun selectarea unui model adecvat de fixare
a preului pentru firma-int, pentru a diminua riscul
asociat stabilirii preului. Hongyan Shi (2003)
consider c o tendin cresctoare a fluxurilor de
numerar viitoare va conduce la diminuarea riscului de
plat a datoriilor. Shue Yang (2012) acord atenie
sporit integrrii ulterior fuziunii sau achiziiei. n ceea
ce privete metoda de evaluare a riscului financiar,
Haoshuang .a. (2009) apeleaz la studii ale unor
operaiuni de fuziuni i achiziii din Statele Unite ale
Americii, pentru a analiza riscul financiar din punct de
vedere practic. Ali autori analizeaz riscul financiar
utiliznd n principal metoda studiului de caz i metoda
Dupont (Gao, 2012; Chen Chuanxing, 2014).
1311
Din cele de mai sus se observ c cercetarea existent

pune accentul pe studiul teoretic al riscului financiar, din
perspectiva fixrii preului, finanrii, plii i integrrii.
Analiza empiric specific a riscului financiar al fuziunilor
i achiziiilor transnaionale, fundamentat printr-o
combinaie ntre metoda cantitativ i cea calitativ, este
relativ rar ntlnit. n plus, msurile de precauie
orientate spre controlul riscului financiar sunt prezentate
sub forma unor sugestii generale, n timp ce msurile
integrate i operaionale nc nu sunt clare. Din aceste
considerente, prezenta lucrare analizeaz riscul
financiar al fuziunilor i achiziiilor transnaionale pe baza
unui studiu de caz. Mai exact, lucrarea analizeaz
fuziunea ntre societile Bohai Limited i Seaco SRL la
data de 27 septembrie 2013, ofer sugestii de control al
riscurilor financiare i reprezint o baz de nvare
pentru dobnditorii transnaionali.
2. Metodologia de cercetare
Metodologia de cercetare selectat pentru prezentul
studiu se bazeaz pe teoria ntemeiat empiric
(grounded theory). n mod obinuit, studiile apeleaz
att la instrumente cantitative, ct i la instrumente
calitative pentru a cerceta probleme tiinifice, tiinele
sociale utiliznd deseori studii de caz (Ye, 2008). Cu
toate acestea, unii autori pun sub semnul ntrebrii
aceast metod, prefernd o abordare cantitativ,
bazat pe statistic i cifre. Cu ajutorul teoriei ntemeiate
empiric, Glaser and Strauss (1967) au ncercat s
soluioneze astfel de aspecte prin observarea unui
fenomen i compararea acestuia cu o serie de date de
baz, cu scopul de a-i nelege esena; n final,
rezultatele sunt obinute prin crearea de legturi ntre
conceptele supuse studiului, analiza datelor fiind
semnificativ pentru cazul cercetat.
Miles i Huberman (1994) au demonstrat c procesul de
analiz a datelor originale const n trei etape:
extragerea datelor,
explicarea datelor i
extrapolarea datelor
Cei doi subliniaz faptul c analiza realizat trebuie
fundamentat, astfel nct testul s poat fi repetat i de
alii.
Prezenta lucrare combin teoria ntemeiat empiric cu
metode de analiz a datelor, pentru a descrie cazul
fuziunii i achiziiei Bohai Leasing. n plus, analiza
1312
cantitativ i calitativ a situaiilor financiare faciliteaz

nelegerea acestui caz tipic de fuziune.
3. Riscul financiar al fuziunilor i

achiziiilor transnaionale
Riscul financiar al fuziunilor i achiziiilor transnaionale
este generat de activiti de finanare inadecvate, care
conduc la o deteriorare a situaiei financiare i chiar la
pierderi. Acesta este asociat proceselor de stabilire a
preului, atragere de fonduri, achitare a datoriilor i
integrare.
3.1. Riscuri de stabilire a preului

Dup selectarea firmei-int de ctre dobnditor, este
esenial ca acesta s evalueze dac valoarea firmei are
un impact semnificativ asupra costurilor de fuziune sau
achiziie. Valoarea firmei-int depinde de valoarea
viitoare previzionat. Cu toate acestea, elementele de
incertitudine asociate funcionrii viitoare conduc la
riscul de stabilire a preului. Asimetria informaiei
reprezint doar un tip de risc. Dobnditorii obin
informaii din situaiile financiare; cu toate acestea,
firma-int ar putea camufla anumite informaii negative
pentru a crete preul, cum ar fi litigii n curs, garanii i
calamiti naturale. La rndul su, preul aciunilor
reprezint un factor important pe parcursul stabilirii
preului. n plus, incertitudinea asociat pieei de capital
poate conduce la fluctuaii n preul aciunilor,
reprezentnd un obstacol n procesul de stabilire a
preului (Sun i Ying, 2010). Un alt factor generator al
riscului de stabilire a preului const n inadecvarea
modelului i metodei de evaluare a preului. n unele ri
exist doar un numr restrns de firme care furnizeaz
servicii pentru activiti de fuziune i achiziie
transnaional. n mare parte, companiile deruleaz
fuziuni i achiziii n mod independent, fr a deine
experien n acest domeniu.
3.2. Riscul de atragere a fondurilor

Activitile de fuziune i achiziie necesit un volum
ridicat de lichiditi, pentru a susine schimbul de
capital. Dobnditorii atrag fonduri n msur mai mare
sau mai mic de pe pia, pentru a asigura realizarea
tranzaciei. n funcie de sursa de finanare, riscul de
atragere a fondurilor include riscul asociat finanrii
interne, prin datorii i prin capital propriu. Finanarea

intern depinde de profitabilitate. Dac, de exemplu,
dobnditorul se bazeaz prea mult pe surse de
finanare intern, acesta ar putea s nu mai fie n
msur s rspund n mod adecvat i s se adapteze
schimbrilor din mediul extern. n plus, riscul de
lichiditate este influenat i de operaiunile obinuite
(Sun i Ying, 2010). Din aceste considerente, metoda
uzual de finanare n rile vestice este cea bazat pe
datorii. Spre deosebire de finanarea intern,
finanarea pe seama datoriilor implic obligaia de
rambursare a principalului i dobnzilor, la intervale
regulate. n plus, dobnditorul are obligaia de a
rambursa datoriile firmei-int. Dac, n structura
capitalului, datoriile sunt semnificative, dobnditorul
poate fi prins n capcan. Finanarea pe baz de
capital propriu este, la rndul su, un instrument uzual
de finanare a fuziunilor i achiziiilor. Dac
dobnditorul emite aciuni n scopul obinerii de
fonduri, se va confrunta cu riscul de diluie a aciunilor,
care conduce la pierderi pentru acionari. Finanarea
prin instrumente de capital presupune costuri mai
ridicate dect finanarea din surse mprumutate.
Utilizarea instrumentelor de capital n msur prea
mare va conduce la creterea costurilor de fuziune sau
achiziie, precum i la creterea costurilor medii de
finanare pentru firma dobnditoare.
3.3. Riscul de plat

Riscul de plat este asociat procesului de plat.
Succesul fuziunii sau achiziiei se afl n strns
legtur cu gradul de adecvare a metodei de plat (Sun
i Ying, 2010). Metodele de plat afecteaz mai multe
elemente ale situaiilor financiare. n primul rnd,
diferitele metode de plat au influen diferit asupra
evitrii taxelor. n al doilea rnd, va fi afectat
contabilitatea. De exemplu, contabilii utilizeaz metoda
achiziiei atunci cnd pltesc n numerar; n situaiile
financiare ulterioare fuziunii se vor regsi fondul
comercial i o profitabilitate mai sczut. Dac plata are
la baz instrumente de capital, contabilii vor utiliza
metoda punerii n echivalen la ntocmirea situaiilor
financiare, nemaiexistnd nevoia de depreciere a
fondului comercial. Metoda levierului se bazeaz pe
fluxurile de numerar viitoare ale firmei-int, dar
incertitudinea asociat evenimentelor negative va
conduce la creterea inerent a riscului de plat. n al
treilea rnd, fluctuaia ratei dobnzii i cea a cursului de
schimb valutar vor contribui la rndul lor la creterea
riscului de plat.
Nr. 12(144)/2016
3.4. Riscul de integrare

Pentru a fi n msur s controleze procesul de fuziune
i achiziie, precum i s finaneze un management
unitar, dobnditorul trebuie s integreze mecanismele de
management financiar, resursele umane i toate
celelalte mecanisme ale firmei-int. Cu toate acestea,
eventualele sisteme de finanare incompatibile ale firmeiint vor conduce la creterea riscului de integrare.
Eecul integrrii financiare se reflect n situaiile
financiare i poate cauza diminuarea raportului ntre
datorii i capital propriu (solvabilitatea pe termen lung) i
a ratei de lichiditate (solvabilitatea pe termen scurt).
4. Fuziune i achiziie. Studiu de

caz privind fuziunea ntre
companiile Bohai Leasing i
Seaco
4.1. Premisele fuziunii
Pentru elaborarea prezentei lucrri a fost selectat spre
cercetare cazul fuziunii ntre companiile Bohai Financial
Investment (Bohai) i Seaco. Bohai Financial Investment
limited (Bohai Leasing) este o companie de origine
chinez fiind, la nivel mondial, cel mai important operator
care nchiriaz containere. Principalul domeniu de
activitate al companiei Bohai include leasingul financiar,
finanarea n avans a aeronavelor (pagina web oficial),
finanarea garantat prin ipotec, precum i alte ase
activiti nrudite. Dup cum rezult din cercetare,
acionarul majoritar este HNA Capital limited company, o
filial a HNA Airlines Group. HNA Group Co Ltd., cu
sediul n Republica Popular Chinez (RPC), este un
conglomerat cu filiale din sectorul transportului aerian,
logisticii, transportului naval, investiiilor hoteliere,
serviciilor financiare, turismului i altor domenii nrudite.
HNA are peste 100.000 de angajai, reprezentnd una
din cele mai importante companii private din RPC. De
fapt, HNA Group este acionarul care controleaz Bohai
Leasing. Dup cotarea sa la Shenzen Stock Exchange
n 2011, volumul de activitate al Bohai Leasing s-a lrgit
treptat, activele, veniturile i profiturile au crescut drastic,
compania devenind cea mai important entitate din
sectorul containerelor.
Seaco a fost nfiinat n anul 1998, ca o asociere n
participaie (joint venture), ntre General Electric
1313
Capital Corporation (50%) i Sea Containers Ltd.

(50%). Seaco este o filial deinut n procent de
100% de Global Sea Containers Ltd. (GSCL), o
companie cu sediul n Bermude. Seaco ocup locul
ase ca mrime la nivel mondial, n domeniul
leasingului de containere, deinnd i administrnd
peste 1,1 milioane containere standard TEU. Seaco
furnizeaz, pentru leasing sau vnzare, o gam larg
de echipamente container intermodale, standard i
specializate, localizate strategic, pentru livrare
imediat, n depozite amplasate n ntreaga lume.
La data de 30 septembrie 2013, Bohai Leasing
(000415.SZ) i-a fcut cunoscut intenia de a
fuziona cu Seaco SRL. A doua Adunare General
Extraordinar a decis atragerea de fonduri pentru
achiziia de active, pe baz de emisiune de aciuni i
numerar. Planul de restructurare este urmtorul:
GSCII achiziioneaz n proporie de 100% aciunile
Bohai Leasing. GSCII este o filial a GSC. GSC este

deinut n proporie de 100% de BohaiLeasing.
GSC, entitate cu scop special deinut integral de
Bohai Leasing, achiziioneaz Seaco SRL n
proporie de 100% prin GSCII, care este o filial din
strintate a GSC (Bohai Leasing, 2014). Conform
raportului de evaluare calificat (Bohai Leasing
Report, 2014), emis de o instituie de evaluare,
prile implicate n tranzacie au stabilit preul
prelurii integrale a Seaco SRL la 1,215 mld. dolari1
echivalentul a 8,1 mld. RMB (Renminbi chinezeti),
pltit n lichiditi, iar GSCII preia datoriile Seaco
SRL, unde nivelul lichiditilor este de 1,79 mld.
dolari (7,2 mld. RMB), iar datoriile se ridic la 0,13
mld. dolari (0,9 mld. RMB). Bohai Leasing a finalizat
fuziunea pn la sfritul anului 2013. Relaia ntre
HNA Group, Bohai Leasing, Seaco, GSC i GSCII
este ilustrat n Figura 1.
Figura 1. Relaia ntre prile implicate n tranzacie
Sursa: prelucrrile autorilor pe baza relaiilor ntre acionarii Bohai Leasing.
4.2. Rezultatul tranzaciei

Pentru a msura rezultatul procesului de fuziune, am
apelat la metoda Dupont, cu scopul de a analiza
schimbrile financiare de la nivelul companiei Bohai
Leasing. Pe baza raportrilor anuale din perioada
2011-2015, am selectat indicatori ca marja
comercial, viteza de rotaie a activelor totale,
multiplicatorul capitalului, ROE i alii, pentru anii
anteriori i ulteriori producerii fuziunii, dup cum se
1314
detaliaz n Tabelul 1. Am observat c ROE

nregistreaz o tendin descresctoare.
Profitabilitatea comercial (raportul ntre profitul net
i cifra de afaceri) fluctueaz; la nceput
nregistreaz o scdere, iar apoi se nscrie din nou
pe o traiectorie ascendent. 1
La cursul de schimb din data de 27 septembrie 2016. 1 dolar

= 6.6689RMB
1

Tabelul 1. Indicatori: valori nainte i dup fuziunea cu Seaco

Anul
Profitabilitatea
comercial (PM)
2011
2012
2013
2014
2015
Viteza de rotaie a
activului total (AU)
34,36%
25,32%
20,92%
17,20%
18,51%
10,74%
10,25%
14,64%
10,98%
9,68%
Multiplicatorul
capitalului (EM)
Rentabilitatea capitalului propriu

(ROE)
2,18
3,13
6,81
5,38
4,05
5,32
5,69%
7,96%
10,65%
12,28%
Sursa: prelucrrile autorilor pe baza rapoartelor anuale ale Bohai Leasing, n perioada 2011-2015.
Figura 2. Rata profitabilitii comerciale
Sursa: prelucrrile autorilor pe baza rapoartelor anuale ale Bohai Leasing din perioada 2011-2015.
Dup cum se poate observa n Figura 2, marja

profitului net (PM) prezint un trend descresctor,
indicatorul atingnd valoarea minim de 17,20% n
anul 2014. Anterior anului 2013, rata a sczut treptat.
Dup fuziunea cu Seaco de la sfritul anului 2013,
indicatorul pare s se stabilizeze n 2014 i ncepe din
nou s creasc n 2015. Profitabilitatea comercial se
Nr. 12(144)/2016
calculeaz ca raport ntre profitul net i veniturile din

vnzri. O valoare mai ridicat a acestui raport indic
un rezultat din exploatare mai bun i o profitabilitate
crescut. La nivelul companiei Bohai Leasing,
indicatorul arat un nivel adecvat al rezultatului din
exploatare i al profitabilitii.
1315
Figura 3. Viteza de rotaie a activului total
Dup cum se observ n Figura 3, viteza de rotaie a

activului total al companiei Bohai Leasing prezint o
tendin cresctoare n perioada 2011-2013, iar apoi se
reduce treptat n fiecare an. Dat fiind faptul c viteza de
rotaie a activului total reflect capacitatea companiei de
a-i exploata activele n vederea creterii vnzrilor, cu
ct valoarea acestui indicator este mai mare, cu att mai
ridicat este capacitatea operaional. Ulterior fuziunii,

viteza de rotaie a activului total nu a crescut. Aceast
evoluie se datoreaz parial faptului c Bohai Leasing a
realizat fuziunea utiliznd propriile active, ceea ce arat
c integrarea afacerii a afectat creterea veniturilor din
vnzri.
Figura 4. Rata de rentabilitate a capitalului propriu (ROE)
1316

Raportul dintre marja de profit i activele nete reprezint
procentul de profit care revine nivelului mediu al
capitalului propriu. Indicatorul reflect nivelul profitului
raportat la capitalul propriu i este utilizat pentru a
msura eficiena cu care o companie i utilizeaz
capitalul propriu. Cu ct valoarea indicatorului este mai
mare, cu att mai ridicat este valoarea venitului generat
de investiie. Rata nregistrat de Bohai Leasing prezint
un trend cresctor ncepnd cu anul 2011, semnalnd
sporirea capacitii de utilizare a activelor proprii.
Dup finalizarea achiziiei companiei Seaco, Bohai
Leasing i-a eficientizat activitatea, rata curent de
nchiriere a containerelor aflndu-se n continu
cretere. Pn la momentul actual, Bohai Leasing a
nfiinat filiale n toat lumea, n peste 80 de ri de pe
cele 6 continente. n 2015, Bohai Leasing a emis
obligaiuni n valoare de 1,5 mld. RMB. Att obligaiunile,
ct i datoriile dein ratingul AA+. Filiala Seaco SRL,
deinut integral, a emis n august 2014 titluri pe o
perioad de 10 ani, n valoare de 500 mil. dolari,
garantate n active, cu rating A, acordat de companiile
de rating Standard&Poors i DBRS. n 2015, veniturile
din exploatare nregistrate au fost de 9,659 mld. yuan,
cu o cretere de 40,97%; profitul din exploatare a atins
1,841 mld. yuan, cu o cretere de 49,21%. n 2014,
veniturile s-au ridicat la 6.851.955.000,00 yuan, cu o
cretere de 7,46 procente fa de 2013. Datorit creterii
nregistrate de Seaco i trendului cresctor al veniturilor
acesteia, Bohai Leasing i-a modificat pierderea din
depreciere a creanelor din leasing financiar de la 1,5%
la 0,5%. Toate acestea arat faptul c fuziunea ntre
Bohai i Seaco a fost un succes.
4.3. Managementul i control riscului

financiar la Bohai Leasing
4.3.1. Strategia de dezvoltare
nainte de fuziunea ntre Bohai Leasing i Seaco,
principalii clieni ai companiei Bohai Leasing proveneau
din China. Odat cu intensificarea concurenei pe piaa
intern a nchirierilor, Bohai Leasing a fost nevoit s i
consolideze poziia pe pia, n vederea creterii
competitivitii. Cu toate acestea, costurile extinderii pe
piee din strintate sunt extrem de ridicate. Grupul de
experi ai companiei a adoptat o strategie de explorare a
pieei din strintate, selectnd o serie de companii,
vizate ca firme-int i desfurnd o serie de cercetri
cu privire la acestea. Seaco ocup locul ase ca mrime
n topul mondial al companiilor de leasing i deine
experien n operaiuni de leasing, precum i n
Nr. 12(144)/2016
management, prezentnd perspective favorabile n ceea

ce privete obinerea de profit. Din punctul de vedere al
ratei de ocupare a containerelor i ratei de rentabilitate,
compania este lider n domeniu. La sfritul anului 2012,
Seaco SRL deinea active totale de peste 2,5 mld. dolari,
nregistrnd venituri totale de aproape 500 mil. dolari i
un profit total de aproape 9 mil. dolari. Conform
raportului de audit, profitul net previzionat pentru
perioada 2013-2015 se situeaz ntre 95.995, 92.473 i
101.838 mil. dolari (Bohai Leasing, 2015). Valoarea
previzionat a companiei Seaco a fost de 12,24 mld.
dolari (81,63 mld. RMB). Concluzia general a fost c,
prin fuziunea cu Seaco, puteau fi atinse obiective
complementare. Cercetarea riguroas i formularea de
strategii de dezvoltare corecte au contribuit la controlul
efectiv al riscului asociat procesului de luare a deciziilor
pe parcursul fuziunii transnaionale. n acelai timp,
datorit managerului financiar specializat i grupului de
experi, s-a promovat calitatea auditului, evitndu-se
riscul apariiei inegalitii n informare la un moment dat.
4.3.2. Diferite canale de atragere a fondurilor
n activitile de fuziune i achiziie transnaional,
dobnditorul are nevoie de un volum extrem de ridicat
de fonduri. O structur rezonabil a surselor de
finanare poate reprezenta un sprijin important. Bohai
Leasing a apelat la instrumente de datorii pentru a
atrage fonduri de pe piaa de capital intern i extern,
piaa obligaiunilor i piaa interbancar, combinnd
metode de finanare direct i indirect, urmnd activ
trendul finanrilor pe pia i stabilind treptat o pia
stabil pe termen lung, asigurndu-i astfel
mecanismele de finanare. Bohai Leasing a emis
aciuni i a utilizat propriile active pentru a achita preul
fuziunii. La data de 27 decembrie 2013, Bohai Leasing
a emis un numr de 216.450.216 aciuni pentru HNA
Group, pentru a achita preul de achiziie al Seaco. n
acelai timp, compania a emis 81.745.000 aciuni,
134.770.000 aciuni i 72.085.288 aciuni ctre Hua An
Fund Management Co., Ltd., Manulife TEDA Fund
Management Co., Ltd i respectiv Tianhong Fund
Management Co., Ltd, pentru a achiziiona activele
Seaco (Bohai Leasing, 2014). Valoarea de emisiune a
unei aciuni a fost de 6,93 yuan, iar valoarea total a
atins 3,5 mld. RMB. Bohai Leasing a realizat indirect
plata ctre Seaco, prin intermediul filialei sale GSCII.
n anul 2014, Bohai Leasing i-a rennoit
disponibilitile bneti prin finanare pe baz de datorii
la HNA Group, asigurndu-i lichiditatea (Bohai
Leasing, 2014). Pentru o firm o valoare prea ridicat
1317
a raportului ntre datorii i capital genereaz presiune

din partea serviciului datoriei, conducnd la diminuri
semnificative ale levierului financiar. O rat a
capitalului propriu prea ridicat dilueaz valoarea care
revine acionarilor, afectnd interesele acestora. Bohai
Leasing a combinat finanarea intern, finanarea
bazat pe datorii i finanarea bazat pe capital n
fuziunea cu Seaco.
4.3.3. Alegerea unei strategii de plat rezonabile
Fluctuaia ratei dobnzii (?) i a cursului de schimb
valutar vor conduce la schimbri ale costului fuziunii.
Pn la momentul actual, bncile au reprezentat
principalul canal de finanare pentru Bohai Leasing
(Bohai Leasing, 2015). Fluctuaiile ratei dobnzii au
un impact mai ridicat asupra costurilor companiei.
Compania i extinde canalele de finanare, n
special prin finanare din strintate. De exemplu,
Seaco a emis titluri pe o perioad de 10 ani,
garantate cu active, n valoare de 500 mil. dolari
(Bohai Leasing, 2014). Pe de alt parte, Bohai
Leasing a nfiinat un departament financiar care s
gestioneze activele financiare, cum ar fi investiiile n
produse financiare, pentru a acoperi riscul. Pn n
prezent, activele Seaco sunt evaluate n dolari;
fluctuaiile cursului de schimb ale dolarului vor afecta
direct valoarea n RMB a companiei, cu impact
ulterior asupra performanei generale a acesteia. Ca
rspuns la riscul valutar, Bohai Leasing a organizat o
edin n data de 5 decembrie 2014, anunnd
garantarea titlurilor cu active. n ceea ce privete
plile din activitatea de fuziuni i achiziii, compania
a proiectat o strategie comercial destinat blocrii
riscului valutar. Prile implicate n tranzacie au
semnat un contract privind data plii. Anterior
acestei date, plile se vor realiza la un anumit curs
de schimb, n caz contrar preul pltit fiind mai ridicat.
4.3.4. Strategia de integrare
Dobnditorul a fost nevoit s elaboreze soluii
rezonabile de integrare cost-beneficiu i s aleag cel
mai sczut cost, dar cel mai ridicat venit. ntre timp,
integrarea financiar trebuie finalizat ct de curnd
posibil, n cazul apariiei de influene negative.
Integrarea financiar trebuie coroborat i cu alte
aspecte, cum ar fi integrarea resurselor umane. Bohai
Leasing a creat un sistem de control intern al raportrii
financiare. Din fericire, numrul de reguli contabile
care trebuie schimbate n integrarea situaiilor
financiare dup fuziunea cu Seaco nu este att de
ridicat. De ndat ce Bohai Leasing a preluat controlul
asupra companiei Seaco, s-a procedat la consolidarea
situaiilor financiare. n acelai timp, dup finalizarea
fuziunii, Bohai Leasing a absorbit experiena
operaional i know-how-ul companiei Seaco. Ca
urmare a fuziunii, Seaco a iniiat canale comerciale n
domeniul leasingului de containere la nivel naional,
extinzndu-i n continuare piaa i influena n China,
n scopul creterii rapide a volumului activelor.
Concluzii
Activitile de fuziune i achiziie transnaional prezint
risc financiar pe parcursul ntregului proces. Anterior
fuziunii sau achiziiei, este necesar dezvoltarea unei
strategii rezonabile de achiziie, precum i manifestarea
unei atenii sporite n procesul de gestionare, n vederea
diminurii riscului de asimetrie n informare i, mai
departe, a riscului asociat stabilirii preului. Dat fiind
faptul c activitile de fuziune sau achiziie
transnaional necesit un volum ridicat de lichiditi,
apelarea la un singur canal de finanare conduce la
creterea riscului financiar. Pe parcursul etapei de
implementare, evaluarea riguroas a capacitii proprii
de finanare, selectarea unor canale de finanare
flexibile, precum i proiectarea unei structuri rezonabile
a capitalului vor diminua riscul financiar. n plus,
utilizarea de instrumente financiare diverse cu privire la
capitalul internaional ar putea acoperi riscul fluctuaiei
de curs valutar, conducnd astfel la diminuarea riscului
de plat. n vederea reducerii riscului de integrare
financiar, n etapa de integrare se va acorda atenie
integrrii strategiei de afaceri i a sistemului financiar.
BIBLIOGRAFIE
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2.
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1318
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Hong Yan Shi (2003), The literature review of
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pp. 39-41.
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14. Miles, M.B. i Huberman, A.M. (1994), Qualitative
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15. Perry, J.S. i Herd, T.J. (2004), Reducing M&A risk
through improved due diligence, Strategy &
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16. Prkopa, A.(2012), Multivariate value at risk and
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193, nr. 1, pp. 49-69, DOI: 10.1007/s10479-0100790-2.
17. PwC (2016), PwC M&A 2015 review and 2016
outlook, [pdf] Disponibil la:
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18. Stettner, U. i Lavie, D. (2014), Ambidexterity
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Strategic Management Journal, vol. 35, nr. 13, pp.
1903-1929, DOI: 10.1002/smj.2195.
19. Sun R. i Ying, Y. (2010), The analysis and
defense of financial risks in enterprise merge and
acquisition, The technology and innovation
management, nr. 1, pp. 74-76.
20. Yang Shue, (2012), Risk management of finance
integration after M&A, Accountant and economics
study, pp. 69-72.
21. Ye, M.Z., (2008), Research on normalization
evaluation of case research method-literature
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1319
XIV,DUMITRESCU-PECULEA
Nr. 12(144)/2016, 1320-1322
YuanyuanAudit
SUI,financiar,
Adelina
ISSN: 1583-5812; ISSN on-line: 1844-8801
Editorial
Pentru comitetul de redacie al revistei Audit Financiar,
anul 2016 a nsemnat o preocupare permanent pentru
internaionalizare.
n luna ianuarie am schimbat pagina web a revistei,
textul de prezentare, macheta de prezentare a
articolelor i formularul de evaluare. Am preluat toate
articolele publicate n anii trecui. Pagina web a
revistei permite transmiterea articolelor prin aceast
platform. De asemenea, articolele care au fost deja
publicate pot fi cutate dup diverse criterii. Datorit
noilor funciuni ale paginii web, am reuit ca n acest
an s indexm revista n mai multe baze de date
internaionale.
La nceputul anului revista era indexat n patru baze de
date internaionale: Cabells, EBSCO, ProQuest i
Ulrichs. n timpul anului 2016 am vizat, de exemplu,
indexarea revistei n baze de date care permit preluarea
automat a informaiilor transmise de ctre
reprezentanii revistei prin fiiere XML (cum ar fi DOAJ
sau RePec). Astfel, am evitat erorile de preluare a
informaiilor de ctre persoane care nu cunosc limba
1320
romn. Am indexat revista n urmtoarele baze de date

noi:
1. Academic Keys
2. Deutsche Zentralbibliothek fr
Wirtschaftswissenschaften
3. Directory of Research Journals Indexing
4. DOAJ
5. ERIH PLUS
6. Global Impact Factor
7. RePec.
Pe data de 29 decembrie 2015 am solicitat indexarea n
baza de date Scopus.
Am creat un cont pe platforma Google Scholar pentru
monitorizarea citrilor. Am cutat articolele din anii
anteriori pentru a putea calcula corect indicii
scientometrici. n acest moment avem un indice Hirsch
7. Considerm c este foarte important s putem calcula
astfel de indicatori i s atragem articole din ce n ce mai
bune pe msur ce valorile se mbuntesc.
Editorial
n luna februarie am ncheiat un parteneriat cu CrossRef.

CrossRef atribuie un cod unic de identificare articolelor
publicate n revist. Cu ajutorul lui, articolele vor putea fi
gsite i dac se schimb pagina web a revistei. n plus,
CrossRef ofer i alte servicii, cum ar fi Cited by Linking
(care ofer posibilitatea crerii unei legturi cu articolele
citate n revist sau care citeaz articolele publicate de noi)
i accesul la un soft anti plagiat performant. Am
implementat deja Cited by Linking i iThenticate.
Am introdus verificarea anti plagiat a tuturor articolelor
primite spre evaluare.
Am fcut parteneriat cu cinci conferine internaionale n
vederea creterii vizibilitii revistei i a numrului de
articole primite la redacie. Conferinele sunt urmtoarele:
Conferina tiinific internaional Contabilitatea i
finanele limbaje universale ale afacerilor, ediia I,
desfurat la Piteti pe 18 martie
(http://www.univcb.ro/p-168conferin%C5%A3a.%C5%9Ftiin%C5%A3ifica.interna
%C5%A3ionala. 2016.html);
Conferina tiinific internaional Paradigma

contabilitii i auditului: realiti naionale,
tendine regionale i internaionale, ediia a V-a,
desfurat la Chiinu pe 1 aprilie;
Conferina tiinific internaional Accounting
and Management Information Systems, ediia a
XI-a, desfurat la Bucureti n perioada 8-9
iunie (http://www.cig.ase.ro/amis2016/);
Conferina tiinific internaional Accounting
and Auditing Perspectives, ediia a III-a,
desfurat la Timioara n perioada 20-21
octombrie (www.aapconference.ro);
Conferina tiinific internaional Globalization
and Higher Education in Economics and
Business Administration, ediia a IX-a,
desfurat la Iai n perioada 20-23 octombrie
(http://www.feaa.uaic.ro/geba/).
Situaia articolelor primite i publicate este
urmtoarea:
Tabelul 1. Situaia articolelor primite i publicate n anul 2016

Numrul
Numr articole
publicate
1
2
3
4
5
6
7
8
9
10
11
12
5
5
6
5
5
6
5
5
5
5
5
5
Total
62
Din care, articole

cu autori strini
0
0
0
2
1
1
1
1
1
0
3
2
12, respectiv 19%
din articolele publicate
Articolele au fost respinse din cauza obinerii unui

procent de originalitate mai mic dect cel acceptat
de redacie, din cauza nencadrrii n tematica
revistei sau ca urmare a respingerii de ctre
evaluatori.
Am lucrat foarte mult la modul de prezentare al
articolelor. De exemplu, am schimbat sistemul de
scriere a referinelor bibliografice. Am adoptat sistemul
Nr. 12(144)/2016
Numr articole
respinse
0
1
1
1
11
3
3
2
4
0
2
1
29, respectiv 32%
din articolele primite
Harvard i am pstrat coerena citrilor n toate

numerele din acest an.
Pentru perioada urmtoare ne-am propus s respectm
toate cerinele pentru indexare n baza de date Thomson
Reuters.
Una dintre modificrile pe care le vom face n anul 2017
va fi implicarea unor profesori strini n procesul de
recenzie.
1321
n anul 2017 revista va fi publicat trimestrial, respectiv

n lunile februarie, mai, august i noiembrie. Ateptm n
continuare articolele dumneavoastr n regim continuu.
Toate realizrile din anul 2016 au fost posibile datorit
susinerii de care a beneficiat revista Audit Financiar. n
primul rnd, sprijinul financiar acordat de Camera
Auditorilor Financiari din Romnia a fost indispensabil.
De asemenea, pentru a publica o revista de calitate a
fost absolut necesar autonomia pe care CAFR a
conferit-o redaciei. n al doilea rnd, le mulumim
autorilor care au avut ncredere i au trimis articolele
ctre redacia noastr. Pe de alt parte, publicarea n
limba romn a articolelor primite de la autorii strini nu
ar fi fost posibil fr colectivul de traductori: Cristina
Circa, tefana Dima, Mihaela Dumitracu, Raluca-Gina
Gue, Drago Mangiuc, Ioan-Bogdan Robu. De
asemenea, le mulumim celor care fac parte din consiliul
tiinific al revistei i care ne-au sprijinit cu sfaturi de cte
ori a fost necesar pe parcursul acestui an. Gndul nostru
1322
merge ctre profesorii cu care am lucrat lun de lun,

recenzorii: Alina Alman, Veronel Avram, Daniel Botez,
Ovidiu Bunget, Carmen Giorgiana Bonaci, Daniela
Artemisa Calu, Vasile Cardo, Cristina Circa, Ionela
Corina Chersan, Tatiana Dnescu, Sorin Domnioru,
Alin Dumitrescu, Nicoleta Farcane, Liliana Feleag,
Niculae Feleag, Iuliana Georgescu, Camelia Haegan,
Emil Horomnea, Ionel Alin Ienciu, Nicoleta Maria Ienciu,
Ion Ionacu, Elisabeta Jaba, Cristina Lidia Manea,
Drago Mangiuc, Mihaela Mocanu, Marilena Mironiuc,
Ana Morariu, Ioan Bogdan Robu, Victoria Stanciu,
Georgeta pan, Aurelia tefnescu, Alexandru ugui.
Nu n ultimul rnd, le mulumim cititorilor revistei, care,
conform statisticilor noastre, au fost foarte numeroi.
Cu respect,
Colectivul de redacie
al revistei Audit Financiar
Year XIV, No. 144 - 12/2016
11/2015
2/2016
Accounting standards
that appeal to the
professional judgment:
a threat or
an opportunity
for the accounting
profession?
l The adoption of integrated reporting
principles by the Romanian

companies listed at the Bucharest
Stock Exchange
l Internal control and auditing
a necessity for responsible reporting

and managerial usefulness of
accounting information
l Financial risk identification and
control of cross-border merger and

acquisition enterprises
Study regarding the impact of cultural factors on management accounting systems
Scientific Editorial Board

Dinu AIRINEI, Ph. D. "Al. I Cuza" University, Iai
Veronel AVRAM Craiova University
Yuriy BILAN Szczecin University, Poland
Sorin BRICIU "1 Decembrie 1918" University, Alba Iulia
Ovidiu BUNGET Universitatea de Vest din Timioara
Alain BURLAUD The National Conservatory of Arts and Crafts, Paris
Tatiana DNESCU "Petru Maior" University, Trgu Mure
Lilia GRIGOROI Academy of Economic Studies of Moldova, Chiinu
Raluca-Gina GUE Bucharest University of Economic Studies
David HILLIER Leeds University Business School, United Kingdom
Allan HODGSON University of Queensland, Australia
Emil HOROMNEA "Alexandru Ioan Cuza" University, Iai
Robin JARVIS Brunel University, United Kingdom
Maria MANOLESCU Bucharest University of Economic Studies
Dumitru MATI "Babe-Bolyai" University, Cluj-Napoca
Ion MIHILESCU "Constantin Brncoveanu" University, Piteti
Ana MORARIU Bucharest University of Economic Studies
Mirela PUNESCU Bucharest University of Economic Studies
Irimie Emil POPA "Babe-Bolyai" University, Cluj-Napoca
Vasile RILEANU Bucharest University of Economic Studies
Ion STANCU Bucharest University of Economic Studies
Donna STREET Dayton University, USA
Ioan TALPO West University, Timioara
Alexandru UGUI "Alexandru Ioan Cuza" University, Iai
Eugeniu URLEA Bucharest University of Economic Studies
Iulian VCREL Member of the Romanian Academy
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1324
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AUDIT FINANCIAR, year XIV
Audit financiar, standards

XIV, Nr. 12(144)/2016,
1325-1334
Accounting
that appeal
to the professional judgment:
1583-5812;
aISSN:
threat
or an opportunity
for the accounting profession?
Abstract
Accounting
standards that
appeal to the
professional
judgment:
a threat or an opportunity
for the accounting
profession?
The international accounting standards (IFRSs and

ISAs) rely increasingly more on the professional
judgment. What is the situation in France and in
Romania? After the conceptual clarifications, the article
places the evolution of the professional judgment in the
general movement of the law, which goes from
modernism to post-modernism to become a law of
specialists able to have a qualified opinion on highly
technical subjects.
In order to observe, in a scientific manner, this evolution
of the accounting standards, we conducted a content
analysis of principal legislative accounting texts,
international and national (France and Romania),
supplemented by a lexicometric analysis. These
analyses allowed us to conclude that the importance of
professional judgment in accounting standards is lower
at the national level than it is at the international level.
However, we highlight a number of dangers related to an
increased use of professional judgment: loss of
comparability and transparency, increased risks for
accounting professionals including auditors, and
significant discrepancies in the use of professional
judgment in individual or consolidated accounts.
Keywords: Professional judgment, accounting
standards, accounting law, modern law, postmodern
law.
JEL Classification: M41
Alain BURLAUD,
Conservatoire national des arts
et mtiers (Cnam), Paris,
E-mail: alain.burlaud@cnam.fr
Maria NICULESCU,
Ecole Suprieure de la Francophonie pour

lAdministration et le Management (ESFAM), Sofia,
E-mail: maria.niculescu@auf.org
To cite this article:

Burlaud, A. and Niculescu, M. (2016), Accounting standards that
appeal to the professional judgment: a threat or an opportunity
for the accounting profession?, Audit Financiar, vol. XIV,
nr. 12(144)/2016, pp. 1325-1334, DOI:
10.20869/AUDITF/2016/144/1325
To link to this article:
No. 12(144)/2016
1325
Introduction
Let us compare two statements:
Any natural person or legal entity as a business has to
book the transactions affecting his business and its
assets (translation, French Commercial Code, art. 12312).
and
The objective of general purpose financial reporting is
to provide financial information about the reporting entity
that is useful to existing and potential investors, lenders
and other creditors in making decisions about providing
resources to the entity. (IFRS, Conceptual framework,
art. 1.2).
We notice that we are in two different worlds that convey
two opposite concepts of the law. The first, whose strong
legitimacy is conferred by its source, the Parliaments
vote, should not justify its choices. The second, whose
legitimacy can be challenged1 is justified by indicating its
usefulness. The latter being perfectly subjective, it
should designate an authority whose professional
judgment will allow the decision-making process. Of
course, in the international accounting standards
ecosystem, this authority is represented by the
professional accountant. His intervention will be even
more decisive, as the IASC/IASB has opted clearly for
principles-based standards that must be interpreted, as
opposed to rules-based accounting standards.
France is now in the middle of a bridge. On the one
hand, it has a long tradition of rules-based standards
with the successive general accounting standards based
on a general chart of accounts and many adaptations for
the different branches. On the other hand, France, as
well as all other European countries, uses the IFRSs for
the consolidated accounts. Between these two
approaches, there are the European directives. This
hybrid accounting law calls more than ever for
professionals to exercise their professional judgment,
which on the one hand contributes to emphasize their
value, but on the other hand, may also be a risk factor.
In Romania, the Parliament adopted the Accounting Law
on December 24, 1991 (Monitorul oficial, December 27th,
1991). This law (art. 4) designates the Ministry of
Finance as the main standard-setting body that also
provides the templates for the annual financial
1
See also: Burlaud and Colasse (2011).
1326
statements. It is largely inspired by the French law.

Since 2000, Romania has introduced an obligation to
apply international accounting standards of the IASB to
attract foreign investors and thus to promote openness
and transition to a market economy; business scope
covered by the obligation to apply IAS-IFRS expanded
every year until 2005. (Khouatra, 2004, p. 29)
In the following, based on the accounting and auditing
standards, we propose:
To clarify the concept of professional judgment;
To identify the tension between the two concepts of
accounting standards in a broader legal context;
To indicate specifically that the choice of words in
different accounting standards illustrates the conflict
between the two logics.
1. The concept of professional

judgment
Even though we make judgments every day, it is difficult
to define this concept. Different disciplines use it, such
as philosophy, law, psychology, psychoanalysis,
theology, etc. It may take several qualifiers: value
judgments, the judgment of taste, professional judgment,
ethical judgments, etc. In our context, we retain the
following definition of judgement: Operation which
consists in forming an opinion, in case a precise
understanding cannot be reached (translation, Lalande,
1983, p. 548).
More specifically, the professional judgment can be
defined as: The ability of a member of a profession of
judging a situation without knowing all the necessary
elements with certainty and to choose the acceptable
action path if professional standards allow such
decision. (...) The exercise of professional judgment
requires the professions member an objective and
prudent analysis, based on experience and knowledge
(including knowledge of their own limits) thereof and a
sense of responsibility towards those who may suffer the
consequences. (translation, Mnard et al., 2004,
p. 931).
In the centre of these two definitions lies uncertainty.
Indeed, a professional accountant should make
predictions (for example, to calculate the present value
of future cash flows), to translate a series of intentions
(for example, to classify securities as financial
Accounting standards that appeal to the professional judgment:

a threat or an opportunity for the accounting profession?
investments or trading securities) and to assess risks
(for example, the estimation of a provision), that is, to
give a simplified and yet faithful image of a reality that
he knows only in an incomplete and uncertain form.
Postmodern state and law since the 1970-80s until

today.
If uncertainty refers to the context of that action, this

relates also to the outcome of the decision made by the
decision-maker. Thus, in the judicial system, decisions
are never perfectly predictable and therefore usually
there is an appeal procedure. But if there is some
personal judgment, we should not confuse the personal
opinion with the professional judgment. The first is freer
than the second, which is based on a set of rules and
standards that have been adopted by a profession
(McHone, n.d., p. 3). Uncertainty is also reduced by the
social pressure. We believe that we are not masters of
our assessments; that we are bound and forced. This is
the public consciousness that binds us. (translation,
Durkheim, 1911, p. 6)
Modernism or modernity are characterized by technical

(science and technology development), economic (the
concentration of the means of production) and
administrative features (the development of invisible
technologies by the development of bureaucracies)
(Chevallier, 2014, p. 12). The cult of Reason replaces
the obedience to Gods (laicization). Only the State is
responsible for making a subtle compromise between
the primacy of the individual and the need to create a
collective order. (translation, Chevallier, 2014, p. 12). It
is based on Aristotelian logic (applicable solutions
where specifications are deducted from the general
rules (translation, Chevallier, 2014, p. 101). Due to the
uniqueness of the law source, the State, one can also
speak about the Jupiterian law or the monistic
conception of law.
The evolution of the accounting standards, along with

the more general developments of the law, leads to
further define the principles which shall be subject to a
deductive reasoning rather than to detailed rules.1 These
standards are relying increasingly more on the
professional judgment 2. This is one of the
characteristics of postmodern law.
2. Towards a postmodern state:

standard over law
Making sense of history raises two major problems:
Defining the historical periods, by their beginning and
their end, reminiscent of the division of time in
accounting exercises;
Qualifying events by defining their features, which
the accounting standard-setter should do, as well.
The recent developments in the law in all its branches
that occurred after the industrial revolution, including the
accounting law, include, after Chevallier (2014), two
major periods:
Modern state and law from the 19th century
until the 1970-80s;
1
2
See also: Lakovic and Puglister (2013).

Sir David Tweedie, at that moment President of the IASB,
declared on October 24th, 2007 in the Subcommittee on
Securities, Insurance and Investments of the United States
Senate: A principles-based standard relies on judgements.
No. 12(144)/2016
2.1. Modernism
The accounting law is subject to that logic, especially in

France, related to the different general accounting
standards issued starting with 1947. The same situation
is registered in Romania starting with the accounting law
issued in 1991. The State is the sole arbiter of conflicts
between private interests expressed within the institution
responsible for standards setting3, the only guarantor of
the public interest. Accounting standards, in this view,
must leave a minimum room for professional judgment,
based on the assumption that it can disrupt this balance
which does not legitimately favour any particular
stakeholder.
2.2. Postmodernism
Postmodernism was born of globalization conducted
between the 1970s and the 1980s, which was not a
simple development of international trade, as it disturbed
profoundly the equilibrium inherited from the Industrial
Revolution. It is characterized by the fact that the State
had to take into account increasing complexity,
confusion, imprecision and uncertainty (Chevallier, 2014,
p. 15). Individualism creates instead a hyperindividualism with social networks and the decline of
intermediate bodies such as trade unions, political
parties, etc. A global civil society, a poorly defined
3
See also: Bernard Colasse (ed.) (2009, p. 1109) and

Colasse and Lesage (2007, p. 113).
1327
international community conquers media space in all

the States. Globalization has greatly limited statehood.
For example, a third of the laws adopted by the French
Parliament were transposing European directives and
most of these authorized the ratification of international
treaties (translation, Chevallier, 2014, p. 110).
The law did not escape without being affected.
Increased complexity and technicality of the texts delight
lobbies and experts communities networks. This means
more to regulate, rather than legislate. The state is
simply an arbitrator of a game whose control was largely
lost. The result leads to weak, slim, pragmatic, flexible
laws. We are moving away from a natural, and thus
universal legislative system. A contingent and
opportunistic law becomes the ideal type, legitimized by
the idea that from the technical point of view it would be
more successful because it comes from professionals,
and would be more democratic because it comes from
down to top. Furthermore, the development of arbitration
in conflicts resolution limits the role of the State in the
execution of arbitral decisions to the extent that States
have (yet?) the monopoly of coercion. In addition,
arbitration is institutionalized by creating the Permanent
Court of Arbitration, for example. But the court of the
public opinion, in turn, could compete with the States
power to sanction, by weighing the companies with an
associated reputational risk, which can sometimes be a
more effective solution, even it is not well-framed. The
recent Volkswagen example reminds us of it, just as the
Arthur Andersen case is still remembered within the
accounting profession. The power of opinion is based on
the media, except for the case in which the media is
based on an opinion, as evidenced, in particular, by the
Panama Papers. But the opinion is also based on social
networks, on the expertise of institutions such as rating,
certification, or qualification agencies, etc. and civil
society organizations such as Greenpeace or, in our
field, Transparency International, Finance Watch, etc.
Accounting standards are a good example of this new
globalization law, built at the initiative of economic
operators (Chevallier, 2014, p. 125), the IASB in this
case, which still needs an European regulation
(Regulation No. 99-02 of 29 April 1999 on consolidated
accounts of Commercial companies and public interest
entities) to give it the force of law. Moreover, the
globalization of law is not only a territorial matter, but
also a matter of content. Thus, the global accounting
standards, the IFRSs, cannot refer to concepts derived
1328
from national laws (the notion of patrimony that comes

from the Civil Code, for example) or tax laws. By
becoming global, accounting standards become
autonomous.
Produced widely by the professionals, applied by the
professionals, inaccessible to the public because of the
technical nature of the topics, and autonomous, it is
logical that these international standards allow the use of
professional judgment in the process of implementation
and interpretation. Thus, moving from a prescriptive law
with a long tradition (Thou shalt not kill) towards an
interpretative law (the professionals quest for relevant,
useful or adapted solutions). In addition, the
professional judgment allows to adapt the international
standards to local circumstances, to form a necessary
glocalization (globalization + localization).
Therefore, we see that a form of legal self-management,
self-regulation, self-discipline (ethical behaviour)
develops under the guidance of professional
organizations that cooperate with the States, but are
dominant in technical matters. Sovereignty is shared,
which involves a contradiction in terms (Frydman,
2000, p. 71).
The postmodern law is also a fragmented law, as it can
be seen from the multitude of issued codes. In France,
today, there are more than fifty codes (Chevallier, 2014,
p. 152): urban development, education, roads, health,
environment, forestry, rural, etc. It is in fact a specialists
law, designed for professionals able to have an opinion
on highly technical subjects.
3. Towards an accounting law that

appeals to the professional
judgment?
While national or international accounting laws and
standards almost do not use the term professional
judgment, we will see that the concept is still very
present through expressions that are veritable markers.
This diversionary use justifies some methodological
details.
3.1. Methodology
It is not possible to achieve a lexicometric research on
the whole accounting law. We limited the search to six
texts for the purposes of this exploratory work:

Four texts dealing with accounting and financial
reporting:
o
The Conceptual framework of IFRS (exposure

draft disclosed in 2015);
The Accounting Directive issued by the

European Commission in 2013;
The French General Accounting Standards

(PCG) updated in 2014;
The Romanian Order no. 1802/2014; and
Two texts which deal with the statutory audit of the

annual financial statements:
o
The Conceptual framework of the ISAs;
The European Audit Directive issued in 2014.
We have not used in our research all the IFRSs or

ISAs as we did not have a single file, comprehensive
of these standards in MSWord format. Therefore, to
achieve the goal of our study, we retained only the
conceptual frameworks on the assumption that they
would be representative for all standards. Therefore,
we achieved only a comparison of some texts that are
roughly similar.
We chose the English version of the European
Directives, but for the French standards, we conducted
a search using the translation of the keywords
suggested by Mnard et al. (2004). For the Romanian
order, the translations were made by the authors of
this article.
A first reading of these documents allowed us to
identify 40 words expressing that the accountant has
resorted to the professional judgment. This last term
was never used. But the need to use the professional
judgment derived from other wordings. For example,
the word relevance requires a human intervention to
determine the relevance of a solution in order to make
a decision. Thus, article 2.4 of the IFRS Conceptual
Framework states: If financial information is to be
useful, it must be relevant and faithfully represent what
it purports to represent. Therefore, the expert must
decide what is relevant, for whom and from what point
of view.
For each of the 40 words or derivatives thereof (e.g.,
relevant or relevance are treated as a single word), we
measured the frequency of their use in various
documents. Thus, the word relevant and its derivatives
are used 95 times in the IFRS Conceptual Framework.
No. 12(144)/2016
We also calculated the frequency relative to the total

number of words of the document, in order to compare
the likelihood of occurrence in texts of different
lengths. Therefore, the word relevant is used 3.6
times for every 1,000 words of the IFRS Conceptual
Framework, as opposed to 0.6 times in the European
Accounting Directive.
Clearly, the importance of a word cannot necessarily be
proportional with its frequency. However, there is little
doubt that a word with a fairly high occurrence is
important. This cannot be just a coincidence.
3.2. Statistics regarding the elements that

indicate the use of professional
judgment
For each of these texts, out of the 40 words, we isolated
the ten words most frequently used in order to reduce
the data presented in Table 1 and Table 2. We
conducted a separation of accounting and auditing rules
to achieve a comparison of texts of a similar nature as
much as possible.
Legal modernism, as defined above, is the result of
the Roman law tradition, which is based on the
legitimacy of the laws origins, its source. Thus, the
French accounting law1 was adopted by the
Parliament, namely a national representation. The
interpretation of law falls on the courts that decide on
behalf of the people. Therefore, the French law leaves
little space for the professional judgment in accounting.
It makes sense that words such as relevant, useful,
estimate, etc., which require some clarifications in
relation to whom or what, can be found with difficulty in
the French accounting standards. The Romanian
Order, whose source of origin is influenced by the
tradition of the French accounting laws, no longer uses
some words that are absent from the French
accounting standards, such as fair or transparent.
The word relevant is used only once. These are all
the common points between these two national
accounting standards. However, unlike the French
accounting standards, the Romanian order uses often
the word estimate (45 times). This is due to the
position of accounting in the Romanian management
culture; it plays a key role as a source for information.
The law from 30th of April 1983 integrated in the French

Commercial Code.
1329
Table 1. The frequency of words that indicate the use of the professional judgment in the accounting laws
and standards
Conceptual framework
IFRS 2015
Words
Frequency
to 1,000
words
European Accounting
Directive issued in 2013
Words
Frequency
to 1,000
words
French standards issued in

2014
Words
Frequency
to 1,000
words
Romanian Order issued in

2014
Words
Frequency
to 1,000
words
Relevant
3.557 Fair
1.274 Assessment1
3.103 Assessment2
3.841
Estimate
3.033 Material
0.849 Necessary
0.703 Material
0.812
Useful
2.621 Necessary
0.751 Probability
0.524 Necessary
0.569
Faithful
2.546 Appropriate
0.718 Decision
0.345 Estimate
0.377
Certainty
1.797 Relevant
0.621 Reliable
0.290 Public interest
0.192
Fair
1.610 Consistent
0.457 Error
0.234 Comparable
0.117
Assessment
1.573 Significant
0.392 Significant
0.221 Faithful
0.109
Necessary
1.348 Comparable
0.327 Appropriate
0.179 Accurate
0.100
Comparable
1.123 Assessment
0.294 Sufficient
0.152 Useful
0.100
Decision
1.123 Substantial
0.261 Comparable
0.138 Appropriate3
0.092
1 In the French accounting standards, the fact that the term "assessment" is cited often comes from the simple fact that it has a double
meaning: assessment purposes to determine a value (for example, assessing an asset; in English: appraisal or valuation) and evaluate
sense to use a critical judgment on a situation (for example, to evaluate the possibility of going concern; in English: evaluation). For the
French accounting standards, the number of occurrences of the word "assessment" is not necessarily significant.
2 The above footnote applies also to Romania.
3 In the column associated to the Romanian order, two words are found positioned in 10th place ex aequo with 11 appearances:
adequate and sufficient. Arbitrarily, we've retained only the first because we were limited to just 10 words.
Source: Authors processing.
Legal postmodernism, by contrast, puts a strong

emphasis on the professional judgment or the experts
reasoning. Thus, the IFRS Conceptual Framework uses
the term relevant 3.6 times for each 1,000 words. The
European Directive, which introduced in the continental
accounting law the concept of true and fair view, is
largely based on general principles (principles-based)
and also uses words such as fair, significant, necessary,
appropriate, and relevant.
The use of these words has, undoubtedly, a rhetorical
function. Is it really necessary to specify that the
information produced should be relevant or useful? Can
you imagine an opposite objective? Certainly, the IFRS
Conceptual Framework states that The objective of
general purpose financial reporting is to provide financial
information about the reporting entity that is useful to
existing and potential investors, lenders and other
creditors in making decisions about providing resources
to the entity. (IFRS Conceptual Framework, art. 1.2) Of
course, the IASB specifies implicitly what is useful, by
producing a set of standards. However, the idea
expressed here is not the same as that which asserts
that the financial statements should be compliant, or in
accordance with written rules.
1330
It is also interesting to note which words are never used.

Thus, one of the major properties of accounting is to
ensure the traceability of financial flows and, therefore,
contribute to transparency, without which there can be
no trust. Trust is the societys as well as the business
worlds cement. The word itself, transparency, is never
used. Indeed, curiously, the IASB Foundations
Constitution, the IFRSs Conceptual Framework, the
2013 European Directive on the annual financial
statements, the French accounting standards in 2014 or
the Romanian order do not use this word. The IFACs
Constitution does not make any reference to it, either.
This is even more surprising, since transparency
requires a common language to ensure that the
information is produced and then interpreted by different
users accordingly. It is no longer mentioned by the
IFACs code of ethics, or the two French Professional
Accountancy Bodies1 or other professional bodies in
1
The two professional bodies in France are: Compagnie

nationale des commissaires aux comptes (CNCC; auditors)
and Ordre des experts-comptables (OEC; accountants in public
practice). Their equivalent in Romania are: Camera Auditorilor
Financiari din Romnia (CAFR) and Corpul Experilor Contabili
i Contabililor Autorizai din Romnia (CECCAR).

their own codes. Opposite to opacity, transparency is
still one of the conditions of existence of a state subject
to the rule of law. This does not mean that everything
should be known by everybody. There are, of course,
access rights, such as computer programmers say,
variables without which there would be no privacy or
trade secret. The secret may be necessary and cannot
cover embezzlement. Transparency can be
intermediated, that is to say achieved through a third
party. Thus, the auditor has access to all of his clients
records, useful for carrying out the engagement and
third parties know through him that these records do not
include elements which constitute or reveal criminal
acts. We must add the fact that access rights are not
transferable. Thus, some recipients of the information
should also be discrete (for example, the elected
members of the Works councils) or professional secrecy
(for example, the auditor or the chartered accountant). If
the need for transparency is universal, the degree of
responsibility of one depends on the degree of access to
information (the secret is not protected everywhere in
the same way as shown, for example, by the bank
secrecy whose definition varies from one country to
another), or it depends on the established balance
between (i) transparency, that allows the exercise of
social control and (ii) business secrets, that can
neutralize any potential hostile actions. This balance
relies largely on the exercise of professional judgment.
The public interest is the central argument of the
legitimacy of the legislature or of the standard-setter,
which is somehow a legislator by delegation. This
concept has a great evocative power. Thus, the
Constitution of the IFRS Foundation uses the phrase
public interest eight times in 19 pages, and that of the
IFAC, 28 times in 17 pages.
None of the two standard-setters define the public
interest; they provide only an institutional response in
terms of governance.
For the IFRS Foundation, the 22 Trustees are committed
to act in the public interest (Constitution, art. 6). It also
states that:
The mix of Trustees shall broadly reflect the worlds
capital markets and diversity of geographical and
professional backgrounds. (art. 6)
The Trustees shall comprise individuals that, as a
group, provide an appropriate balance of
professional backgrounds, including auditors,
preparers, users, academics, and officials serving
the public interest. Normally, two of the Trustees
No. 12(144)/2016
shall be senior partners of prominent international

accounting firms. To achieve such a balance,
Trustees should be selected after consultation with
national and international organizations of auditors
(including the International Federation of
Accountants), preparers, users and academics.
(art. 7)
This highlights that, for the IASB, the public interest is
confined to the interests of financial markets and that the
Trustees are mostly professionals appointed by
professionals.
For the IFAC, the Constitution provides a Public
interest oversight authority, without further clarifications.
These institutional responses illustrate the difficulty to
define the public interest. Gathering people whose
technical competencies and integrity are not questioned,
is not sufficient to ensure a good representation of the
public interest.1
By its nature, public interest is an unclear and contingent
concept. It has a deeply political character. Instead of
being defined, is this concept introduced into the
standards? The IFRS Conceptual Framework does not
mention it either. The same thing is true for the
Accounting Directive 2013 and the French accounting
law and standards. The Romanian Order from 2014
does not mention the public interest. It recognizes the
public interest with regard to public interest entities
(PIE), that is to say that they are of interest for the
public, but it is irrelevant to the public interest or general
interest. In none of these documents, the general
interest found an operational tool or contributed to the
universality of the standards.
The choice of words and the frequency of their use
are an indicator of a certain conception of the laws
in general and of the accounting law, in particular:
a law of and for the experts. Lets see now the laws
and standards related to the financial audit.
The comparison of the texts governing the auditors
professional practice is more complicated because the
texts are not of the same nature. There should be
compared all the International Standards on Auditing
(ISA) with those from France, Professional Standards
(Normes dexercice professionnel; NEP) of the Statutory
Auditors and the Romanian equivalent, which was quite
difficult, given the amount of information that had to be
processed.
1
For this subject see also Burlaud and Colasse (2011, p. 119).
1331
Table 2. The frequency of words that indicate the use of professional judgment in the financial audit law and
standards
IAASB Conceptual Framework, 2005
Words
The Audit Directive, 2014
Frequency to 1,000 words
Appropriate
Material
Reasonable
Sufficient
Relevant
Reliable
Effective
Assessment
Judgement
Consistent
Significant
Words
5.852
4.835
4.326
2.926
2.672
2.163
2.036
1.399
0.891
0.891
0.763
Appropriate
Relevant
Decision
Effective
Assessment
Necessary
Sufficient
Transparent
Significant
Fair
Material
Frequency to 1,000 words

2.264
1.932
1.049
0.939
0.939
0.883
0.552
0.442
0.331
0.331
0.276
Despite these limitations, it is revealing to see how the

ISAs use the following words: adequate, meaningful,
reasonable, sufficient, relevant etc. These words require
the professional judgment. The European Directive uses
the same words, but with a systematically lower relative
frequency. The Anglo-Saxon influence has been
definitely mitigated by other European countries legal
tradition.
Conclusions
On the edge of a postmodern accounting standardization,
the IASB promotes, on the one hand, transparency and
comparability and, on the other hand, the relevance to
support investors decision-making processes (IFRS
Conceptual Framework, art. 2.a). However, there may be a
conflict between these two objectives.
The use of professional judgment does not contribute to
transparency. Indeed, the choices made by those who
prepare the financial statements and the auditors are
documented in short, either in the notes to the financial
statements or in the audit report. They often use
standard formulas, which have a rhetorical purpose,
such as: appropriate solutions, according with the
practice of the profession, reasonable assurance, etc.
In addition, the professional judgment is subjective by
definition, and can lead to different responses to the
same questions. Then, what about comparability? The
areas of interpretation should be reduced and standards
with detailed rules should be issued (rules-based).
Moreover, mentioning the public interest and relevance
of financial reporting for investors, the assertion of
1332
substance over form, principles-based standards,

extends the use of professional judgment beyond what
is necessary for the implementation of the old traditional
rules that ensured conservatism1. We can see the
paradox of using the professional judgment, a recourse
that we have demonstrated with the lexicometric study,
which penalizes transparency and comparability for the
benefit of relevance, a concept which is difficult to
define.
Is this fundamental evolution of the accounting
standards, moving from the stage of Jupiterian (or
royal) law to a law that is co-produced with the
professionals, by and for the experts, outside the
national representation, a threat or an opportunity for the
accounting profession?
This is indisputably a threat for the public interest,
represented in the process of issuing the accounting
standards only by pressure groups which are not
legitimate to represent it, as long as other stakeholders
are absent. Thus, counter-powers are necessary. Will
the EFRAG reach the expectations?
From the accounting professions point of view, the broad
use of professional judgment in the production and
auditing of financial information is beneficial. This is an
opportunity. Professional expertise is a key element. But
according to the principle that profitability increases along
1
This rule that almost disappeared from the IFRS Conceptual

Framework is evoked only in art. 2.18, but it is associated
with neutrality, in order to not undervalue the net assets in a
systematic manner.

with the associated risks, professional accountants
witness a due care evolve into the obligation to achieve a
result. Compliance with the standards is a mean,
relevance is a result1. In this case, it is a threat.
This evolution of the accounting law leaves us today
in the middle of a bridge with a hybrid law: it still
relies on the reputation of the past, especially in the

individual financial statements, and has a possible
future, less predictable, especially in the
consolidated financial statements. But one should
not confuse change and progress. Nothing is
decided yet.
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_contabilitatii.htm, [Accessed on November 12,
2016].
17. McHone, S.P. (n.d.), Personal versus professional
judgment, Liberty University, [pdf] Available at:
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http://cpaphd.com/professional-v-personaljudgment.pdf, [Accessed on November 12, 2016].

18. Mnard, L. et collaborateurs (2004), Dictionnaire
de la comptabilit et de la gestion financire, 3eme
Edition, Institut Canadien des Comptables Agrs ICCA.
19. Ministerul Finanelor Publice (2014), Ordinul nr.
1802/2014 pentru aprobarea reglementrilor
individuale i situaiile financiare anuale
consolidate, Monitorul Oficial nr. 963/30.12.2014.
20. Order of 22 June 1999 approving French
Accounting Regulation Committee Regulation 9902 of 29 April 1999 on the consolidated financial
statements of commercial companies and public
enterprises.
Auditadoption
financiar, XIV,
12(144)/2016,
1335-1348
The
of Nr.
integrated
reporting
principles by the Romanian
ISSN: 1583-5812; ISSN on-line: 1844-8801
companies listed at the Bucharest Stock Exchange
The adoption
of integrated
reporting
principles by
the Romanian
companies
listed at the
Bucharest
Stock
Exchange
Ioana SOFIAN,
Bucharest University of Economic Studies,
E-mail: ioana.sofian@yahoo.com
No. 12(144)/2016
Abstract
This paper aims to identify a company with Romanian
capital that has potential to implement the integrated
reporting principles, with real benefits in attracting
investors and/or building an international reputation. To
achieve this goal, we performed a study on companies
listed at the Bucharest Stock Exchange that operate in
different sectors. We analysed the investment
opportunity, the reports published currently by the
companies and their compliance with the International
Integrated Reporting Framework in the view of preparing
an integrated report. The case study revealed a high
potential for the implementation of integrated reporting
within Antibiotice Iai S.A. As compared to all the
selected companies, this companys reporting practices
are currently the most similar to the integrated reporting.
However, for the other companies, the option to publish
an integrated report is viable under certain conditions,
particularly in order to build a business card that is
internationally recognized and universally comparable.
Keywords: Integrated reporting, Romania, value
creation, listed companies.
JEL Classification: M14, M41

Sofian, I. (2016), The adoption of integrated reporting principles
by the Romanian companies listed at the Bucharest Stock
Exchange, Audit Financiar, vol. XV, no. 12(144)/2016,
pp. 1335-1348, DOI: 10.20869/AUDITF/2016/139/1335
1335
Ioana SOFIAN
Introduction
The Integrated Reporting concept fits the modern
vision of a performant entity, a vision that goes beyond
the economic sphere. Thus, a company reinforces its
market brand if it is involved in actions related to
environmental protection and societal development. The
relevance of an integrated report comes from how the
description of the value creation process for all
stakeholders really leads to attracting investors and
shapes a clearer and more comprehensive image for
any user of this mix of financial and non-financial
information.
In 2010, the International Integrated Reporting Council
(IIRC) was founded in order to create an international
framework of integrated reporting. Thereby, it brought a
contribution to the development of a new type of
reporting that shows in a unique, concise and
comparable format the aspects linked to the past or
future impacts or an entitys performance (IIRC, 2010).
In the next year, the organization started a pilot
programme that had an important role in the
development of the integrated reporting framework, an
approach that led to the involvement of over 100 entities
worldwide (IIRC, 2011).
Integrated reporting is concerned with the process of
creating value for all stakeholders over the medium and
long-term, through a mixed approach or, more
specifically, through one report accessible to all
stakeholders that shows how social and environmental
performance and good governance contribute to a
higher financial performance (Eccles and Serafeim,
2011). The concept of integrated reporting as defined by
the IIRC in the International Integrated Reporting
Framework (IIRF) proposes the creation of integrated
thinking within an entity, directing the disclosures
towards its true development power. Moreover, the idea
of integrated reporting is not related to the reporting
itself, but to the appropriate communication of a
companys responsible behaviour (Almond, 2015). It can
also be considered that integrated reporting is a
marketing tool. An entity which choses such reports
shows an additional involvement that increases the
investors interest and guarantees the reading of the
report (Giuclea, 2013).
In addition to a holistic approach of the business and the
satisfaction of investors informational needs through
environmental, social performance and governance, the
1336
literature has found that integrated also reporting brings

internal benefits such as a lower reputational risk and a
better allocation of resources and worldwide regulatory
benefits, building a universally accepted language that
facilitates the comparison of the communicated
information (Eccles and Saltzman, 2011).
The communication of non-financial aspects was
voluntary for the large European companies until the
adoption of the Directive 95/2014/UE, applicable from 1st
January 2017. More specifically, large public interest
entities with over 500 employees are required to add a
nonfinancial declaration to the boards report or to
publish a separate report describing the business model
and the environmental, social and personal policies,
human rights, combating corruption and bribery, as well
as the analysis of the results and risks associated to
these policies. This regulation comes to make the
companies in Europe, Romania included, aware of the
importance of maintaining a communication that is
adequate in relation to all the stakeholders interests and
informational needs.
In fact, integrated reporting is a practice based on
achieving harmony between the world of the financial
statements and the one of the sustainability reports (Van
Bommel, 2014). Most large companies already publish
sustainability reports. Given the fact that 49% of entities
that publish integrated reports in compliance with the
IIRF are from Europe (Chersan, 2015), this directive
represents the first impulse to the implementation of this
practice in more companies, including the ones with
Romanian capital that operate in Romania.
The IASB conceptual framework places the investors
and the creditors at the top of the information users
classification, with the argument that their informational
needs are similar and cover the interests of all other
categories. Furthermore, the users cannot require
directly the disclosure of the information, being forced to
rely on the reports published by the companies (Dima
and rmt, 2011). Thus, although the information
presented in the financial statements are useful to all
users, the presentation focused on the investors and
creditors informational needs is privileged, a fact from
which we can deduce the importance granted to the
financial markets around the world (Ristea, Olimid and
Calu, 2006).
Therefore, apart from the idea of creating value,
integrated reporting becomes a bridge between the
companies and the capital markets. It facilitates the
The adoption of integrated reporting principles by the Romanian

understanding of their business strategy and how they
obtain performance and create value (KPMG, 2011).
The 2015 integrated report of the IIRC mentions that
71% of the investors consider that integrated reports
are important for the decision-making process (IIRC,
2016). However, the factors that affect the
investment decision in a company are not limited to
the companys reporting, but also to the sectors
attractiveness or even to the investors personality.
Understanding the sector in which companies
operate and the associated risks allows the
companies to improve their non-financial reporting
practices, which ultimately leads to greater
transparency on the capital markets (Eccles et. al.,
2012).
The company should be the first to benefit from all
the costs involved in the preparation of an integrated
report: compliance with the IIRF, with the
requirements of all interested parties, continuous
innovation, the amount of work and time devoted by
the people who participate at the preparation of the
report. Thus, we consider that a companys listing on
the stock exchange does not only mean obtaining
financial resources (for the business) and dividends
(for investors), but it also involves a different type of
connection to the international environment, greater
comparability of the published information, and even
a positioning among the largest companies in the
world, which is why the company should be more
motivated to publish higher quality reports.
According to the IIRF, an integrated report presents
the value creation process along with the
contribution to this process of all the capitals
(financial, manufactured, natural, human, social and
relationship, intellectual), in such way as to comply
with the seven integrated reporting guiding
principles: strategic focus and future orientation,
connectivity of information, stakeholder relationships,
materiality, conciseness, reliability and
completeness, consistency and comparability.
The objective of this paper is to identify the potential
of listed companies in Romania to adopt integrated
reporting and the benefits that come with this
decision. To this end, we performed a case study
type analysis of Romanian companies listed at
Bucharest Stock Exchange (BSE).
No. 12(144)/2016
The importance of this research lies in the fact that

integrated reporting is a relatively new practice and
almost non-existent within Romanian companies.
Romania can become a favourable place for the
implementation of integrated reporting through the
companies listed at BSE, which already have an
image and a market of interest for the different
categories of users.
The paper is structured as follows: the second
section represents the research methodology. The
third section briefly presents the selected companies
and the industry in which they operate. Section four
includes the study of the reports published currently
by the selected companies. Section five examines
the entities in terms of their potential to adopt
integrated reporting. The last part includes the
conclusions and limitations of the study, as well as
future research opportunities.
1. Research methodology
The objectives of this paper are (i) to analyse the
potential of Romanian companies listed at BSE to
adopt integrated reporting and (ii) to identify some
possible benefits arising from this decision.
To achieve this goal, we realized a case study
regarding the Romanian companies listed at the BSE.
There were selected 12 companies from different
industries, all having Romanian capital. The selection
process consisted of choosing, from the components
of the BetPlus index, the companies with Romanian
capital and with an average number over 500
employees. To calculate the percentage of Romanian
capital, the value of the field others from the
subcategory Shareholders structure on the Summary
page of each company available on the BSE website
was not considered.
We analysed the industry in which the selected
companies operate in terms of the impact of the
decision to invest in such companies. We studied the
reports and the information published currently by
these companies, and then we determined which
company has the potential to adopt integrated
reporting and any related benefits based on a
qualitative research.
More specifically, this study aimed to find answers to
the following questions:
1337
Ioana SOFIAN
Does integrated reporting help to attract investors?

To what extent do the characteristics (attractiveness)
of the sector determine a company to adopt a
superior form of reporting?
Does integrated reporting allow companies to
become international?
This research is important for auditors too, because the
need to present non-financial information brings with it
the need to verify their credibility and the assurance of
integrated reports is performed by auditors (Dumitru and
Gue, 2016).
2. Listed companies at the

Bucharest stock exchange
This research is based on the study of reports and
information published by the selected companies on
their own website. In the BetPlus index there are
included 28 companies, but only 18 of them have a
majority of Romanian capital. 12 out of the 18
companies have an average number of over 500
employees. Thus, the characteristics of the 12
companies listed at BSE that were selected for this
study are presented in Table 1.
Table 1. Companies with Romanian capital listed at the BSE

No.
Company
1
2
3
4
5
Aerostar
Antibiotice
Artego
Compa
Conpet
Electromagnetica
7
8
9
10
11
12
Nuclearelectrica
Oil Terminal
Romgaz
Transelectrica
Transgaz
Vrancart
Romanian
capital
Sector
Industrial (aircraft and spacecraft)
Pharmaceutical
Industrial (rubber products)
Industrial (auto parts and accessories)
Services (pipeline transport)
Industrial (instruments and devices for measuring, testing,
control and navigation)
Utilities (electricity)
Services (manipulations)
Utilities (natural gases)
Utilities (electricity)
Utilities (natural gases)
Industrial (paper, paperboard and paper packaging)
Number of
employees
86,17%
66,57%
84,82%
54,60%
58,72%
1.600
1.465
1.176
1.660
1.709
54,90%
626
82,50%
59,62%
70,01%
58,69%
58,51%
74,72%
2.051
1.016
6.233
2.180
4.854
903
In the following, we will present the characteristics of

each industry in terms of the investment opportunity in a
company that operates in a specific industry.
The pharmaceutical sector is characterized by an
inelastic demand, the consumption of
pharmaceuticals being independent of changes in its
price, regardless of the stage of the economic cycle.
In the context of aging population and declining birth
rates (INS, 2015), in Romania it occurs an increase
of the demand for pharmaceutical treatments
(Cealera, 2014). This situation leads to the allocation
of a larger proportion of the consumers and States
financial resources to this type of expenditure and,
thereby, to the increase of the manufacturing
companies earnings, with a direct and positive effect
on the market price of their securities.
1338
Also, the demand in this sector is atypical, most of the

pharmaceuticals being offered under prescription.
Therefore, the decision factor is the medical professional
who prescribed it or the pharmacist, and the treatments
are usually covered by the national system of health
insurance (European Commission, 2009). Thus, this
sector has a long cash conversion cycle due to the delay
in refunds and repayments in the health insurance
system. This can become a problem through the
increase of the debt ratio caused by the lack of liquidity
and can lead, on the long term, to the insolvency of the
producers or distributors of pharmaceutical products.
Therefore, the pharmaceutical sector presents
favourable investment perspectives because it is
characterized by a low risk, being one of the best
regulated industries in the world (IPE, 2011).

The public utilities sector is also an area characterized
by an inelastic demand because consumers will
continue to require utilities, regardless of their price. It is
a sector with an oligopoly type of competition, with only
few companies providing such services in Romania. In
theory, the prices are formed freely, based on supply
and demand, but in practice they are dictated by
international political and economic circumstances and
the interests of natural gases and electricity suppliers. In
addition, the price of natural gases is closely connected
to the evolution of the oil price; the recent dynamics of
the oil price has also influenced the price of the natural
gases. The investment in this sector is considered to be
favourable because natural gases are the most used
energy resource1 and Romania has the largest market of
natural gases in Central and Eastern Europe2. However,
it should be taken into account the seasonality of natural
gases consumption, with a maximum in the cold season
and a minimum in the warm season.
Regarding the Romanian industrial sector, the latest
available Statistic bulletin of industry states that
industrial production increased by 5.3% in August 2016
as compared to August 2015. Among other reasons, this
variation was due to an increase of 23.9% of the motor
vehicles, trailers and semi-trailers manufacturing, an
increase of 27.1% of the electrical equipment
production, a reduction of 16.8% of activity in the field of
machines and equipments repairing, maintenance and
installation and an increase of 12.7% of the paper and
paper products manufacturing (INS, 2016).
It can be observed that most of the companies selected
for this study operate in the industry or the public utilities
sectors. We believe that their listing on the BSE is an
asset and another reason for which it may be considered
that the option for a superior form of reporting signals an
additional involvement, therefore a redefinition of the
already achieved successful image.
As examples of benefits derived from the
implementation of integrated reporting we can mention:
attracting new investors (financial resources),
strengthening consumers confidence, contribution at the
community welfare and environment protection. All these
features may have an important contribution to the
https://ro.wikipedia.org/wiki/Industria_energetic%C4%83_%C
3%AEn_Rom%C3%A2nia#Gazele_Naturale
2 http://www.anre.ro/ro/gaze-naturale/informatii-de-interespublic/piata-gazelor-naturale
1
No. 12(144)/2016
choice of the products and services offered by one of

these companies over others in the same sector. In the
case of a potential responsible investor (concerned of
non-financial aspects), integrated reporting can
significantly influence its decision to invest in a listed
company.
3. Analysis of the reports

published by the companies
listed on BSE
We analysed the annual reports published by each of
the selected companies by consulting the documents
available on the BSEs website and on each
companys website. We used 2015 as a reference
financial year.
Apart from the Accounting reporting in compliance with
the Ministry of Public Finance Order no. 123/2016, the
Budget of Income and Expenses, the Independent
Auditors Report and the financial statements prepared
in accordance with the IFRS, the selected companies
publish the Regulation/Code of Corporate Governance
and other reports, as shown in Table 2.
The annual reports (sometimes called Annual
Directors Report or Board of Directors Report)
published by all of these companies are, in fact, drawn
up in accordance with the Regulation no. 1/2006 of the
National Securities Commission (Comisia Naional a
Valorilor Mobiliare CNVM, currently the Financial
Supervisory Authority). Thus, these include aspects
related to the activity of the company in the last
financial year (including the financial statements),
social responsibility and environmental protection, risk
management, perspectives of the business,
information about the management of the company
and its securities market.
In addition, many companies publish on their websites
some presentations addressed to the investors which
contain brief information about the activity carried out
in that year.
In this part of the paper, there will be presented other
useful information about the content of a potential
integrated report, available on the companies
websites. All entities have a separate section
describing briefly the mission, vision and the set of
values that form the companys business philosophy.
1339
Ioana SOFIAN
Table 2. Other reports published by the selected companies listed at BSE

No.
Company
BSE symbol
1
2
3
4
Aerostar
Antibiotice
Artego
Compa
ARS
ATB
ARTE
CMP
Conpet
COTE
6
7
8
Electromagnetica
Nuclearelectrica
Oil Terminal
ELMA
SNN
OIL
Romgaz
SNG
10
Transelectrica
TEL
11
Transgaz
TGN
12
Vrancart
VNC
Additional reports published

Annual report
Annual report
Board of Directors Report
Annual report
Annual report regarding the awarded sponsorship
Quarterly report on environmental performance
Directors Report
Directors Report
Annual Report (of the Directors from 2013)
Annual report
Directors Report
Social Responsibility
Annual Report
Environmental Report (latest version of 2007)
Impuls Journal (latest version of 2009)
Annual Directors Report
Corporate Social Responsibility (CSR) Brochure (latest revision in 2014)
Board of Directors Annual Report
The annual report published by Aerostar, Artego, Oil

Terminal and Vrancart are strictly aligned with the
requirements of the CNVM Regulation no. 1/2006,
presenting aspects related to environmental protection in
the section that measures the businesss impact on the
environmental factors. At the same time, there are
presented issues related to corporate governance, risk
management and a summary of the financial results of
the last year. In addition, their webpages do not contain
any other non-financial information. The annual report
published by Aerostar presents, in a more interactive
and comparative manner, the companys plan at the
beginning of the year, the results obtained during the
year and future perspectives. There is a focus on
sustainable development and environmental protection.
Oil Terminals annual report is composed of several
reports and statements, out of which the Directors
Report gives a black and white image of the company.
Vrancart publishes a brief annual report, well-structured,
with an interactive format, including the impact of the
companys activity on water, air and soil and the CSR
actions carried out in support of the local community.
The annual report published by Antibiotice Iai is
interactive and mixes financial concepts with progresses
in the social and environmental fields. It starts with the
Boards messages, business description and the
1340
presentation of the companys strategic orientation. The

bulk of the report is the description of the performance
obtained in various fields during the year: actions and
results of the research, the quality of the manufacturing
process, investment policy, marketing policy, export
policy, the relationship with interested parties, human
resources policy.
In the chapter entitled Social responsibility, there are
presented the social, educational and cultural projects in
which the company is involved and their results, showing
Antibiotices involvement in the communitys welfare.
Examples of such CSR programs: Foundation
Antibiotics Science and Soul, Donate blood! Save a
life!, The power of action. Environmental aspects are
presented in the same chapter, in the section Promoting
environmental protection, where the company describes
its policy in relation to water quality, air pollution, energy
use, soil protection and waste management. Examples
of environmental programs: Be pro nature. Involve! and
the participation at the Earth Hour initiative.
The companys involvement continues beyond the
report, through the section Partnerships in education on
its webpage. The company sponsors patients treatment
and medical research, showing a list with real
beneficiaries. Moreover, in News section there are
presented the A+ Summer School or the Perform a+

project, and in Sports partnerships section, the
company states that it supports the volleyball team
Penicilina.
Compa S.A. includes in the annual report a brief section
entitled Social responsibility presenting the principles
and rules in this area applicable within the company and
a few actions of community support. This entity does not
draw up environmental or social reports, but it offers
some information on its website regarding its philosophy
in terms of environmental protection, human resources
and social responsibility. The section About COMPA
contains the following categories:
The concern and care for the environment the brief
description of the environmental policy, quarterly
briefings for the stakeholders (still in progress) or the
environmental announcements for a certain period of
time;
Social responsibility reference to the principles of
ethics and transparency respected within the
company and the results of its involvement in
community life;
COMPA principles brief presentation of the
companys philosophy in terms of clients,
performance, law, respect of the environment and
investment in people;
European projects the company has implemented
European projects in order to develop the human
resources, energy efficiency and to increase the
competitiveness of its research and its innovation
capacity.
Conpet S.A. publishes a quarterly report on
environmental performance to briefly describe how the
companys activity affects the environment (water, air,
soil), the waste management policy and legislative
issues regarding environmental protection. The entity
also publishes a sponsorship report, offering
transparency for its actions regarding the development
of the local community and showing details of the
sponsorships granted. Its website contains information
related to social responsibility and environmental
protection within the Policies, section where there are
summarized information concerning:
Social responsibility the company provides
sponsorship for cultural and artistic events, national
health campaigns, sports clubs, competitions and
school competitions (all detailed in the annual report
on sponsorships);
No. 12(144)/2016
Environmental responsibility development of an

environmental management program, detailing the
commitments for the environment and the existence
of an environmental management system
continuously improved (detailed in the report of the
environmental performance).
Electromagnetica also presents on its webpage a
section entitled Social responsibility and there are
mentioned actions like Small joys from
Electromagnetica, ecological activities and students
support activities.
Nuclearelectrica describes on the website its CSR
actions in the section with the same name. There is
presented a statement of corporate social responsibility,
the projects implemented in this area (example: Receive
a tree in your family) and the work performed to support
the local community in Cernavod.
The Romgaz webpage has a section entitled CSR which
contains the following categories: environment,
community, education, health, culture, sports and
sponsorship guide. Within each one of them, the
company briefly describes its policy of environmental
protection, social involvement programs to which it takes
part, the projects through which the entity invests in
education, health system, sports and cultural events. All
these issues are centralized in a report named
ROMGAZ social responsibility available on the
companys website. Examples of CSR projects:
participation in Earth Hour initiative, the program Offer a
book, create a library, Cinema-edu project, Green
Hospital project, sponsoring cultural events in Sibiu,
involvement in the sporting community.
The annual report of the company Transelectrica is a
combination of several reports and it has a colourful and
interactive content. Among these reports, lies the Report
on Corporate Governance and Social Responsibility. In
this report, there are also included the results of the
CSR projects in which the company was involved,
matters related to the employees treatment and actions
and results regarding the environmental protection.
Also, the Environmental report (last edition from 2007) is
a document that improves the companys image and that
is available both in Romanian and English. It describes
the environmental policy, the actions and results
obtained during the year. It is probable that the
information contained in this report will be included, in
part, in the next years annual reports. Furthermore,
1341
Ioana SOFIAN
Transelectrica published, until 2009, the Impuls Journal

as a statement of the main news from the field, so it also
offered information related to the sector.
With regard to Transgaz, using the motto A
responsible company is a company of the future, the
company creates the CSR Brochure entitled People
and facts, the last available edition being from 2014.
This document summarizes the companys social
responsibility and volunteering actions and the
projects proposed for the future. The entity presents
its philosophy regarding social responsibility and
justifies the option to engage in this type of actions.
CSR areas in which this company declares to
operate are: community development, education,
sports, arts and culture, humanitarian actions, health,
environment, while the policy adopted in each one of
these areas is presented briefly. Examples of CSR
projects: The green Olympics, We invest in the
future, Hand in hand, People to people. All these

programs are described in the brochure, including
the results of their implementation. Other voluntary or
charitable projects are: Give a smile; Donating blood,
you can save a life!; Next to you. In addition, the
company presents within the brochure the impact of
these projects by disclosing the feedback received
from the organizers. There are presented a series of
anniversary achievements and then participants
opinions of the persons responsible for the projects
are quoted. The document appears as a magazine
with pictures and famous quotes, in accordance with
the philosophy declared. CSR policy is detailed on
the webpage, in the CSR section.
Therefore, like any other large company, each one of
the selected entities shows its more of less intense
involvement in the welfare of the society as a whole, in
the most appropriate way at the time of reporting.
Figure 1. Number of pages of the selected companies annual reports
Vrancart
Transgaz
Transelectrica
Romgaz
Oil Terminal
Nuclearelectrica
Electromagnetica
Conpet
Compa
Artego
Antibiotice
Aerostar
50
100
number of pages
150
200
250
From a structural point of view, as it can be seen in

Figure 1, the most complex report belongs to Transgaz
with over 200 pages, followed by Oil Terminal, and third,
the company Transelectrica.
The average number of pages of an integrated report
in 2015 was 148 pages, a decrease as compared to
the previous years (EY, 2016). Analysts argue that an
integrated report should be concise and, at the same
1342
time, comprehensive. Thus, the option for 200 pages

or more is not the best choice thinking that a user will
get tired reading the reports of several companies at
once, which would decrease the investors interest in
the companies (PwC, 2016). Therefore, the analysis
will proceed with the study of the quality of these
reports in terms of the image of the company they
represent.

4. The potential to adopt

integrated reporting principles
Strategy and performance obtained in the area of

social activities and environmental protection;
In order to determine the potential of adopting integrated

reporting principles, we analysed the possibility of the
these companies reports compliance (considered as
one document) with the IIRF, more specifically by
observing the following requirements:
As noted in the third part of this paper, each one of the

selected companies presents aspects related to
governance due to a specific requirement resulting
from their status as BSE listed companies, publishing
a document for this purpose. Therefore, all companies
currently have the informational resources to
potentially prepare this content element of an
integrated report.
Business focus to sustainable development.
Compliance with the seven principles of integrated

reporting;
Presentation of the business model;
Table 3 presents a summary of the compliance with the

IIRF requirements for each selected company. In order
to complete this table, there was considered all the
information contained in the additional reports published
by the selected companies and mentioned in Table 2.
Description of all types of capitals contributing to

value creation;
Presentation of the items related to corporate
governance and risk management;
Table 3. The compliance with the IIRF of the additional reports of the selected companies
Company
Requirement
IR principles
Capitals
Business model
Sustainable
development
Social activities
Environmental
protection
ARS
ATB
5/7
4/6
Yes
7/7
6/6
Yes
Yes
ARTE
CMP
COTE
5/7
4/6
Yes
5/7
4/6
No
5/7
4/6
Yes
Yes
No
No
No
Yes
No
Yes
Yes
Yes
ELMA
SNN
OIL
SNG
TEL
TGN
VNC
5/7
4/6
Yes
7/7
6/6
Yes
5/7
4/6
No
5/7
4/6
Yes
5/7
5/6
Yes
5/7
4/6
Yes
5/7
4/6
Yes
No
No
Yes
No
Yes
Yes
No
No
No
No
No
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Artego and Aerostar are listed at the BSE since 1998;

the News section on Artegos website provides the
annual reports since 2010. On the Aerostars webpage
there are available the annual reports starting with 2012.
Regarding Aerostar, the description of the business
model is included in the sections Mission, present and
future and Aerostars business within the annual report.
There have not been significant changes in the structure
or content of the reports available for these two
companies.
improved and multiplied over time. A simple review of

these reports points to a clear evolution of the interactive
way to present the business and the achieved
performance. The report is quite concise and presents a
relatively ascending trend in the number of pages (as a
result of the multiplication of the projects undertaken).
We consider that Antibiotice Iai can benefit from the
Takeda model (Japan), which was analysed by Dumitru
and Jinga (2015) in the idea of a potential
implementation of integrated reporting.
Antibiotice is listed at the BSE since 1997 and the

companys website provides annual reports starting with
2003, the first significant content change being in 2009.
The presentation of the business model is made in the
section Companys profile, and the strategy and
performance are based on several programs which were
Compa is also listed at the BSE since 1997 and it has

available on its website the annual reports since 2008
until present day. A continuous increase of the
documents number of pages and an image
improvement starting with 2010 has been noticed. The
company chooses to use its webpage in order to provide
No. 12(144)/2016
1343
Ioana SOFIAN
details regarding the non-financial aspects. The

international activity performed by Compa allows it to be
included, from the standpoint of integrated reporting, into
the category of the regulatory benefits mentioned
previously. The companys international activity can also
represent a motivation for choosing the practice of
integrated reporting, based on the transparency and the
reliable and responsible image which it would bring. We
believe that, depending on the impact of the nonfinancial statement that must be prepared starting with
January 1st, 2017, this company may consider the
implementation of integrated reporting, having as a
model the approach of the Volvo Group, member of the
Pilot Programme initiated in 2011 by the IIRC.
Conpet is listed at BSE since 2004 and the users can
find on the companys website the annual reports
starting with the same year. It has been noted a
continuous increase of this documents volume and, in
terms of content, the presentation is still made in black
and white and follows the same structure.
Electromagnetica is listed at BSE since 1996 and its
webpage provides annual reports since 2013. The
Directors Reports do not show present changes of
format or content in the period 2013-2015. In order to
choose integrated reporting, this company has the
example of Showa Denki from Japan, also a member of
the Pilot Programme initiated by IIRC.
Nuclearelectrica is listed at the BSE since 2013. On
its website, the annual reports are available for the
period starting with 2000. The report for 2000 is in
Romanian, in black and white and it is very brief, with
only 16 pages. From 2001 until 2007, the report is
presented in English and shows improvements both in
terms of structure (since 2004 it is presented in colour)
and content (larger and more interactive). From 2008
until 2012, the document has a new structure, with an
average length of 41 pages, and continuous
improvement are made to its appearance. From 2013,
the report changes its name from Annual Report to
Directors Annual Report and its structure and quality
are reconfigured. The 2014 report is the result of a
continuous improvement process, the company
presenting the best version of the annual report and
getting closer to the concept of integrated reporting.
This entity has also an international example in the
company State Nuclear Energy (Rosatom) from
Russia who was a member of the IIRC Pilot
Programme.
1344
Transelectrica is listed at BSE since 2006 and its

website provides annual reports starting with 2002.
Between 2002 and 2005, the annual report contains the
financial statements prepared in accordance with the
IFRS. Since 2006, the annual report completes its
structure with other information in addition to the
financial statements, with a continuous improvement
until 2011. In 2012, the CNVM Report and Directors
Report are published as annual reports: the first is
prepared in accordance with the CNVM Regulation no.
1/2006 and the second presents, in an interactive
manner, the companys activity during the year and its
impact on the society and environment. From 2013 to
the present, the annual report is a unique document
including all the previous reports, with an improved
content and structure, with an average length of 143
pages. A model of integrated reporting for this company
is Enel from Italy, also part of the IIRC Pilot Programme.
With regard to Transgaz, this is listed on the BSE since
2008 and provides annual reports published since 2004.
If during the period 2004-2011, the annual report
consisted only of financial statements according to IFRS,
starting 2011, this document is called the Directors
Annual Report and has a new structure. In 2012, the
report started to become increasingly bulky, reaching a
number of 212 pages in 2015. From 2013, the report is
presented in colour, except for 2015 the company
published a scanned black and white report.
In addition, it cannot be said that the only report on
corporate social responsibility (last update in 2014)
aligns with any IIRF requirement because it deals with
only one part of a potential integrated report. However,
there are presented the actions and the results of the
humanitarian and voluntary programs, the development
of the society and environmental protection. The
document is interactive, concise, reliable and shows a
focus towards the future, but it represents only a part of
a potential whole. We believe that, through this
document, Transgaz has a starting point in preparing the
statement required by the Directive 2014/95/EU and, of
course, the potential to choose integrated reporting in
the future. A comparison with a company from the same
sector which was a member of the Pilot Programme
initiated by IIRC, respectively Enags from Spain,
reveals that the Romanian company must keep making
steps towards the idea of an integrated report.
Meanwhile, although it has a model, the decision to
implement integrated reporting depends on the extent to

which this State-owned company considers relevant the
efforts to attract foreign investors or prefers to remain in
the national community already built and enjoy the
responsible image already formed; more specifically, the
adoption of the integrated reporting principles depends
on the extent to which this company is interested in
becoming an international brand.
Vrancart is listed at the BSE since 2005 and its
webpage provides the annual reports prepared
according to the CNVM Regulation no. 1/2006, starting
with the same year. The structure of the report is
maintained between 2005 and 2011, with an average
length of 17 pages. In 2012 the report is presented in a
new structure and in a new colour and interactive form.
A possible example of integrated reporting for Vrancart
could be Fibria Cellulose from Brazil, a global producer
of eucalyptus pulp and a member of the Pilot
Programme initiated in 2011 by the IIRC.
As for the types of capitals, most of the companies
selected for this study do not present in their reports
aspects related to the intellectual or social and
relationship capital.
Within the integrated reporting principles, there was
considered the information contained in all the reports
published by each entity. Most of the companies do not
comply with the materiality principle, given that they are
required to have a list of content elements through the
CNVM Regulation. Also, few companies explain how
they understand and answer the informational needs of
all stakeholders, which is why the principle regarding
stakeholders relationships is not fulfilled by most of the
companies. Meanwhile, the compliance with every
guiding principle can be improved for each company
because there were not analysed any integrated reports.
The results presented in Table 3 are determined with a
relevant level of tolerance.
After analysing all of these aspects, we consider that,
from the selected companies, Antibiotice Iai S.A. has
currently the greatest potential to adopt the integrated
reporting principles. The annual report published by
Antibiotice complies with most of the IIRF requirements
and, in addition, its image is very close to the idea of an
integrated report. The company is considered to have
the greatest potential because of how it explains its
business philosophy and value creation process and due
to the reduced volume of work that the implementation
of these principles would entail. Thus, the company is
recommended to approach a superior reporting model,
No. 12(144)/2016
especially since the company operates on the

international market (exports) and integrated reporting
can make a difference in outlining its international
business card.
Significant changes for the implementation of the
integrated reporting are also attributed Nuclearelectrica,
as its annual report fulfils most of the IIRF specifications.
But the document is still focused on the structural
elements mentioned in CNVM Regulation no. 1/2006.
Nuclearelectrica receives second place in the hierarchy
of companies with the potential to adopt the integrated
reporting principles for the continuous improvement of
the reports content, especially after being listed.
Among the other companies, due to the fact that have
successful models to follow and a sector favourable to
investment, to the extent to which they consider it is a
good option, the companies that can choose integrated
reporting are the following: Romgaz, Transelectrica,
Aerostar, Vrancart and Transgaz.
Conclusions
Integrated reporting is a practice under development and
it becomes more and more popular because a lot of
companies discover its multiple benefits. The
conclusions will be summarized in relation to the papers
objectives.
With regard to the first objective, the last IIRC annual
report points that 71% of the investors use integrated
reporting in the decision-making process. Thus, beyond
the idea of supporting a new trend in the area of
reporting, this practice is actually desired by investors.
With regard to the second objective, understanding the
sector in which a company operates helps it to draw a
better orientation of the reporting towards the nonfinancial aspects.
From all the industries in which the companies selected
for this study operate, the pharmaceutical sector is the
best regulated, although companies can have liquidity
problems due to the delayed payments in the health
insurance system. However, Antibiotice presented a
superior reporting model, maybe trying to compensate
the possible industry-specific risks and to gain the
confidence of the potential investors. This company
published in 2015 a report that is the closest one in the
sample to the idea of an integrated report: it is concise,
interactive, it presents the business model, the value
1345
Ioana SOFIAN
creation process, the strategy and the results of the

environmental and social responsibility policies, with an
approach towards sustainable development.
Also, the utilities industry, particularly the one of natural
gases, is characterized by seasonality and questions
concerning the free formation of the price. However, four
companies that operate in utilities sector are mentioned
on the list of companies with potential for integrated
reporting. Out of these, Nuclearelectrica is emphasized,
due to proof of a continuous improvement of the
reporting quality.
As for the third objective, it can be considered that
integrated reporting helps a company to build an
international name, primarily due to the comparability of
the information. Antibiotice Iai performs exports and,
within the companies from the utilities sector, the
decision to implement this practice is linked to the desire
and need to become international. It should also be
taken into account that participating in international
databases and greater comparability of information add
to a companys image, but also bring a greater
responsibility in the competitive area.
Although it is an EU member since 2007, Romania is still
unable to easily adapt to this status (Gue et. al., 2016).
However, through the power of the example, Romania
can become a favourable field for the development of
integrated reporting. We believe that the first tool for this

purpose is represented by the companies listed at the
BSE, which are motivated to become international and
to attract more investors. Another impetus in this regard
is the implementation of the Directive 2014/95/EU, which
will determine large companies to approach nonfinancial aspects within their reports.
A limitation of this research is that the number of the
sectors resulted from the application of the selection
criteria is quite small in order to formulate a general view
on Romanian listed companies. A solution would be to
identify all Romanian companies listed at the BSE and to
study their reports. Another impediment was the
impossibility to identify a model of an existing integrated
report for all companies included in the study. Another
limitation is the lack of a discussion with people inside of
each company in order to see the entitys position
concerning the potential publication of an integrated
report.
This study is a starting point, an idea aimed to promote
and to grow businesses built on Romanian capital.
Issues such as the global trend to approach integrated
reporting and the many benefits which were described
theoretically and confirmed practically are the incentive
for this initiative. The paper aims to widen these
companies (and others) vision on reporting.
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Audit financiar,
XIV,and
Nr. 12(144)/2016,
Internal
control
auditing 1349-1358
a necessity for responsible reporting
ISSN: 1583-5812; ISSN on-line: 1844-8801
and managerial usefulness of accounting information
Internal
control and
auditing
a necessity for
responsible
reporting and
managerial
usefulness of
accounting
information
Alina-Teodora CIUHUREANU,
Nicolae Blcescu Land Forces Academy, Sibiu,
E-mail: alinaciuhureanu@yahoo.com
No. 12(144)/2016
Abstract
It is well known that not only in Romania, internal control
and auditing are subject to legal regulations. Often, the
two forms of ensuring the quality of accounting
information are particularly perceived as mandatory
requirement instead of as a necessity for certifying the
information travelling between producer and user. The
paper addresses issues which aim to highlight the need
to organize the internal control and auditing of the
accounting information from the perspective of the need
to certify the accounting information for a responsible
reporting. Moreover, through a study conducted on a
sample of 301 companies in the Central Region of
Romania, we also captured the managers/directors
opinion regarding the internal control and audit in terms
of confidence, ensuring opportunities to valorise the
accounting information and its usefulness for
management.
Keywords: Control, audit, accounting information,
certification, management.
JEL Classification: M41, M42.

Ciuhureanu, A.T. (2016), Internal control and auditing a
necessity for responsible reporting and managerial usefulness
of accounting information, Audit Financiar, vol. XIV,
nr. 12(144)/2016, pp. 1349-1358, DOI:
1349
Introduction
At the micro and macro-economic levels, control is a
necessary function of management (Ionescu, 2010), the
control system being an essential instrument for both
ensuring the quality in terms of the value and usefulness
of accounting information, and for monitoring and
improving activities. The successful achievement of the
objectives pursued by the internal control is not a
certainty. In our opinion, one of the main limitations with
implications on the opportunities to valorise the
accounting information for management (internal or
external information) lies in the biased attitude that may
occur in internal control, which is directly related to
ethics and authority. If independence is the foundation of
professional ethics in auditing, we believe that the
auditing of accounting information is required for more
responsible information that would provide the expected
confidence to internal and external users. However,
audit does not have a predictable character. It does not
cover all of a companys transactions, but only some of
them, which is why, as conceptual approaches say, the
auditor seeks a reasonable assurance and not an
absolute one.
All these issues have led to the identification of this
researchs objectives. Therefore, in the first part we
perform a synthesis of the specialists views and of the
national and European legislative framework regarding
the internal control and audit, the statutory/financial
audit, the accent being placed on presenting their
advantages and limitations in terms of the control and
assessment function of the management. The second
part presents an exploratory study conducted on a
sample of 301 companies from the Romanian Central
Region.
1. Empirical and theoretical

framework
In Romania, according to the Accounting regulations on
annual individual financial statements and annual
consolidated financial statements approved by the OMPF
1802/2014, the management must provide, through the
internal control, an assurance that the targets set are
coherent and the factors that contribute to achieving the
objectives have been identified. Moreover, the same
regulation stresses the need for internal control in terms of
ensuring real-time information regarding the obtained
1350
performances and the companys prospects. The

regulation emphasizes that the activities undertaken
should be part of the management process. It is thus
emphasized the integration of internal control within the
functions of the companys management and the need to
achieve it by determining the legality, reality, opportunity,
effectiveness and efficiency of the operations performed,
and by developing useful mechanisms for the
management to incorporate the accounting information
(Guinea, 2011). Thus, internal control functions can be
synthesized, according to experts (Bogdan, 2004;
Popeang and Popenag, 2004) in knowledge,
assessment, prevention, research, recovery, education
and stimulation, learning and self-learning.
Within the economic entities, internal control proves its
usefulness in generating opportunities to valorise the
accounting information and ensuring the usefulness of
the information for management by the fact that it aims
to provide:
Compliance of documents, operations, processing,
and reporting with the regulations;
Identification of the reality of assets, liabilities and
equity;
Implementation of decisions made by managers;
Proper functioning of the companys internal
activities;
The reliability of financial information;
Adequacy of resources allocation consistent with the
set targets;
Resource efficiency;
Increase of accountability of decision-makers in
engaging and performing any transaction;
Verification of contracting, utilization and repayment
of loans of any kind;
Verification the conditions for the appointment or
election of directors, board of directors, managing
committee and auditors;
Verification of activities on the issuance of shares or
bonds;
Verification of correct declining of strategic
objectives;
Execution of budgets;
Profitability of activities, products and management
centres, profit and performance centres (if
implemented);
Internal control and auditing a necessity for responsible reporting

Supervision of cash receipts and payments;
Prevention of irregular accounting practices;
Prevention of registering minuses, their detection
and recovery when appropriate;
Prevention and control of risks for the failure to
achieve targets;
Avoiding excessive costs or overestimating them;
Signing contracts with internal and external partners,
checking the organization of auctions;
Checking cash receipts and payments of any kind;
Distribution of profit for the financial year etc.
This conclusion is derived from the analysis of the views
of experts in the field (Popeang and Popeang, 2004;
Aslu and Almasi, 2011) and the applicable legislation:
OMPF 1802/2014 Accounting regulations on the
annual individual financial statements and annual
consolidated financial statements;
OMPF 923/2014 Rules on the preventive financial
control and the Specific code of professional rules;
Ordinance 119/1999 on internal auditing and
preventive financial control, republished;
OMPF 946/2005 for the approval of the Code on
internal/management control, including
internal/management control standards in public
institutions and for the development of
internal/management control systems, republished;
OMPF 2861/2009 for the approval of Rules for
organizing and conducting inventory of assets,
liabilities and equity).
However, companies generally face a number of
limitations in the organization and performance of
internal control, which has a negative impact on
certification and hence on the use of accounting
information, taking into account the degree of trust that
users can have in the information reported. Among the
limitations of internal control, we can mention the
organizational culture, associated costs, detection risks,
inadequate procedures, ethics, integrity, professionalism
of those involved, the management authority manifested
by pressures etc.
But is internal control enough? As presented, the
internal control has certain limitations. From this
perspective, additional requirements may be imposed to
No. 12(144)/2016
ensure the quality and certification of the accounting

information. Thus, the role of internal audit (Ciuhureanu
and Baltes, 2010) and of the financial audit (Ciuhureanu
and Popa, 2007). Moreover, the Directive 2013/34/EU
stipulates that financial statements should be audited,
an obligation that will not be imposed to small
enterprises. Through these specifications, the options of
Member States are not restricted; instead, the possibility
of imposing an audit on small enterprises is outlined,
depending on their specific conditions and needs.
The literature presents most often the audit as an
objective examination involving a professional and
ending by the expression of an independent opinion.
From the perspective of the organization there are two
types of audits internal and financial/statutory in both
cases being required the financial auditor certification.
However, the accounting information was often omitted
by the internal audit or it was given a lesser importance,
the role of internal control being emphasized. The
importance of internal audit for the certification of
accounting information was highlighted in the case of
public institutions by the approval of Law 672/2002 on
internal public audit, and later on for the private entities
by the CAFR, which adopted Decision 88/2007 on the
approval of Internal audit regulations and the
International Standards for the Professional Practice of
Internal Auditing, which stress its independent and
objective character, the assurance and advisory role, the
purpose of supporting the assessment and evaluation of
objectives and improving the effectiveness of risk
management, control and governance.
To emphasize the importance of the internal audit and
the close relationship with the accounting information, in
the Ordinance No. 75/1999 regarding the financial audit
activity, republished, the mandatory character of
organizing the internal audit is stipulated for all economic
entities whose financial statements are subject to
financial audit. Moreover, the Romanian Association of
Internal Auditors (Asociaia Auditorilor Interni din
Romnia - AAIR) was founded, thereby recognizing the
profession of internal auditor. In 2014, the CAFR
adopted Decision No. 48/2014, through which the
binding rules of the International Professional Practices
Framework (IPPF), issued by the Institute of Internal
Auditors (IIA Global) are fully adopted, including the
definitions, code of ethics and specific standards of
internal audit.
1351
According to the opinions of specialists in the field and

the applicable regulations (Suciu and Savloschi, 2003;
Mitea et al., 2005; Macarie, 2011; OUG 75/1999 on the
activity of financial audit, republished), through the
actions carried out, the internal audit contributes to the
certification of the accounting information at least by
checking the compliance of records, evaluating the
adequacy and application of internal control in the
financial-accounting field, protecting the items from and
outside of the balance sheet, preventing accounting
fraud, ensuring the reliability of accounting information,
identifying and minimizing the risk of accounting error,
assessing the desirability, compliance, economy,
effectiveness and efficiency of transactions recorded in
accounting, development of SWOT analysis of the
accounting activity, monitoring the entire management
system etc.
In conclusion, all the approaches regarding the internal
audit emphasize its independence and preventive
character, and through its components system audit,
performance audit, regularity audit (Ghi, 2009)
highlight the need for the internal audit to have as a
main goal the prevention of disruptions, given the fact
that the management is required to be fully interested to
consider, appreciate and capitalize on the findings
(Morariu and Crecan, 2009; Ghi, 2006). Thus,
internal audit is a necessity, not only an obligation.
The second type of audit which we refer to from the
perspective of the quality certification of accounting
information provided to users is the financial audit. It
includes the statutory audit according to Ordinance No.
90/2008 on the statutory audit of annual financial
statements and the annual consolidated financial
statements and the public interest supervision of the
accounting profession, as defined by Ordinance No.
75/1999 regarding the financial audit activity,
republished, as an activity performed by a professional financial auditor - that aims to express an opinion on the
financial statements or components thereof. Financial
audit missions may be more diverse than statutory
audits, which focus on the legal obligation to audit the
financial statements. Within the European Union, the
Directive EC/43/2006 on the legal audit of annual
accounts and consolidated accounts endorses the use
of the term legal audit defined as the audit of annual or
consolidated accounts, and by the Directive 2014/56/EU
it is replaced with the term statutory audit.
In Romania, the audits mandatory character for certain
entities is established by the Order 1802/2014 of the
Ministry of Public Finances for the approval of
1352
Accounting regulations on the annual individual financial

statements and annual consolidated financial
statements, which, according to art. 563(1) requires the
audit of financial statements by statutory auditors or
audit firms. According to the International Standard on
Auditing 200 Overall objectives of the independent
auditor and the conduct of an audit in accordance with
international standards on auditing and Directive
2013/34/EU on the annual financial statements,
consolidated financial statements and related reports of
certain types of enterprises, the objective of financial
statements audit engagement is to allow the auditor to
certify the true and fair view of the financial statements
in terms of preparation and compliance with the
applicable legal framework. In support of entities and
statutory auditors/audit firms in the European Union, the
Regulation 537/2014 was adopted, which provides
specific requirements applicable to the statutory audits
of public interest entities.
The decision to use the financial statements may be
based on the auditors opinion regarding those
statements, which may be unqualified - the ideal
situation, qualified opinion, disclaimer of opinion or
adverse opinion, the latter generating a warning signal to
users. Certainly, fraudulent financial reporting may be
dependent or independent of management. Considering
the above approaches, we believe that the opportunities
offered by the financial audit are mainly found in the
increase of financial statements reliability by taking into
account the risk of material misstatements as a result of
fraud or error (Todea and Stanciu, 2009).
The decisional issue identified by previous studies
(Ciuhureanu, 2015) is the fact that there is a low level of
recognition of the duties of persons engaged in the
internal control activities (auditors) and of the importance
of internal and financial audit both being important
factors for the success of the company, providing trust in
the accounting information and increasing chances of it
being truly useful.
The functional purpose of this research frames it,
according to the typology made by Ctoiu et al. (2009),
into the category of descriptive-explanatory typologies;
based on the type of data, it is a quantitative research.
The objectives, the variables used to achieve them, and
the research hypotheses are presented in Table 1. We
note that we maintained their original numbering, the
present research being part of a more complex study,
based on 16 objectives.

Table 1. Objectives, variables and hypotheses

Hypothesis
Main variables
code and
type
Secondary
variables code
and type
Specific objectives
Secondary hypotheses
Main objective: Q9 Analysis of the opinion regarding the internal control and audit in terms of ensuring the opportunities to
valorise the accounting information through its certification and increase of its usefulness in the management process.
v51 Multiple
v1 Multiple
Q9.1 Analysis of the
IS19 There is a direct
choice/5 steps
choice/Closed,
attitude regarding the
relationship between the
Likert scale
single answer
internal control
positive perception on the
IP31 Internal control and
depending on the
influence of the internal
audit contribute to a large
companys category
control and the companys
extent to responsible
and industry
category/industry.
reporting, certification, the
v52 Multiple
v2 Multiple
IS20 Positive perception of
increase of trust and provides
Q9.2 Analysis of the
choice/5 steps
choice/Closed,
the audits influence on the
opportunities to capitalize on
attitude on the internal
Likert scale
single answer
usefulness of accounting
the accounting information
audit, depending on
information varies directly,
v53 - Multiple
the companies
according to the companys
choice/5 steps
category.
category.
Likert scale
The method on which this study relied on is the direct

research, through a survey, based on a questionnaire.
The sample comprised 301 companies in the Centre
Region, being a non-probability sampling built using the
Snowball method and with an error of 5.63%.
Although at first glance the method can be considered a
limitation of the study, we stress that we resorted to this
method because of the complexity of the research
instrument, population diversity (active companies in the
six counties in the Central Region), difficulties
encountered in distributing and collecting the
questionnaires, and especially difficulties deriving from
the availability of respondents. Moreover, the
impossibility of building a representative sample from the
perspective of stratification also originated, on the one
hand, from the lack of updated statistical data provided
by for the counties in the Centre Region, and on the

other hand, from the impossibility to identify a ranking of
companies based on certain criteria (for example the
type of capital).
3. Results of the study

Through the research conducted we aimed at knowing
the attitude vis--vis the organization and practice of
internal control in terms of confidence, ensuring
opportunities for capitalizing on the accounting
information and its usefulness for the management. In
this regard, the operational variable v51 was formulated
in the questionnaire, the responses being presented in
Table 2.
Table 2. Attitude on the internal control from the perspective of ensuring the opportunities of capitalizing on
the accounting information and its usefulness for the management
Code
1
2
3
4
5
Opinion
Frequency
To a very small extent

To a small extent
Neither to a small, nor to a large extent
To a large extent
To a great extent
Total
Score
28
33
56
157
27
301
Percentage
9.30
10.96
18.60
52.16
8.97
100.00
Valid percentage
9.30
10.96
18.60
52.16
8.97
100.00
3,41
No. 12(144)/2016
1353
In the first part of the article, we captured both the

opportunities and limitations brought by internal control
in the capitalization and usefulness of the accounting
information. The respondents opinion, identified by the
score of 3.41, is that internal control only contributes in a
small way to obtaining useful and responsible
information. The opinion is in total disagreement with the
trend set out above. It is possible that this result has
been achieved by the respondents unconsciously
connecting the internal control as an activity to the costs

which it would entail, a fact that is usually reflected on
their opinions.
Through the specific objective Q9.1 we analysed the
attitude on the internal control depending on the
companies category and field of activity (associations of
v51 with v2 and v1 Table 3), criteria that we had in
view throughout the entire research.
Table 3. Attitude regarding the internal control, depending on the companys category and field of activity
Category (%)
Opinion
1
2
3
4
5
Score
Total
%
Industry (%)
Total
Micro
Small
company
Middlesized
company
Large
company
Commerce
Industry
Services
Agriculture
12.84
15.54
21.62
46.62
3.38
3.12
148
100.00
10.71
8.33
19.05
58.33
3.57
3.36
84
100.00
0.00
5.77
13.46
67.31
13.46
3.88
52
100.00
0.00
0.00
5.88
23.53
70.59
4.65
17
100.00
8.20
11.48
13.11
44.26
22.95
3.62
61
100.00
0.00
0.00
18.67
69.33
12.00
3.93
75
100.00
11.61
15.48
20.00
50.32
2.58
3.17
155
100.00
50.00
20.00
30.00
0.00
0.00
1.80
10
100.00
9.30
10.96
18.60
52.16
8.97
3.41
301
100.00
Again, the comprehensive analysis depending on the

companys category reflects the dependency of
respondents attitudes on the companys size. Thus, if
the majority of 70.59% of respondents classified in the
category of large companies believes that by
organizing internal control the accounting information
becomes very useful to the management (score 4.65),
the perception has a decreasing trend, the usefulness
reaching a neutral value in the case of micro-entities
(score 3.12). We must however note that for none of
these companies an overall negative opinion has been
revealed about the benefits of internal control, be it
ensuring compliance of documents, operations,
processing, reporting with the legislation in force;
implementation of management decisions; prevention,
detection and remediation; checking receipts and
payments of any kind etc.
Depending on the field of activity, companies from the
industry sector recorded the highest score (3.93), most
of them considering that through the internal control
activities accounting information largely becomes
1354
useful. A similar view is highlighted for companies from

the trading sector, the score of 3.62 being much closer
to the value of 3.5 (maximum for neutral opinion). In
the category of neutral opinion, we find the services
sector (score 3.17), the situation being predictable if
we consider that many of the companies operating in
this field are micro entities. For agriculture, the score is
1.8, which indicates that the respondents believe that
through the internal control, the accounting information
becomes useful to management to a small extent.
Based on the results obtained, the specific hypothesis
IS19 There is a direct relation between the positive
perception on the influence of internal control and the
companys category/field of activity is confirmed.
For analysing the opinion regarding the audit in terms of
confidence, ensuring opportunities to capitalize on the
accounting information, certification and usefulness for
the management, questions v52 and v53 were
formulated in the questionnaire. The answers are
processed in Table 4.

Table 4. Audit contributes to responsible reporting, increase of trust and offers possibilities in capitalizing and
making the accounting information useful for the management
Opinion
Code
1
2
3
4
5
Internal audit
301
Frequency
Percentage
15
4.98
27
61
162
36
301
To a very small
extent
To a small extent
Neither to a small,
nor to a large
extent
To a large extent
To a great extent
Total
Financial audit
Valid
percentage
Valid
percentage
Frequency
Percentage
4.98
1.99
1.99
8.97
20.27
8.97
20.27
18
58
5.98
19.27
5.98
19.27
53.82
11.96
100.00
53.82
11.96
100.00
3.59
172
47
301
57,14
15.61
100.00
57.14
15.61
100.00
3.78
Score
The analysis of data obtained for both types of audit and

the calculated scores (3.59 - internal audit in financialaccounting field and 3.78 financial auditing) highlights
the audits high usefulness for responsible reporting,
certification of accounting information, providing
opportunities for the capitalization and management
usefulness of accounting information. It is however noted
that there was not obtained a score above a value of 4.00,
reflecting the uneven distribution of the responses.
Detailing the findings was based on formulating the

secondary objective Q9.2 Analysis of attitude on
audit depending on the companies category and it
was made by associating v52 with v2 and v53 with
v2 Table 5. We only chose the criterion companys
category because, after the analysis of v51 with v1
(field of activity) we noticed that the results were not
conclusive.
Table 5. Audit contributes to responsible reporting, increase of trust etc. association depending on the
category
Category/Internal audit (%)
Opinion
1
2
3
4
5
Score
Category/Financial audit (%)
Micro
Small
company
Middlesized
company
Large
company
8.78
12.84
29.73
47.30
1.35
3.20
2.38
9.52
13.10
69.05
5.95
3.67
0.00
0.00
11.54
53.85
34.62
4.23
0.00
0.00
0.00
35.29
64.71
4.65
Total
%
Micro
Small
company
4.98
8.97
20.27
53.82
11.96
3.59
4.05
12.16
30.41
53.38
0.00
3.33
0.00
0.00
11.90
84.52
3.57
3.92
Middlesized
company
Large
company
0.00
0.00
5.77
38.46
55.77
4.50
0.00
0.00
0.00
11.76
88.24
4.88
Total
%
1.99
5.98
19.27
57.14
15.61
3.78
Regarding the contribution of internal audit in the

financial and accounting fields, the opinion of most
respondents from large companies (64.71%) is that it
makes an essential contribution (score 4.65). It is a
No. 12(144)/2016
predictable result, especially if we consider that many

of the large companies actually organize the internal
audit. Most respondents representing the medium and
small companies (53.85% and 69.05% respectively)
1355
consider that internal audit plays a significant role

(score 4.23 and 3.67, respectively) in the certification
and usefulness of accounting information. In the case
of micro-entities, the score of 3.20 is a good one
because, as stated in the conclusions drawn from v51,
their opinion was influenced by the potential costs
entailed by this activity (qualification of personnel,
development of procedures, information technology)
and the majority of companies in this category do not
organize internal audit, since it is not mandatory.
For the financial audit, the situation is similar to the
previous one. We note, however, the significant increase
in the share of respondents from large companies who
confirm the essential contribution of internal audit in
ensuring the usefulness of accounting information
through certification, as compared to that related to the
internal audit (from 64.71% to 88.24 % and a score of
4.88).
Large companies at audit their financial statements,
and the auditors expressing a favourable opinion
contributed to, or may contribute in the future to
attracting capital, gaining the confidence of business
partners or of the public, which is viewed as a potential
generator of income. In the case of medium-sized
companies, in terms of the internal audits usefulness
in generating reliable accounting information, the score
of 4.23 (to a great extent) was obtained. Regarding the
financial audit, the score reaches the value of 4.5,
placing the respondents opinion on the limit of to a
great extent. Moreover, a majority of 55.77%
expressed this opinion. It is thus highlighted a change
in the situation, which, in our opinion, may arise from
the respondents awareness of the independence of
financial auditors and their confidence that auditors
cannot afford, from a professional perspective, to
express an inconsistent opinion. We state, however,
that internal auditors are subject to the fundamental
principle of independence in carrying out their
activities.
After making the associations, the specific hypothesis
IS20 Positive perception regarding the influence of
audit on the usefulness of accounting information for
the management varies directly, depending on the
companys category is confirmed.
1356
At the end, based on the interpretations, we partially

validate the launched hypothesis (IP31 Internal
control and audit contribute greatly to responsible
reporting, the increase of confidence and provides
opportunities for the capitalization and usefulness of
accounting information for the management). The
biased attitude derives from the lack of confirmation
regarding the attitude on the internal control, and also
from placing the internal audit at the lower limit of
confirmation.
Conclusions
To ensure that they benefit from conclusive
information, based on ethics, accurate and timely, the
users of accounting information have at their disposal
the control-evaluation function, which, in accounting
can be identified as the internal control and audit
activities. Following those presented, we believe that
organizing the internal control and audit, through their
objectives, contributes to the accountability for
providing accounting information and increases users
confidence.
Moreover, for the management, these activities
contribute to a more efficient organization, ensuring
economic and financial discipline, resources efficient
management, compliance with rules, procedures,
regulations, actions which are ultimately reflected in
the reported accounting information and in the users
decisions. They should not be regarded as an
obligation, but as a necessity to support the
management in achieving the goals, identifying and
eliminating risks, by means of useful, real and
unmasked financial accounting information.
Furthermore, the financial auditor is expected to
provide opinions and bring into focus issues from the
perspective of the information user, thus being the
interface between reporting and quality of information.
The condition is to have supporting the auditors role
as a managerial objective. It remains, however, at the
discretion of managers and administrators to decide
which are the priorities of the business, and thus to
determine the cost/benefit ratio regarding the
achievement of the control-evaluation function, by
organizing the internal control and audit of accounting
information.

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Audit financiar,
XIV, Nr.
1359-1367factors on management accounting systems
Study
regarding
the12(144)/2016,
impact of cultural
ISSN: 1583-5812; ISSN on-line: 1844-8801
Study
regarding the
impact of
cultural
factors on
management
accounting
systems
Abstract
The objective of the study to investigate the less clear
aspects of the cultural influences on the objectivessetting process and on the procedures for the adoption
and implementation of a management accounting
system. To achieve this objective, the study uses a
research methodology which is mainly qualitative, with
insertions of field research findings generated by the
author. Cultural factors and the environment in which an
entity operates affect the strategic objectives of
management accounting systems. The key contribution
of the study is that it identifies significant evidence that
an entitys the strategic objectives of may vary
depending on national and cultural characteristics. It is
stated that there are numerous factors that may explain
these variations, but all of them are governed by the
cultural dimension. Inevitably, Romanian entities are
placed in a specific cultural context. The study identifies
the specific cultural dimensions and how they influence
the process of defining goals within management
accounting systems. National management accounting
systems currently lie in relatively conflictual area
generated by the permanent confrontation of local
values and mentality with the effect of international
convergence. The reflections presented in the study are
a starting point for identifying, analysing and reconciling
all the factors that crystallized or erode a modern and
efficient system of management accounting.
Keywords: Managerial accounting, culture, national
differences, setting objectives.
Flavius-Andrei GUINEA,
JEL Classification: M41
Bucharest University of Economic Studies,

E-mail: flavius.guinea@cig.ase.ro
Guinea, F.A. (2016), Study regarding the impact of cultural
factors on management accounting systems, Audit Financiar,
vol. XIV, no. 12(144)/2016, pp. 1359-1367, DOI:
10.20869/AUDITF/2016/144/1359
No. 12(144)/2016
1359
Introduction
Any managerial accounting system should consider the
scale of cultural changes required for its adoption. It is
useless to implement the system by imposing a decision
hierarchically. A modern system can be viable only
through daily inputs from its main users. If they do not
adhere to the system, then the system is condemned to
extinction. Explanation and training efforts should be
oriented towards cultural change, rather than towards
the presentation of techniques.
The origin of this challenge may seem, on first
examination, quite simple: the study of similarities and
differences between the accounting systems should not
be limited to financial accounting. It was stated that the
accounting systems are influenced and determined by a
number of factors such as the economic, financial,
political, legal, social and cultural environment. The
phenomena of growth and globalization have led to a
sharp rise in financial information needs. Under these
circumstances, both financial and managerial accounting
are different in content and scope from one country to
another. Accounting is a social construct and, therefore,
it reflects the characteristics of a cultural group, such as
the society in which a company operates (Feleag,
1999).
In general, the organizational culture is defined as an
organizational imaginary (Laron and Reitter, cited by
Bescos et al., 1997), i.e. a set of images,
representations, beliefs regarding the organization, its
operations, what is good or bad and the different
behaviours and actions. This imaginary is manifested
through symbolic productions in the form of rites, myths,
practices and customs.
Culture is the product of the organizations history.
Consequently, it is constituted progressively according
to its experiences and the retained solutions, thus
creating positive or negative references, but always
shared. This forms an entire set of representations that
each new member will face, interpret, internalize and
circulate, without necessarily being aware of these
interpretations and their influence on his behaviour.
By the enhancing mechanisms, more or less powerful
intolerance towards those who deviate, the recruitment
of persons who have an adapted profile, culture tends to
become increasingly more coherent, up to manifesting a
true authority over the individuals (Pags et al., 1981).
The organization is then marked by a strong culture,
1360
which can be a competitive advantage: improved

coherence of behaviours from the organizations
members, involvement of employees, a high degree of
cooperation. But it is also generating inflexibility, limiting
the organizations ability to adapt to its environment.
Thus, an organization made up of individuals with a
common past is marked by a given culture that, powerful
or diffuse as it is, will influence the behaviour of its
members and, accordingly, will affect to some extent the
operation of the management accounting system.
The contributions of this research are focused on
studying the implications of cultural factors with regard to
defining the objectives and adopting coherent
management accounting systems, and the role of
national differences in the implementation and
functionality of management accounting systems.
The study is important for professional accountants and
auditors, especially in terms of understanding the
motivations and behaviours underlying the
implementation and functionality of management
accounting systems. The main conclusion is that any
implementation of a management accounting system
must be preceded by a comprehensive approach for
identifying the mix of cultural footprints and national
characteristics of the environment in which that system
will operate.
In terms of structure, the next section presents the state
of knowledge in the field of cultural impacts on
management accounting systems. The third section
highlights the research methodology, and it is followed
by the analysis of research results in sections four and
five. The conclusions are outlined in the last section.
1. Literature review
The international literature includes relevant empirical
studies and research in terms of the influence of cultural
factors over the implementation, organization,
functionality and setting strategic objectives of
management accounting systems (Abdalah and Keller,
1985; Hofstede and Bond, 1988; Gray, 1988; Appleyard,
Strong and Walton, 1990; Bailes and Assad 1991;
Johnson and Byington, 1993; Amat, Carmona and
Roberts, 1994; Bescos et al, 1997; Ahrens, 1997; Sharp
and Salter, 1997; Nobes and Parker, 1998; Amat, Blake
and Wraith, 2000; Gray, Salter and Radebaugh 2001).
All these studies invariably show that the impact of
culture on management accounting systems is very
strong, and the general conclusion is that the objectives

of entities in different countries vary considerably. Asian
entities are considered to be less individualistic and
more long-term oriented. They focus less on immediate
gains and choose targets specific to long-term stability.
By contrast, Anglo-American entities generally favour
the short-term approach and set more profit-oriented
objectives such as, for example, the return on
investment (ROI).
Comparative studies of national management
accounting practices began to be published only in the
second half of the 90s. Relevant in this regard is the
synthesis-study by Amat, Blake and Wraith (2000) that
identifies several key factors by which it is explained why
different countries develop different management
accounting practices. In fact, the study of Amat, Blake
and Writh (2000) is based on the analyses carried out by
Lizcano (1996) in 11 Latin-American countries and also
Spain and Portugal and by Bhimani (1996) in 11
European countries, and also Macintosh (1998), Shields
(1998) and Birkett (1998).
The national literature can be characterized only in
recent years by a production of works that capture the
issue of cultural differences in setting objectives and
implementation of management accounting systems
(Feleag, 1999; Ionacu, 2003; Albu and Albu, 2003;
2004).
A mainly qualitative research methodology was used for
the purpose of presenting and analysing the impact of
cultural factors on management accounting. In this
respect, the documentary research, analytical research,
opinion and comparative analysis were used as
research strategies. Documentation was performed
based on various studies and analyses regarding the
relationship between the cultural aspects and the
managerial accounting systems. Also, in the context of
field research conducted on a sample of 20 Romanian
companies in the field of civil engineering between 2010
and 2015, some conclusions regarding the impact of
cultural factors on national systems of management
accounting were considered.
The hypothesis of the study is that in the field of
management accounting there can be found a direct
association between the strategic objectives, the
methods of quantifying these objectives, the entities
managerial analysis tools and the national environment
and culture (with all the involved sub-factors) in which
No. 12(144)/2016
the entities operate. The inherent limitations of all related

studies are generated by the specificity of the addressed
field, the difficult economic modelling of the manifested
variations, subjectivism, the increasing trends of
economic globalization and international convergence,
and the size of the samples that that formed the basis of
empirical research.
The comparative analysis of the results regarding the
cultural dimension of managerial accounting systems
can be a starting point to extend the studies that identify
the behavioural aspects of implementing these systems.
The successful implementation of managerial
accounting tools depends not only on the relevance of
the method in itself, but also on how the method is
implemented and accepted by the entitys members. The
oscillation between a forced or a consensual
implementation will always be a problem of culture and
mentality (Albu and Albu, 2003). One of the essential
characteristics of any management accounting system is
its compatibility with the cultural environment.
3. Culture between national

characteristics and
international convergence
The attempt to understand the different cultural
foundations of management accounting can be
considered a paradox, given the obvious pressures in
favour of international uniformity. Apparently, wherever
we are located, there seem to be common interests in
increasing the intensity of using similar financial
accounting practices. However, on closer analysis, two
trends may be revealed: the increased awareness of the
cultural specificity and the threat of international
harmonization. However, local interests may be
favoured, in violation of international trends.
Mixing local and global objectives is more visible in the
field of financial accounting. With the development of the
European Union single market policies, the awareness
of cultural differences has been greatly enhanced.
Intensifying the identification of differences itself created
a greater awareness of national elements.
Harmonization and standardization policies have
generated a more in-depth analysis of national practices
that can be modified by international rules and
directives. Regional and, later, international
standardization pressures in the field of financial
accounting resulted in the development of national
accounting identity (provided that it did not already
1361
exist). Therefore, the national and cultural specificity is

not necessarily in opposition with the
internationalization. The two can generate creative and
constructive relationship with one another.
In the field of management accounting, the relationship
between national and global cannot be understood
immediately, although it seems that non-compliance with
international practices favours, to some degree, the
reflection on the specificity and prevalence of national
practices. In this area, there are also other reasons on
trying to understand the differences between the
national and global levels, as well as the interaction
between them. Being tightly connected to other
corporate practices and management issues, the form,
function and importance of management accounting
systems may vary depending on their position in the
complex structures of organizations. Different cultural
configurations can involve different explanations of
economic factors and can result in different forms of
management, and, through it, the different forms of
economic calculations.
Another starting point can be renowned study by
Hofstede (1991, cited by Feleag, 1999; Gray, Salter
and Radebaugh, 2001; Nobes and Parker, 1998) on
cultural values. The concept of culture has been defined
almost axiomatically as a collective mental programming
which distinguishes the members of a group from the
other individuals. To describe national cultures, Hofstede
used the following criteria or dimensions that affect
every decision made by an individual, a company, with

special reference to the economic activity:
Individualism opposable to collectivism. The
fundamental issue addressed by this dimension
refers to the degree of independence of individuals
within an entity.
High or low hierarchical distance. Hierarchical
distance is the extent to which an entitys members
accepts that power is unevenly distributed within
organizations, which affects behaviours.
Strong or reduced control of uncertainty. In this case,
it is the degree to which members of an entity do or
do not feel threatened by the uncertainties of the
future.
Masculinity as opposed to femininity. Masculinity is
represented by characteristics such as courage,
aggression, domination, decisiveness,
determination, ambition, heroism. By contrast,
femininity generates propensities towards modesty,
respect, human relations and life quality, protective
behaviours.
In 1988, Hofstede and Bond identified another cultural
dimension called Confucian dynamism or long-term
orientation versus short-term orientation. This dimension
separates the entities with a long-term strategy (Asian)
from those favouring a short-term focus (Anglo-Saxon
and European).
An attempt to quantify these cultural variables is
reflected in the analysis of the data in Table 1:
Table 1. Selection of Hofstedes scores

Countries
USA
Australia
United Kingdom
Canada
New Zeeland
Germany
South Africa
Japan
Mexico
Hong Kong
Singapore
Taiwan
Mean
Interval
Individualism
Long-term focus
Masculinity
Hierarchical
distance
Control of
uncertainties
91
90
89
80
79
67
65
46
30
25
20
17
38
6-91
29
31
25
23
30
31
80
96
48
87
33
0-118
62
61
66
52
58
66
63
95
69
57
48
45
49
5-95
40
36
35
39
22
35
49
54
81
68
74
58
60
11-104
46
51
35
48
49
65
49
92
82
29
8
69
68
8-112
Source: Hofstede, 1991, cited by Gray, Salter and Radebaugh, 2001; Nobes and Parker, 1998.
1362
At least theoretically, Hofstede (1991, cited by

Feleag, 1999) stated that there is a considerable
probability that certain cultural aspects also affect the
management accounting systems.
These ideas are reflected in the first papers in the field
of financial accounting, which connect the cultural
context and the practice of financial reporting (Gray,
1988, the four values of the accounting culture:
accounting profession legal control, uniformity
flexibility, conservatism optimism, discretion
transparency).
In the case of Romanian entities, the classification
based on these cultural dimensions is relatively difficult
and it is also characterized by dynamism, or even
volatility. Another significant factor influencing this
classification is the mix between local and imported
cultural values, between national reluctance and the
assimilation of new elements. Subject to the authors
bias and considering the economic aspects, based on
field research conducted in the context of Romanian
entities, the cultural dimensions specific to the
Romanian environment, relevant for management
accounting are:
A long transition from a forced collectivism to
above average individualism;
Exaggerated orientation towards relevant targets
on a very short term;
Masculinity, including the less positive aspects
specific to this dimension;
Hierarchical great distance, induced by the strong
manifestation of authority;
Reduced control of the uncertainties generated by
the short-term orientation and manifestations of a
less stable economy.
These cultural characteristics of Romanian entities
become more apparent in the context of budgetary
processes. In the national context, the network of
budgets invariably creates a correlation between
performance and individual rewards. Also as a result of
individualism, accountability and sanctioning
procedures are ubiquitous at the individual rather than
the group level. Big hierarchical distance seems to
erode the participatory budgeting process and
subsequent adjustment actions are limited. Uncertainty
control has a low efficiency, budgeting is carried out on
No. 12(144)/2016
the short term and it is not very detailed, the

predominant focus being the short-term objectives.
4. Culture and its influence on

management accounting
systems
Any managerial accounting system includes a
performance measurement system. This is a process
that enables the convergence of individual goals with
the overall objectives of the organization. This
convergence of goals is a prerequisite for the
development of a management accounting process.
The mechanism requires a continuous involvement of
stakeholders. Convergence will be strengthened or
undermined by the nature of the selected performance
measurement system.
The involvement of those accountable is essential at
every level, the main features being (Bescos et al.,
1997) that they:
Must participate in setting objectives and ensure
that, besides being ambitious, yet realistic, they are
correlated with the overall objectives of the
organization;
Play an important role in estimating what means
should be employed to achieve the objectives.
Sometimes, very specific skills are needed, held
only by a limited number of persons. It is of
paramount importance that those persons get
involved in the process of selecting the economic
means to be used and establishing how those
means are used;
Any results measurement system, which is
essential for the development of a management
accounting process is based on the production of
reliable information on a regular basis. Also, in this
regard, the action of various operational
responsible is fundamental, as they contribute to
the quality and speed with which information is
produced;
A management accounting system has no
importance unless the differences between the
objectives and results give rise to corrective
actions. The results highlighted, no matter how
accurate, will be of no use if the responsible
persons involved will not take them into account, in
1363
order to adopt the corresponding corrective

actions.
Am management accounting system does not function
automatically. The quality of its deployment depends
largely on the willingness to engage of those
responsible at different hierarchical levels. This can be
implemented through a performance measurement
system, most often associated with a performance
rewarding system.
Gray, Salter and Radebaugh (2001) identified the main
premises around which any managerial accounting
system is developed:
Organizations strategic objectives;
Resources to achieve the strategic objectives and
the means of providing them;
Existence of functional systems for warning,
adopting corrective measures and analysis of
achieving the strategic objectives;
Ways for assessing and rewarding the managers
performance;
The impact of the organizations internal and external
environment on the analysis and information needs;
The impact of national characteristics on the
previous items.
Various empirical studies carried out in the
international literature show that the influence of each
cultural dimension on the previous premises is not
always very clear and there are many situations where
they need to be addressed in conjunction. The main
findings showed that the cultural dimensions that have
the strongest impact are the degree of individualism,
hierarchical distance and long-term orientation. At the
same time, the criteria for uncertainties control and
masculinity have a reduced influence. In our opinion,
all five dimensions manifest their presence in a
correlative and integrative manner within the
processes of organization, implementation and
operation of management accounting systems.
Culture influences behaviours in a general manner, but
it particularly affects the determination and the nature
of the objectives (Bescos et al., 1997). The cultural
dimensions of an organization are likely to influence
1364
the modalities adopted for measuring the results. The

relationships between the setting of objectives,
achieving of results and the cultural influences
generate the measure of performance. By confronting
the results with the objectives and interpreting them in
terms of culture, a more subjective approach is
revealed, as well as the exposure of a value judgment
regarding the effectiveness.
Several empirical studies (Abdallah and Keller, 1985;
Appleyard, Strong and Walton, 1990; Shields et al.,
1991; Bailes and Assada 1991; Ueno and Sekaran,
1992; Harrell and Harrison, 1994; Harrison et al.,
1994; Gray, Salter and Radebaugh, 2001) illustrate
that an entitys main objectives vary considerably
depending on nationality, economic and social
development and cultural aspects. Among the most
frequent objectives of management accounting
systems, measured by financial indicators, we can
include profit, turnover, gross margin, commercial
profitability, residual profit, economic value added,
return on investment, reducing production costs,
comparison of budgets and achievements, market
share. Each of those objectives has advantages and
disadvantages, always being connected with the
specific features of the business entity and analysed
in a specific cultural context.
The findings of these empirical studies have shown
that cultural divergence divides entities from different
countries into two main categories, each category
being represented by the United States of America or
Japan; all other countries can be assigned similar
cultural characteristics as one of these two
representatives. The groups of Anglo-American
companies show a significant preference for objectives
measured by the return on investment (ROI), budget
analysis, profits, turnover. Japanese groups entail a
completely different approach, as they favour the
objectives characterized by turnover, production costs,
profits, gross margin, and market share, while the
presence of ROI is almost insignificant. We believe
that the most relevant studies in this regard are
represented by Shields et al. (1991) and Bailes and
Assada (1991), whose conclusions are summarized in
Tables 2 and 3.
Table 2. Correlation between setting goals and the managers assessment

Objective
Japan (%)
Turnover
Increased turnover
Market share
Assets rotation speed
Commercial return
Return on investment (ROI)
Controllable profit
Residual profit
Operating result
Production costs
Others
United States of America (%)

69
28
12
7
30
7
28
20
44
28
8
19
28
19
13
26
75
49
13
38
13
17
Source: Shields et al., 1991.
Table 3. Setting the budgetary targets

Objective
Japan (%)
Sales
Operating result
Controllable profit
Gross margin on sales
Increased turnover
Return on investment (ROI)
Production costs
United States of America (%)
86,30
44,70
28,20
30,70
19,40
3,10
40,70
27,90
35,00
51,80
30,50
22,40
68,40
12,40
Source: Bailes and Assada, 1991.
In the context of the sample of Romanian entities that

were subject to field research there has been revealed
that the setting of goals is closely correlated with cultural
dimensions mentioned above: The rapid and more or
less forced transition to individualism, large hierarchical
distances, short-term orientation, poor control of
uncertainties have generated the excessive focus on
quantifiable short-term targets such as profits and
turnover. It was also found that among other items
favoured by Romanian entities as performance
measurement and objective-setting tools there are
included the gross margin, operating result, EBITDA
(increasingly common), rates of return, costs of
production, turnover growth rates, ROI (rarely). Also,
there is still no attention granted to analysing budgets,
deviations, and therefore many issues remain
uncorrected and are propagating. An increasingly
frequent is the influence of some management
accounting instruments imported from the Anglo-Saxon
cultures on the objective-setting process. The
No. 12(144)/2016
implementation methods and assimilation processes

erode much of these instruments effectiveness. The
aspects related to the implications of the human factor in
implementation processes are ignored, and an intense
endeavour of becoming familiar with the behavioural
manifestations is quite absent.
Conclusions
It is continuously demonstrated that the impact of culture
on managerial accounting systems can be very strong,
and the general conclusion is that the objectives of
entities in different countries vary considerably. A
management accounting system is inevitably placed in a
specific cultural context. Some instruments are
considered so harmless that their implementation does
not seem to require a specific cultural environment.
Others seem to produce effects only if a certain
mentality is in place. In the context of our research it was
stated that different countries or areas focus on different
1365
accounting tools. Before deploying an instrument in a

foreign environment, it is necessary to perceive and
assimilate the cultural characteristics and the
organizational mind-sets of that environment. The
transplantation of any instrument must consider a variety
of factors that may not be present in all contexts,
organizational characteristics and, not in the least,
relevant social issues. In each new environment, the
anticipated benefits of implementing a particular
instrument should be reviewed continuously.
Awasthi, Chow and Wu (1998) revealed that the
differences in national culture may not represent
insurmountable obstacles to the import and export of
management accounting tools. Rather, the individuals
have self-understanding and resourcefulness and can
take steps to become flexible and adapt to the
requirements of the new management practices and
professional environment. Harrison and McKinnon
(1998) requested that, in the context of intercultural

research, the cultural drugging of the relationships
between culture and behaviour be denied.
Fundamentally, the consciousness of actions and
human behaviour must be emphasized, as well as the
ability of individuals to reason on multicultural, personal
and contextual factors and to act deliberately in the
complex interaction of these factors.
Any process of implementation should consider the
magnitude of the changes in mentality and culture
required from the persons involved. Implementation
should not be done by hierarchically imposing the
adopted decisions, with an emphasis on the daily input
of each individual. A new system that is not accepted
and assimilated properly is sentenced to extinction.
The training effort must be oriented towards the
change in mentality, rather than to the presentation of
techniques.
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1367
Audit financiar, XIV, Nr. 12(144)/2016, 1368-1377
Yuanyuan SUI, Adelina

DUMITRESCU-PECULEA
ISSN: 1583-5812;
Financial risk
identification
and control of
cross-border
merger and
acquisition
enterprises
Abstract
Mergers and acquisitions (M&A) are basic channels for
modern companies growth. With globalization speeding
up, multinational companies increasingly take on M&A
activities to strengthen global market positions and raise
competitiveness. In recent years, M&A activities have
played an important role in Chinese companies.
Financial risk is inherent to M&A processes in crossborder companies. Also, more than 50% of Chinese
companies did not achieve their M&A goals. Therefore,
recognizing and controlling financial risk is essential.
This paper analyses the financial risk from different
perspectives and then provides suggestions by
analysing a typical M&A case: Bohai Leasing merger
with Seaco Company. Complete due diligence and clear
M&A strategies, combination of various financing
instrument, strategic paying methods and finance
integration are some ways for controlling and decreasing
finance risk.
Keywords: Financial risk, cross-border M&A, Dupont
method, mechanisms of financial management.
JEL Classification: M14, M16, O16.
Yuanyuan SUI,
Ocean University of China,
E-mail: suiyuanyuan1994@163.com
Adelina DUMITRESCU PECULEA,

National University of Political Studies and Public
Administration, Romania,
E-mail: adelina.peculea@snspa.ro

Sui, Y. and Dumitrescu-Peculea A. (2016), Financial risk
identification and control of cross-border merger and acquisition
enterprises, Audit Financiar, vol. XIV, no. 12(144)/2016, pp.
1368-1377, DOI: 10.20869/AUDITF/2016/144/1368
1368
Financial risk identification and control of cross-border merger and acquisition enterprises
Introduction
Until November of 2015, Chinese companies have
finished 581 cross-border M&A projects achieving a
annual growth of 19.55% (PwC, 2016). The total amount
of transactions is approximately $93.7 billion, an
increase of 20.9% (PwC, 2016). However, financial risk
exists in the whole M&A process involving cross-border
companies. Chinas mainland companies M&A with
overseas firms increased by 40% in 2015 (PwC, 2016).
Therefore, the manner in which financial risks such as
pricing, financing, paying and integration are recognized
and controlled has an essential significance. Complete
due diligence and clear M&A strategy contribute to the
decrease of pricing risks; combining various financing
instruments helps to decrease fund-raising risk; strategic
paying method is useful to hedge the risk of payment;
financial integration, associated with business and
human resources integration is conducive of lower
integaration risk. Bohai Leasing limited liability company
became the largest container leasing company in the
world after M&A activities. The merger between Bohai
leasing and Seaco company has a significant meaning
in itself, being representative for the international leasing
market. Therefore, we selected the merger of Bohai
Leasing M&A and Seaco Ltd. as an example to illustrate
the study.
1. Literature review
Before the financial crisis in 2008, companies sought
M&A projects for a variety of purposes such as market
position and efficiency (Andrade, Mitchell and Stafford,
2000). However, studies show that the primary
motivations for M&A activities have changed after 2009,
being replaced by the purchase of advanced
technologies and the exploration of new business
opportunities outside of the companys primary business
environment, as a response to global competition and
technological changes (Lee and Lieberman, 2010;
Stettner and Lavie, 2014). Unlike M&As involving
companies in the same country, cross-border M&A
activities face more uncertainty, including political,
economic and cultural uncertainty. All have significant
financial impacts. The approach regarding the financial
risk is different, depending on various academic
traditions; until now, no unified definition of financial risk
has been established. Some authors only study M&A
risks from an general perspective (Hongyanshi, 2003).
No. 12(144)/2016
Bruner (2005) puts forward a risk analysis framework

and a qualitative analysis method which balances risk
levels from six perspectives: complex, connected, the
abnormal case, subjective, management choice and
team flaws (Calandro, 2008). The intensity of the
relationship among these aspects influences the M&A
risks. As to the study on the influence of financial risk of
M&A, Aloke and Prem (2000) state that cross-border
M&A activities have a negative influence on the
acquirers financial ability and credit capacity. When
referring to risk evaluation and control, Perry and Herd
(2004) concluded that an efficient expert research
conducted before the M&A would lower the risk. Weaver
and Weaton (2003) thought that the stock exchange
would solve the problem of pricing uncertainty for the
target firm. Quantitative and qualitative methods are the
basic methods for evaluating the financial risk.
Multivariate risk measures have already been introduced
by Prkopa (2012), where the concepts of MultivariateValue-at-Risk(MVaR) and Multivariate-ConditionalValue-at-Risk (MCVaR) are introduced and explored.
New methods for numerical calculations of these
concepts are presented by Lee and Prkopa (2013).
Chinese scholars also make progresses in studying
the risks of M&A activities since the 1980s. Target firm
pricing, financing, liquidity and paying of debt, as part
of the leverage effect are the basic risks of M&A
(Zhiqun Ai, 2001). In terms of identification, Chen and
Ai (2002) propose the selection of a suitable model for
the pricing of the target firm to lower the pricing risk.
Hongyan Shi (2003) believes that increasing future
cash flows will lower the paying of debt risk. Shue
Yang (2012) pays more attention to the integration
after the M&A. As to the method to evaluate the
financial risk, Haoshuang et al. (2009) use studies of
M&A in the USA to analyze the financial risk from a
practical point of view. Other authors analyse the
financial risk mainly by using the case study method
and the Dupont method (Gao, 2012; Chen Chuanxing,
2014).
From the above it can be noticed that the existing
research emphasizes the theoretical study of the
financial risks, from the perspectives of pricing,
financing, paying and integration. Specific empirical
analyses of financial risks associated with cross-border
M&A, based on combining quantitative and qualitative
methods are relatively rare. Besides, the precautionary
measures to control the financial risks are mere
1369
general suggestions, the integrated and operable

measures are still not clear. Therefore, this paper
analyses the financial risk of cross-border M&A
through a case study. Specifically, it analyses the
merger of Bohai Leasing Ltd. with Seaco Ltd. on
September 27, 2013, it offers suggestions to control
the financial risks and provides a learning experience
for cross-border acquirers.
The research methodology selected for this study is
based on the Grounded Theory. Typically, any study
will employ both quantitative and qualitative tools to
assess scientific issues, social sciences often using
case studies (Ye, 2008) to approach these issues.
However, some scholars question this method in
favour of a more quantitative approach based on
statistics and figures. The Grounded Theory by Glaser
and Strauss (1967) tries to solve this issue, by using
phenomenon observation and then comparing it to
basic data in order to get to its core issue; finally,
results are obtained by creating relationships between
the studied concepts, thus rendering data analysis
meaningful to the case research.
Miles and Huberman (1994) demonstrated that the
process of original data analysis consists of three steps:
Data extraction;
Data explanation and;
Data extension.
They emphasize that the analysis should be backed up,
so that others can repeat the tests.
This paper combines the Grounded Theory with data
analysis methods to describe the case of the Bohai
Leasing M&A. Further quantitative and qualitative
analysis of the financial statements gives a clearer
insight into this typical M&A case.
3. Finance risk of cross-border

M&A firms
The financial risks of cross-border M&A are
generated by improper financing activities that lead to
the deterioration of the financial situation, even losses.
They mainly relate to pricing, financing, paying of debt
and integration processes.
1370
3.1. Pricing Risks

After the acquirer selects the target firm, it is essential
to evaluate whether the firms value has a significant
impact on the M&A cost. The target firms value depends
on the projected future value. However, there are some
uncertain elements associated with the future activities,
which lead to pricing risks. Information asymmetry is
only one type of risk. Acquirers get the information from
the financial statements; however, the target firm could
hide some negative information such as pending
litigations, guarantees, and natural disasters, in order to
raise the price. Also, the price of securities is an
important factor during pricing. Furthermore, capital
market uncertainty can cause share prices to fluctuate,
bringing further obstacles to the pricing process (Sun
and Ying, 2010). Another reason for pricing risk is that
the price evaluation method and model are sometimes
inadequate. In some countries, only few companies
provide services for cross-border M&A activities. Many
companies engage in M&A by themselves, lacking
experience in the field.
3.2. Financing Risks

M&A activities need large amounts of liquidities to
support the exchange of equity. Acquirers raise
funds from the market (to a small or large extent) to
ensure that the transaction is accomplished.
Depending on the source of funding, the financing
risk includes the risk associated with internal
financing, from liabilities (debt) and equity. Internal
financing depends on profitability. If, for example, the
acquirer focuses too much on internal financing
sources, it may not be able to respond adequately
and adapt to changes from the outside environment.
Additionally, the liquidity risk is also influenced by the
normal operations (Sun and Ying, 2010). Therefore,
financing by debt is the common funding method for
western countries. Compared with internal financing,
debt financing not only involves the obligation to pay
back the principal (debt) and the interest at regular
intervals. Besides, the acquirer has the obligation to
pay back the target firms debts. If the capital
structure has a large debt content, the acquirer
maybe fall into the debt trap. Equity financing is also
a usual instrument to finance M&A operations. If the
acquirer issues shares to obtain funding, it is
burdened by the risk of stock dilution, which may
result in lossed for the shareholders. Different from
debt financing, equity financing implies greater costs.

Using too much equity to finance M&A operations not
only cause higher M&A costs, but it also increases
the average financing costs for the acquiring firm.
3.3. Payment Risk

Payment risk exists in the paying process.
Whether the payment method is suitable or not, it
has a close relationship with M&A success (Sun and
Ying, 2010). Payment methods affect several
aspects of the financial statements. First, various
payment methods have different influences on tax
avoidance. Second, accounting will be affected. For
example, accountants use the purchase method
when paying cash; in the financial statements
subsequent to the merger there will be found
goodwill and a lower profitability. When the payment
is based on equity instruments, the accountants will
use the equity method to prepare the financial
statements, and there is no need to write-off goodwill
costs. Leverage paying method relies on the future
cash flows of the target firm, but the uncertainty of
negative events will inherently increase the payment
risk. Third, the fluctuation of interest rates and
exchange rates will further add to the payment risk.
3.4. Integration Risk

In order to be able to control the merger and
acquisition process, and to finance a unified
management, the acquirer must integrate financial
management mechanisms, human resources and all
other systems of the target firm. However,
incompatible finance systems of the target firm will
raise the integration risk. The failure of financial
integration reflects in the financial statements, and
can lead to a decrease of the debt-to-equity ratio
(long-term solvency) and the liquidity ratio (shortterm solvency).
4. Mergers and acquisitions. Case

study of the Bohai Leasing
merger with Seaco
sample case. Bohai Financial Investment limited (Bohai

Leasing) is a Chinese company and the worlds largest
container leasing operator. The main business of Bohai
is financial leasing, aircraft advance financing (oficial
website), mortgage financing and other six related
businesses. Its largest shareholder is HNA Capital
limited company. According to research, HNA Capital is
a subsidiary of HNA Airlines Group. HNA Group Co Ltd.,
headquartered in the PRC, is a conglomerate with
subsidiaries engaged in air transportation, logistics,
shipping, hotel investments, financial services, tourism
and other related businesses. HNA has more than
100,000 employees and is one of the largest nongovernment owned companies in the PRC. In fact, HNA
Group is the controlling shareholder of Bohai Leasing.
Since it was listed at the Shenzen Stock Exchange in
2011, Bohai Leasings businesses have grown
gradually, companys assets, revenues, profits grew
drastically, and it has become the largest company in
the container sector.
Seaco was formed in 1998 as a 50/50 joint venture
between General Electric Capital Corporation and Sea
Containers Ltd. Seaco is a subsidiary owned by Global
Sea Containers Ltd (GSCL), a Bermuda company.
Seaco is the sixth biggest container leasing company in
the world. It owns and manages more than 1.1 million
TEU standard containers. Seaco provides, for lease and
sale, a wide variety of standard and specialised
intermodal container equipment, located for immediate
delivery from strategically placed depots worldwide.
On September 30th, 2013, Bohai Leasing
(000415.SZ) announced its intention to merge with
Seaco Ltd. The Second Extraordinary General Meeting
decided to raise funds in order to buy assets, by issuing
shares and cash. The restructuring plan is the following:
GSCII acquires 100% of Bohai Leasing shares. GSCII is
a subsidiary company of GSC. GSC is entirely-owned by
Bohai Leasing. GSC, special purpose company, entirelyowned by Bohai Leasing, acquires 100% of Seaco Ltd.
through GSCII, which is a foreign subsidiary of GSC
(Bohai Leasing, 2014). According to the qualified
evaluation report (Bohai Leasing, 2014) issued by an
evaluation institution, the parties involved in the
transaction determine the price for the entire Seaco Ltd.
takeover to be 1.215billion dollars1, equals 8.1billion
4.1. M&A Background

This paper selected the Bohai Financial Investment
limited company (Bohai) and Seaco M&A as a research
No. 12(144)/2016
According to exchange rate in 27th september, 2016.

1dollars=6.6689RMB
1371
RMB (Chinese currency unit), paid in cash; GSCII

assumes the Seaco Ltd. debt, where the cash amounts
to approximately 1.79 billion dollars (7.2 billion RMB),
and debt is 0.13 billion dollars (0.9billionRMB). Until the
end of 2013, Bohai Leasing finalized the merger

transaction. The relationship betwwen HNA Group,
Bohai Leasing, Seaco, GSC and GSCII is illustrated in
Figure 1.
Figure 1. The relationship between the parties involved in the M&A transaction
Source: Authors processing based on Bohai leasing stakeholder relationship.
4.2. The transaction result

In order to measure the results of the M&A process,
we use the Dupont method to analyse the financial
changes from the company Bohai Leasing.
According to the annual reports from 2011 to 2015,
we selected the sales margin, total asset turnover,
equity multiplier, ROE and other indicators, for the

years before and after the M&A happened, as shown
in Table 1. We noticed that ROE has a downward
trend. The net profit margin on sales (net profit to
turnover ratio) fluctuates: at first, it decreases and
then it has a upward trend.
Table 1. Indicators before and after the merger with Seaco

Year
2011
2012
2013
2014
2015
Net profit margin on sales

(PM)
Total assets turnover

(AU)
34.36%
25.32%
20.92%
17.20%
18.51%
10.74%
10.25%
14.64%
10.98%
9.68%
Equity multiplier
(EM)
2.18
3.13
6.81
5.38
4.05
Rate of return on common

shareholders equity (ROE)
5.32
5.69%
7.96%
10.65%
12.28%
Source: Authors processing based on Bohai Leasing Annual reports from 2011 to 2015.
1372
Figure 2. Net profit margin on sales
Source: Authors processing based on Bohai Leasing Annual reports (from 2011 to 2015)
As it can be seen in Figure 2, the net profit margin (PM)

shows a downward trend, reaching its lowest level at
17.20% in 2014. Before 2013, the PM of Bohai Leasing
lowered gradually. After the merger with Seaco at the
end of 2013, the PM appeared to stabilize in 2014 and
started to increase in 2015. The net profit from sales

ratio is determined as the ratio of net profit to turnover .
Greater PM value indicates better operating results and
increased profitability. PM values indicate that Bohai
Leasing has good operating results and profitability.
Figure 3. Total assets turnover
No. 12(144)/2016
1373
According to Figure 3, the total assets turnover of Bohai

Leasing shows an upward trend from 2011 to 2013, and
then it gradually decreases year after year. Since the
total assets turnover reflects the companies ability to
use their own assets in order to increase sales, the
larger the ratio, the stronger the companys business
operating capacity. After the M&A, the total asset

turnover did not increase. On the one hand, this is
caused by the fact that Bohai Leasing used its own
assets for the M&A, which sho shows that the business
integration has affected the growth of revenues from
sales.
Figure 4. Rate of return on common shareholders equity (ROE)
The profit to net assets margin is the percentage of

net profit corresponding to the average level of
shareholders equity. This ratio reflects the level of profit
over the value of equity, and it is used to measure the
efficiency of a company that is using its own capital. The
higher the value of the ratio, the higher the income from
the investment. The ROE of Bohai Leasing shows an
upward trend since 2011, demonstrating that its ability of
using its own assets has increased.
After completing the acquisition of Seaco, Bohai
Leasing has already increased the efficiency of its
activities, with the current container rental rates growing
steadily. Until now, Bohai Leasing has set up branches
all around the world, in more than 80 countries on 6
continents. In 2015, Bohai Leasing issued 1.5 billion
RMB in corporate bonds. Both bonds and debt hold a
credit rating of AA+. The entirely-owned subsidiary
Seaco Ltd. issued 10-year securities of $500 million,
backed by assets, in August of 2014, acquiring an A
credit rating from Standard & Poor's and DBRS rating
1374
companies. In 2015, the operating income reached the

value of 9.659 billion yuan, an increase of 40.97%; the
operating profit of 1.841 billion yuan recorded an
increase of 49.21%. In 2014, the company obtained
revenues of 6,851,955,000.00 yuan, an increase of 7.46
percent as compared with 2013. Due to the increase
recorded by Seaco and the upward trend of its
revenues, Bohai Leasing changed the value of its
impairment loss related to finance lease receivables
from 1.5% to 0.5%. All these show that the merger
between Bohai Leasing and Seaco was succesfull.
4.3. Financial risk control and management

of Bohai Leasing
4.3.1. Development strategy
Before the Bohai Leasing and Seaco merger, Bohai
Leasings main customers came from China. With
competition of rental business on the home market
becoming more intense, Bohai Leasing needed to

strengthen its market position in order to raise
competiveness. However, the costs of expanding to new
overseas markets are extremely high. The group of
experts from Bohai Leasing adopted a strategy to
explore the overseas markets. The experts selected
several companies as target firms and performed indepth research regarding those companies. Seaco is the
sixth largest leasing company in the world. It is
experienced in operating leases and management.
Seaco has good prospects for making profits. In terms of
its container occupancy rates and return rates, it is an
industry leader. By the end of 2012, Seaco Ltd. held
assets of over $2.5 billion, with a total revenue of nearly
$500 million, and a net profit of nearly $90 million.
According to the audit report, the projected net profit
values ranged between 95,995, 92,473 and 101,838
million dollars, respectively, from 2013 to 2015 (Bohai
Leasing, 2015). The projected value of Seaco was 12.24
billion dollars (81.63 billion RMB). The general
conclusion was that the Seaco merger could help
achieve complementary goals. The thorough research
and correct development strategies contributed to
effectively controlling the decision-making risk during the
cross-border M&A. At the same time, due to the
specialized CFO and group of experts, the audit quality
was promoted and the risk of uneven information spread
was avoided.
4.3.2. Various funding channels
Cross-border M&A activities require extremely important
support in terms of funding for the acquirer. A
reasonable capital structure of the sources of funding
could provide powerful support. Bohai Leasing used
proactive debt instruments to raise funds from the
internal and external capital markets, bond market and
interbank market, by combining direct and indirect
financing methods, actively following the trend of market
financing, and gradually establishing long-term stable
market, thus securing financing mechanisms. Bohai
Leasing issued shares and used its own assets to pay
the merger price. On December 27th, 2013 Bohai
Leasing issued 216,450,216 shares to HNA Group to
pay the price of buying Seaco. Meanwhile, it issued
81,745,000 shares, 134,770,000 shares and 72,085,288
shares to Hua An Fund Management Co., Ltd., Manulife
TEDA Fund Management Co., Ltd and Tianhong Fund
Management Co., Ltd., respectively, to purchase
No. 12(144)/2016
Seacos assets (Bohai Leasing, 2014). The issue price

was 6.93 yuan/share, a total of 3.5 billion RMB. Bohai
Leasing paid cash indirectly to Seaco through its
subsidiary GSCII. In 2014, Bohai leasing replaced its
own cash through debt financing to HNA Group,
assuring liquidity (Bohai Leasing, 2014). For a firm, if the
proportion of debt to capital is too high, it will bring debt
service pressure and a significant decrease in financial
leverage. If the equity capital ratio is too high, it will
dilute shareholder value and damage the interests of
shareholders. Bohai Leasing combined internal
financing, debt financing and equity financing to merge
with Seaco.
4.3.3. Selecting reasonable payment strategies
Interest and exchange rate fluctuations will cause the
merger cost to change. Until now, banks were the main
financing channels for Bohai Leasing (Bohai Leasing,
2015). Interest rate fluctuations have a greater impact on
company costs. Bohai Leasing expands its financing
channels, especially to external financing. For example,
Seaco issued 10-year asset-backed securities of $500
million (Bohai Leasing, 2014). On the other hand, Bohai
Leasing established a financial department to manage
the financial asset, such as investments in financial
hedging products. So far, Seaco assets are dollardenominated; the dollar exchange rate fluctuations will
directly affect the RMB value of the company, with
further impact on the companys overall performance.
Responding to the exchange rate risk, Bohai Leasing
held a meeting on December 5th, 2014, announcing that
it actively manages the asset-backed securities. When
referring to the payments in the M&A activity, Bohai
Leasing designed a trading strategy to block the
exchange risk. The parties involved in the transaction
signed a contract regarding the settlement date. Before
that date, the payments will be made using a certain
exchange rate; otherwise, the price will be higher.
4.3.4. Integration strategy
The acquirer needs to identify reasonable cost-benefit
integration solutions and choose the lowest cost, for
the largest income. Meanwhile, financial integration
must be finished as soon as possible, in case negative
influences occur. Financial integration also needs to be
coroborated with other aspects, such as human
resources integration. Bohai Leasing set up a system
1375
for the internal control of financial reporting.

Fortunately, the number of accounting rules that need
to be changed in the integration of the financial
statements after the merger with Seaco is not too high.
As soon as Bohai Leasing took control of Seaco, it has
consolidated its financial statements. At the same time,
Bohai Leasing absorbed Seacos operating experience
and know-how since the M&A was finalized. As a
result of the M&A, Seaco opened up domestic
container leasing business channels, further
expanding its market and influence in China, to
achieve the rapid expansion of its assets.
Conclusions
Cross-border merger and acquisition activities are
encumbered by financial risks during the entire process.
Before M&A, reasonable acquisition strategy and

complete due diligence contribute to the decrease of the
asymmetric information risk to further reduce pricing risk.
Since cross-border M&A activities need large amounts
of liquidities, single financing channels have a greater
possibility to increase the financial risk. During the
implementation phase, scientifically assessing the
companys own financial capability and choosing flexible
financing channels and designing reasonable capital
structure will reduce the financing risk. Additionally,
using various financial instruments in relation to the
international capital could hedge the risk of exchange
rates fluctuation, thus reducing the payment risk. In
order to reduce the risk of financial integration, special
attention should be granted to the integration of the
business strategy and the financial system, in the
integration phase.
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risk through improved due diligence, Strategy &
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1377
Nr. 12(144)/2016, 1378-1380

Yuanyuan Audit
SUI,financiar,
AdelinaXIV,
DUMITRESCU-PECULEA
ISSN: 1583-5812; ISSN on-line: 1844-8801
Editorial
Audit Financiar Journal
For the editorial board of the journal Audit Financiar,

2016 meant a constant concern for internationalization.
In January I changed the journals web page, the text
presentation, the articles template and the assessment
form. We uploaded all the articles published in previous
years. The website of the journal allows the transmission
of the articles by this platform. Also, items that have
already been published can be searched by various
criteria. Due to new functions of the website, this year
we managed to index the journal in several international
databases.
At the beginning of the year the journal was indexed in
four international databases: Cabells, EBSCO,
ProQuest and Ulrichs. During 2016 we focused on, for
example, journal indexing in databases that allow
automatic upload of information provided by the
representatives of the journal through XML files (such as
DOAJ or RePec). Thus, we avoided the errors of
information retrieval made by people who do not speak
Romanian. We indexed the journal in the following new
databases:
1378
1. Academic Keys;
2. Deutsche Zentralbibliothek fr
3. Directory Indexing of Research Journals;
4. DOAJ;
5. ERIH PLUS;
6. Global Impact Factor;
7. RePec.
On December 29, 2015 we applied for indexing in
Scopus database.
We created an account on the Google Scholar
platform for monitoring the citations. We searched for
articles from previous years in order to calculate
correctly the scientometric indices. Now we have a
Hirsch index of 7. We consider that it is very
important to be able to calculate such indicators and
to attract increasingly better articles as the values
are improving.
Editorial
In February we made a partnership with CrossRef.

CrossRef assigns a unique identification code to
the articles published in the journal. With its help
the articles can be found even if the website of the
journal is changing. In addition, CrossRef offers
other services such as Cited by Linking (which
provide for the creation of a link to the articles cited
in the journal or citing articles published by us) and
access to anti plagiarism software. We have
already implemented Cited by Linking and
iThenticate.
We have introduced anti plagiarism checking for all
items received for evaluation.
We partnered with five international conferences to
increase the visibility and the number of articles received
by the journal. The conferences are:
International Scientific Conference Accounting and
Finance the Universal Language of Business, first
edition, held in Piteti, March 18
(http://www.univcb.ro/p-168-
conferin%C5%A3a.%C5%9Ftiin%C5%A3ifica.interna
%C5%A3ionala.2016.html);
International Scientific Conference Paradigm of the
Accounting and Auditing: National Realities,
Regional and International Trends, V edition,
Chiinu, April 1;
Management Information Systems", the eleventh
edition, held in Bucharest from 8 to 9 June
(http://www.cig.ase.ro/amis2016/);
Auditing Perspectives, the third edition held in
Timioara on 20-21 October
(www.aapconference.ro);
International Scientific Conference Globalization
and Higher Education in Economics and Business
Administration, ninth edition, held in Iai 20-23
October (http://www.feaa.uaic.ro/geba/).
The situation of the articles received and published is as

follows:
Table. 1. Received and published articles in 2016

Issue
Number of articles published
1
2
3
4
5
6
7
8
9
10
11
12
5
5
6
5
5
6
5
5
5
5
5
5
Total
62
Of which, articles with foreign authors
Number of articles rejected
0
0
0
2
1
1
1
1
1
0
3
2
12, representing 19%
of the articles published
0
1
1
1
11
3
3
2
4
0
2
1
29, representing 32%
of the articles received
The articles were rejected because the originality

percentage was lower than the one agreed by the
editorial office, because the article is not in the journals
area or following the rejection by the evaluators.
We worked a lot on how to present the articles. For
example, we changed the system of writing the
references. We adopted the Harvard system and kept
citations consistency in all the issues published this
year.
No. 12(144)/2016
For the next period we intend to comply with all the

requirements for indexing in the Thomson Reuters
database.
One of the changes that will be made in 2017 will be the
involvement of foreign teachers in the review process.
In 2017 the journal will be published quarterly, i.e. in
February, May, August and November. We look
forward to receiving your articles continuously.
1379
Audit Financiar Journal
All the achievements in 2016 were made possible

thanks to the support enjoyed by the Audit Financiar
journal. First, the financial support of the Chamber of
Financial Auditors of Romania (CAFR) was
indispensable. Also, the autonomy granted to the editor
by was absolutely necessary CAFR to publish a quality
journal. Secondly, we thank the authors who trusted and
sent articles to our editorial staff. On the other hand,
publishing articles received from foreign authors in
Romanian would not have been possible without the
team of translators: Cristina Circa, tefana Dima,
Mihaela Dumitracu, Raluca-Gina Gue, Drago
Mangiuc, Ioan-Bogdan Robu. Also we thank those who
are part of the scientific council of the journal and helped
us with advice whenever it was necessary this year. Our
thought goes to the academics we worked with every
month, the reviewers: Alina Alman, Veronel Avram,
1380
Daniel Botez, Ovidiu Bunget, Carmen Giorgiana Bonaci,

Daniela Artemisa Calu, Vasile Cardo, Cristina Circa,
Ionela Corina Chersan, Tatiana Dnescu, Sorin
Domnioru, Alin Dumitrescu, Nicoleta Farcane, Liliana
Feleag, Niculae Feleag, Iuliana Georgescu, Camelia
Haegan, Emil Horomnea, Ionel Alin Ienciu, Nicoleta
Maria Ienciu, Ion Ionacu, Elisabeta Jaba, Cristina Lidia
Manea, Drago Mangiuc, Mihaela Mocanu, Marilena
Mironiuc, Ana Morariu, Ioan Bogdan Robu, Victoria
Stanciu, Georgeta pan, Aurelia tefnescu, Alexandru
ugui. Last but not least, we thank the readers who,
according to our statistics, were very numerous.
Respectfully,
The editorial board of
the Audit Financiar journal

Revista NR 144

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Anul XIV, nr.

l Adoptarea principiilor raportrii

Un drept contabil care face apel

l The adoption of integrated

integrate de ctre companiile

reporting principles by the

l Controlul intern i auditul

l Internal control and auditing

o necesitate pentru raportarea

a necessity for responsible

l Identificarea i controlul riscului

financiar al companiilor aflate

l Financial risk identification

and control of cross-border

Premiile revistei Audit Financiar pentru anul 2016

Awards of the Journal Audit Financiar, 2016

Alina Teodora CIUHUREANU

Yuanyuan SUI, Adelina DUMITRESCU-PECULEA

Revista Audit Financiar

Revist lunar editat de

Camera Auditorilor Financiari

Colegiul Editorial tiinific

Dinu AIRINEI Universitatea Al. I. Cuza, Iai

Important pentru autori!

Tabelele i graficele se elaboreaz n alb-negru cu

AUDIT FINANCIAR, anul XIV

V rugm s citai acest articol astfel:

Alain BURLAUD, Maria NICULESCU

2000, Romnia a introdus obligaia de a aplica

AUDIT FINANCIAR, anul XIV

Un drept contabil care face apel la raionamentul profesional:

statul i dreptul moderne din secolul al XIX-lea i

n cazul n care incertitudinea se refer la contextul

Evoluia normelor contabile corelat cu o evoluie mai

2. Ctre un stat postmodern:

A se vedea: Lakovic i Puglister (2013, p. 28-42).

statul i dreptul postmoderne din anii 1970-80 i

Modernismul sau modernitatea sunt caracterizate de

A se vedea: Colasse (ed.) (2009, p. 113).

Alain BURLAUD, Maria NICULESCU

civil mondial, o comunitate internaional cu

pentru a avea fora legii. Globalizarea dreptului nu

3. Ctre un drept contabil care

AUDIT FINANCIAR, anul XIV

Un drept contabil care face apel la raionamentul profesional:

cadrul conceptual IFRS (lansat n dezbatere

directiva contabil din 2013;

planul contabil general francez din 2014;

ordinul 1802/2014 din Romnia i

dou texte care trateaz auditul legal al conturilor

cadrul conceptual al ISA;

o directiva de audit din 2014.

tratate ca un singur cuvnt), a fost msurat frecvena

3.2. Statistici privind indicatorii care vizeaz

Legea din 30 aprilie 1983 integrat n Codul comercial.

Alain BURLAUD, Maria NICULESCU

romnesc folosete des cuvntul estimare (de 45 de

cultura romneasc de gestiune; aceasta joac un rolcheie ca surs de informare.

Planul contabil general

Ordinul romnesc 1802 din

Sursa: prelucrrile autorilor.

Postmodernismul juridic, dimpotriv, a rezervat un loc

Utilizarea acestor cuvinte are, fr ndoial, i o funcie