10 research outputs found
Considerations on The Convergence of Romania to The European Union in The Banking Field
Get PDFAccording to commitments made by Romania (and by NBR) in the negotiating process to Chapter 11 - Economic and Monetary Union on the acquisition, transfer and implementation into national legislation of the acquis for banking, the NBR Statute was harmonized with the provisions of the Treaty establishing the European Community, the Protocol on the Statute of the European System of Central Banks and the European Central Bank , and the other Community provisions on central bank activity in the Member States of the European Union. The draft law on the Statute of the NBR was adopted by the Senate (on June 8, 2004) and the Chamber of Deputies and promulgated by Decree no. 532/26.06.2004, materialized into Law nr. 312/28.06.2004 on the NBR Statute. The new law was published in Romanian Official Gazette and entered into force on July 31, 2004, when Law no. 101/1998 on the Statute of the NBR, with further amendments and completions, was repealed.convergence, banking system, accession, commitments
Considerations regarding the regulation, accounting and audit of bank deposits
No full textBank deposits have been known even since the
Antiquity. From the legal perspective, the bank deposit
was always covered with due care and received the
deserved attention, while regulations generally reflected
the current views, from the legal, economic, social,
cultural and religious perspectives. The new Civil Code,
applicable in Romania starting from October 1st 2011,
brings a new element within article 2191. The fund
deposit, a change that is situated against the millennial
regulations of the deposit contract, when it specifies that
“Subsequent to the constitution of a fund deposit at a
credit institution, it gains propriety over the deposited
amounts of money”. Even since the Antiquity, the
Roman jurists have caught the economic and judicial
nature of the unregulated deposit contracts that
emphasized the depository’s obligations. The religious
obscurantism of the Middle Ages did not allow the
differentiation between the deposit contract and the loan
contract as passive operations meant to attract the
financial resources of the bank. Nowadays, the
confusion still exists and fuels the financial instability.
Even since the emergence of accounting as a science,
the bank deposit has been seen as a financial asset for
the depositor and a debt for the banker. The accuracy of
the accounting information regarding the bank deposits
is validated and confirmed through the internal and/or
external auditing procedures
The global financial crisis and its implications on the convergence of Romania with the economic and monetary union
Get PDFThe international financial crisis has affected the new member States of the European Union as well, for which the convergence criteria represent the economic test of evaluation of a degree of economic preparation, in order to participate in the third stage of the Economic and Monetary Union. This paper analyses the main evolutions recorded by Romania under the conditions of the global financial crisis, regarding the stability of the prices, the long term interests, the budget deficit, the level of the public debt in the Gross Domestic Product, the stability of the change and the degree of the preparation of the National Central Bank for the adherence to the Eurosystem. We are trying to identify a series of challenges and risks which are brought by the international financial crisis during the chosen period by the Romanian authorities for the adoption of the unique European currency, respectively 2014-2015.institutional convergence, the real convergence, the nominal convergence, the convergence criteria
CONSIDERATIONS ON THE BANKING PRODUCTS AND SERVICES IN THE GLOBALISATION CONDITIONS
Get PDFThe changes occurred in the banking marketing in our country have their origin, firstly, in the changes of the organisational culture which has evolved in the last ten years from the bureaucratic behaviour, categorised excessively, to a specific behaviour for the market economy, based on the knowledge of the clients, on the competition and on the promotion of the mentality of a winner. The organisational culture can be changed in time, as long as the employees are aware of the objectives followed, as long as they are selected and promoted in conformity with these objectives and as long as the feeling of belonging to the organisation has formed which depends essentially on the satisfaction that the employee feels towards the activity he/she enrols. Due to the stimulation of the own personnel, the banks, through superior wages as for the best paid sectors of the national economy, have managed to attract the interest of the existing professionals, as well as of the young specialists willing to dedicate to a banking carrier. The training programs organised through the means of the Romanian Banking Institute or through distinct programs organised by the baking companies in our country have contributed to the motivation of the personnel, as well as to the consolidation of the new organisational culture.globalisation, banking products, banking services
CONSIDERATIONS ON THE BANKING PRODUCTS AND SERVICES IN THE GLOBALISATION CONDITIONS
No full textThe changes occurred in the banking marketing in our country have their origin, firstly, in the changes of the organisational culture which has evolved in the last ten years from the bureaucratic behaviour, categorised excessively, to a specific behaviour for the market economy, based on the knowledge of the clients, on the competition and on the promotion of the mentality of a winner. The organisational culture can be changed in time, as long as the employees are aware of the objectives followed, as long as they are selected and promoted in conformity with these objectives and as long as the feeling of belonging to the organisation has formed which depends essentially on the satisfaction that the employee feels towards the activity he/she enrols. Due to the stimulation of the own personnel, the banks, through superior wages as for the best paid sectors of the national economy, have managed to attract the interest of the existing professionals, as well as of the young specialists willing to dedicate to a banking carrier. The training programs organised through the means of the Romanian Banking Institute or through distinct programs organised by the baking companies in our country have contributed to the motivation of the personnel, as well as to the consolidation of the new organisational culture
The Banking Products and Services: the Globalisation Challenges
No full textThe changes occurred in the banking marketing in our country have their origin, firstly, in the changes of the organisational culture which has evolved in the last ten years from the bureaucratic behaviour, categorised excessively, to a specific behaviour for the market economy, based on the knowledge of the clients, on the competition and on the promotion of the mentality of a winner. The organisational culture can be changed in time, as long as the employees are aware of the objectives followed, as long as they are selected and promoted in conformity with these objectives and as long as the feeling of belonging to the organisation has formed which depends essentially on the satisfaction that the employee feels towards the activity he/she enrols. Due to the stimulation of the own personnel, the banks, through superior wages as for the best paid sectors of the national economy, have managed to attract the interest of the existing professionals, as well as of the young specialists willing to dedicate to a banking carrier. The training programs organised through the means of the Romanian Banking Institute or through distinct programs organised by the baking companies in our country have contributed to the motivation of the personnel, as well as to the consolidation of the new organisational culture.globalisation, banking products, banking services
The Study On International Cooperation Made By The Romanian Professional Accountancy Bodies
No full textProfessional bodies with responsibility in regulating the accounting profession in Romania,with a vast experience in the field, such as Body of Expert and Licensed Accountants fromRomania, the Chamber of Financial Auditors from Romania, Chamber of Financial Consultantsfrom Romania, National Association of Certified Evaluators from Romania, are intensivelycooperating with international bodies in order to develop accounting profession and support theaccountants in providing high quality services to the public.
Cooperation of the professional bodies involved in the regulation of the accounting professionhas one fundamental objective: development of a strong accounting profession, able to serve thepublic interest, spread information and recommendations among its members, as well as providingservices of the highest professional level
ASSESSMENT OF CREDIT INSTITUTIONS’ OPERATIONAL RISKS FROM THE PERSPECTIVE OF EXTERNAL AUDIT
Get PDFCredit institution's operational risk should be evaluated by the external auditor cautiously because it is a risk arising from the way in which the bank's global strategy is implemented in practice and how the bank’s activity is followed step by step by those charged with governance, internal audit and internal control so to indicate any deviation from the standard rules and procedures and reduce the likelihood of distortions caused by frauds or errors. International Standards on Auditing require to external auditors to obtain sufficient and appropriate evidences to support the audit opinion, therefore the auditor must first understand the specific banking activities and then identify and properly evaluate the credit institution's operational risks
IDENTIFICATION AND EVALUATION OF AUDIT RISK IN PROJECTS FINANCED FROM EUROPEAN FUNDS
Get PDFThe audit of projects financed from European Structural Funds is a requirement expressly stipulated underfinancing contracts and supposes a series of activities, such as: the analysis and verification of the nature, legality, accuracy and eligibility of expenses; the verification of using the amounts received in advance; the audit of third parties’ accounts; the comparison of the expenses with specially assigned accounts and the project budget; the verification of project incomes (inclusively of the advances received from the financer, interests to theadvances and other incomes generated by the project), etc.Understanding the entity and its environment, inclusively its internal control proves to be an essential elementin the diligent approach of the audit that should be followed by the understanding of the project financed fromEuropean Structural Funds and especially of its finality.The application of the procedures imposed by the international audit standards shall not fully eliminate theaudit risk and especially the risk of fraud and errors. The auditors have used as a research method both the theoreticalapproach and the empiric research. In the theoretical approach have been analyzed the notions of audit risk, fraud anderrors in accordance with the applicable legislation, and empiric because certain fraud cases frequently encounteredin the development of project financed from European Structural Funds in Romania are presented
