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BVB-listed companies audited by minor auditors

Less than half of companies listed on the main market of the Bucharest Stock Exchange (BVB) are audited by Big Four audit companies or by the second tier of auditors.

Similarly, financial reports of some 60 percent of companies are drawn up by small companies or authorized freelancers, according to a study carried out by Business Standard among the 65 listed companies. The situation here is very different than on stock exchanges in Western Europe and the United States, where the percentage of companies who certify their financial situations through major auditing companies, such as KPMG, PwC, Ernst&Young, and Deloitte, exceeds 90 percent of total listed companies. One of the main reasons cited by companies for not using international audit companies are high costs and the fact that working teams of the Big Four are 'sometimes made up of juniors,' according to Petru Prunea, President of SSIF Broker, the only brokerage company listed on BVB. Another argument is that most investors do not check to see who is auditing the company in which they intend to invest their money. However, major investors do pay attention to the quality of the auditor who deals with the financial situations of public companies. 'When the auditor is not one belonging to the generally recognized category, the problem relating to the auditor must be analyzed in depth, before making use of the financial situation of the company to make an investment decision,' said Bogdan Bilaus, Investment Manager of Raiffeisen Asset Management. Sursa: http://www.rompress.ro

Tags: companies listed bvb kpmg

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