Consolidated financial statements are financial reports depicting the financial state of a group made of several separate legal entities, each of them governed by the same holding company management. The role of consolidated financial reports (as a source of information about a group of entities which add up to form a single consolidated economic entity) is important to such a high extent, that the process of putting them together auditing and publishing them was made compulsory and regulated by the legal and professional framework. Harmonization of domestic accounting practices with the requirements of professional regulatory framework represents a long term process which assumes a consistent application of and compliance with the requirements relating to producing and presenting consolidated financial statements.