{"id":249,"date":"2023-08-01T03:38:55","date_gmt":"2023-08-01T03:38:55","guid":{"rendered":"https:\/\/romanian-accountants.com\/?p=249"},"modified":"2023-08-18T10:36:28","modified_gmt":"2023-08-18T10:36:28","slug":"performing-an-audit-in-romania","status":"publish","type":"post","link":"https:\/\/romanian-accountants.com\/performing-an-audit-in-romania\/","title":{"rendered":"Performing an Audit in Romania"},"content":{"rendered":"\n

From the beginning, we mention that our team of accountants in Romania<\/strong><\/a> offers audit services<\/strong> in Romania<\/strong> in accordance with the International Standards on Auditing (ISA) fully adopted by the Chamber of Financial Auditors of Romania. Performing an audit in Romania<\/strong> is achieved by the analysis of an authorized specialist on the overall economic condition of a company, firm or institutional authority as it is shown in the accounting summaries, accounts, balance sheets and cash flows.<\/p>\n\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\t\t\t\t Quick Facts<\/th>\n\t\t\t\n\t\t\t\t <\/th>\n\t\t<\/tr>\n\t<\/thead>\n\t
\n\t\t\t\tWe offer audit services (YES\/NO)<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tYes<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\t

\n\t\t\t\t\tWho needs audit services<\/p>\n\t\t\t<\/td>\n\t\t\t

\n\t\t\t\t

\n\t\t\t\t\t– private companies, firms,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– public authorities<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\t

\n\t\t\t\t\tTypes of audits<\/p>\n\t\t\t<\/td>\n\t\t\t

\n\t\t\t\t

\n\t\t\t\t\t– financial,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– construction,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– operational,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– tax,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– compliance,<\/p>\n\t\t\t\t

\n\t\t\t\t\t– investigative<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tWho can perform audits for companies<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tCertified financial auditors<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tProfessional investigation of accounts (YES\/NO)<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\t Yes<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tVerification of annual financial statements<\/td>\n\t\t\t\n\t\t\t\tAt the time an audit is performed <\/td>\n\t\t<\/tr>\n\t\t
\n\t\t\t\tPurpose of internal audit<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tTo discover risk management in a firm<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tStatutory audits available<\/td>\n\t\t\t\n\t\t\t\tOn request <\/td>\n\t\t<\/tr>\n\t\t
\n\t\t\t\tSolutions for company management<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tOffered for better financial activities<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tLegislation for audits<\/td>\n\t\t\t\n\t\t\t\tISA or International Standards for Audits<\/td>\n\t\t<\/tr>\n\t\t
\n\t\t\t\tWe provide inventory audit (YES\/NO)<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tYes<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tAudit reports (YES\/NO)<\/td>\n\t\t\t\n\t\t\t\tYes <\/td>\n\t\t<\/tr>\n\t\t
\n\t\t\t\tInstitution in charge of auditors<\/td>\n\t\t\t\n\t\t\t\tChamber of Financial Auditors in Romania<\/td>\n\t\t<\/tr>\n\t\t
\n\t\t\t\tStatus of a financial auditor<\/td>\n\t\t\t\n\t\t\t\t

\n\t\t\t\t\tIndependent<\/p>\n\t\t\t<\/td>\n\t\t<\/tr>\n\t\t

\n\t\t\t\tOther types of audits for companies<\/td>\n\t\t\t\n\t\t\t\tOn request<\/td>\n\t\t<\/tr>\n
Companies need a compulsory audit in Romania  <\/td>\n If they meet at least two of these requirements on the reporting date and during two consecutive financial years: total assets over 3,650,000 EUR; net turnover – over 7,300,000 EUR; the average number of employees – over 50.<\/td>\n<\/tr>\n
\n

 Audit reporting standards in Romania <\/p>\n<\/td>\n

 International Financial Reporting Standards (IFRS)<\/td>\n<\/tr>\n
\n

 Audit engagement letter<\/p>\n<\/td>\n

\n

 Required before starting an audit engagement<\/p>\n<\/td>\n<\/tr>\n

Audit sampling <\/td>\nStatistical sampling techniques may be used while performing an audit in Romania. <\/td>\n<\/tr>\n
 Audit fieldwork<\/td>\n\n

 Gathering of evidence and testing procedures<\/p>\n<\/td>\n<\/tr>\n

 Audit materiality<\/td>\n\n

Determination of materiality thresholds during performing an audit in Romania  <\/p>\n<\/td>\n<\/tr>\n

Audit communication <\/td>\n\n

Discussion with management and those in charge of governance, i.e; The Statutory Audit Public Oversight Authority (ASPAAS) <\/p>\n<\/td>\n<\/tr>\n

Audit review and quality control <\/td>\n\n

Internal and external review of audit work <\/p>\n<\/td>\n<\/tr>\n

Audit professional liability <\/td>\n\n

Auditor’s liability for negligence or misconduct <\/p>\n<\/td>\n<\/tr>\n

 Audit ethics<\/td>\nCompliance with ethical standards and code of conduct when performing an audit in Romania <\/td>\n<\/tr>\n
 Audit fees<\/td>\n\n

 For small and medium-sized companies, it is expected to be 1200-3600 USD, whereas large corporations may pay 12,000 USD or more. <\/p>\n<\/td>\n<\/tr>\n

 Audit rotation<\/td>\n\n

 Statutory requirement for changing auditors periodically<\/p>\n<\/td>\n<\/tr>\n

 Audit exemptions<\/td>\n\n

 Certain small companies may be exempt from audit.<\/p>\n<\/td>\n<\/tr>\n

 Audit language <\/td>\n\n

Romanian  <\/p>\n<\/td>\n<\/tr>\n

 Audit disclosure<\/td>\n Auditor’s report is publicly available.<\/td>\n<\/tr>\n\t<\/tbody>\n<\/table>\n\n\n\n

The main elements which define the audit<\/strong>in Romania <\/strong>are the following:<\/p>\n\n\n\n