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Auditing

What is auditing?

An audit is an examination and verification of a company’s financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.

Who needs auditing and in Romania?

Financial statements may only be checked by financial auditors, individuals or legal entities that are authorized by the Chamber of Financial Auditors of Romania.

Those companies that meet the criteria to prepare the four financial statements mentioned in the accounting section have to audit their financial statements by an authorized auditor. Companies that only need to prepare the simplified financial statements (balance sheet, income statement and the explanatory notes to the financial statements) do not require auditing but are allowed to audit their financial statement by a so called censor.

Audits carried out by financial auditors have to be performed under the IESBA Code of Ethics for Professional Accountants and the IAASB International Auditing Standards which have been adopted by the Chamber of Financial Auditors of Romania. Audits performed by censors do not have to follow any particular framework.

Do it by yourself

Please refer to the list of Auditing and Accounting programs available on the Internet for free (or cheap) services. 

Useful links