At international level and implicit for Romanian branches of multinational companies the audit is required in general as a prerequisite for stock listing, but often is simply a group policy imposed by shareholders.

So far we concluded successfully all our audit engagements for SMEs in industries of machinery, construction materials, transportation etc. and we are ready to use this expertise for you.

The Romanian law(Art. 5 of Order 3055/2009) requires that two categories of companies to be audited, companies who fulfill a set of conditions related to their size and companies operating in financial services or are of public importance.

The companies that are required by law to be audited from the size point of view are those that meet two of the following characteristics:

• Have assets in excess of 3.65 mil EUR
• Have a net turnover bigger than 7.3 mil EUR
• The number of employees is bigger than 50

The financial institutions or companies of public importance that are required by law to perform audit are the following:

• Financial institutions that are not registered as banks
• Insurance and reinsurance companies
• Entities overseen and regulated by the National Commission of Securities
• Companies that are traded on regulated markets
• National companies
• Companies that belong to a group of companies and of which financial reports are consolidated by an audited company
• Companies, other than specified above, who benefit from non-reimbursable loans or loans taken with state guaranty
• Branches of multinational companies within the conditions of the present regulation