In the international environment and including in the case of Romanian branches of the multinationals, the audit is generally made for the stock exchange, but often is a simple Group policy imposed by shareholders.
So far we successfully completed all our audit projects for Small and Medium Enterprises from the automotive industry, building materials industry and transports and we are ready to use our expertise to help you.
From the point of view of Romanian laws, the cases when the companies must make a financial audit are defined by art. 5 of Order 3055/2009 which adopts in Romania the accounting regulations according to European Directives, applicable since 2010. This law text defines two significant criteria families which impose auditing.
Size criteria (defined in art. 3 of the same law) if the balance sheet of a financial year two of the following three criteria are met:
- Total assets more than 3'650'000 EUR
- Net turnover more than 7'300'000 EUR
- Medium number of employees during the financial year: more than or equal to 50
Public Companies Credit Institutions
- Non-banking financial institutions
- Insurance companies
- Entities regulated and supervised by the National Securities Commission
- Companies whose securities are admitted for trading on a regulated market
- National Companies and undertakings
- Legal entities which are part of a group of companies and are in the consolidation area of a mother-company which applies the
International Standards of Financial Reporting.
- Legal entities other than the abovementioned, which receive grants and loans guaranteed by the state.
- The Romanian sub-units belong to legal entities headquartered or residing abroad, under the terms of these regulations.