Financial services

For some companies, at the end of the year, there is the issue of auditing the annual financial statements. We refer here to the statutory audit, mandatory in Romania for companies that exceed a certain size criterion.

According to the provisions of Order 1802/2014, the annual financial statements of medium and large entities, as well as national companies / companies, companies with full or majority state capital and autonomous utilities are audited by one or more statutory auditors or audit firms.

Entities that, at the balance sheet date, exceed the limits of at least two of the following 3 criteria are also subject to audit:

a) total assets: 16,000,000 lei;

b) net turnover: 32,000,000 lei;

c) average number of employees during the financial year: 50.

The audit obligation for entities referred to in this paragraph shall apply when they exceed those limits in two consecutive financial years.

Those entities shall also be exempted from the obligation to audit the annual financial statements if the limits of two of the three criteria mentioned are not exceeded in two consecutive financial years.

Entities for which internal audit is mandatory

The internal audit is mandatory only for the entities that have the obligation to audit the annual financial statements, not being obligatory also for the entities that opt ​​for their audit.

The medium and large entities, as well as the national companies / companies, the companies with integral or majority state capital and the autonomous utilities have the obligation to audit the annual financial statements.

At the same time, the entities that, at the balance sheet date, exceed the limits of at least two of the following criteria have the obligation to audit the annual financial statements:

total assets: 16,000,000 lei;

net turnover: 32,000,000 lei;

average number of employees during the financial year: 50.

For the entities listed above, the audit obligation applies when they exceed the respective limits in two consecutive financial years.

The statutory audit is performed by the financial auditors or by the audit firms authorized in Romania, which are registered as members of the Romanian Chamber of Financial Auditors and which are registered in an electronic public register.

What must be kept in mind is that the non-performance of the internal audit by the entities whose financial statements are subject to the statutory audit according to the law, constitutes a contravention and is sanctioned with a fine from 50,000 to 100,000 lei.

Grant-funded projects are an important opportunity for every entrepreneur, as they can significantly contribute to the development of their own business.

The financial audit activity of European projects certifies that the non-reimbursable financing granted was spent in accordance with the terms and conditions of the financing contract. Therefore, the project auditor verifies absolutely all the necessary information from the reimbursement request, and the way of spending these funds is rigorously verified by Contello's financial-accounting specialists in the stages of projects, respectively implementation, completion and subsequent completion. reports.