The Law on Financial Statements Audit, which will come into force on January 1, 2019, has been published in Monitorul Oficial
The new law will replace the current Law on Auditing, it partly translates Directive 2006/43/ EC of the European Parliament and the Council of May 17, 2006 on the mandatory audit of annual and consolidated accounts. The law establishes the legal basis for the organization of audit by the subjects of the audit, regulates the activities of auditors, the supervision of the audit, as well as the specific requirements for the public interest subjects’ audit. According to the document, new requirements are introduced in the field of professional competence. Thus, the holders of the qualification certificate will be able to work by profession after passing the corresponding exam. The access to the exam will be possible only if the candidate has 2-year internship, 3-year experience in the economic or legal fields, knowledge of the Romanian language and has no previous convictions. The Council for Public Audit Supervision will register the auditors and the audit subjects and will maintain the relevant public registers. The new law specifies the professional requirements for auditors (ethics, integrity, independence, confidentiality of data, professional secrecy); a requirement is introduced to monitor the quality of the audit and conduct internal control. The law describes the requirements for the organization of audit activities, the implementation of internal control, the audit and reporting, there are stipulated the rights and the responsibilities of the auditor, the audit company and the object of audit. In addition, it has been introduced the obligation to establish the Audit Committee in the public interest subjects (with the exception of banks), as well as the reformation of the Council for Audit Activities Supervision and its financing form are envisaged. The Law on Audit of Financial Statements will come into force on January 1, 2019, with the exception of provisions related to the reform and approval of the organizational structure of the Council for Public Audit Supervision - they will come into force on September 1, 2018. // 12.01.2018 - InfoMarket.