October 30, 2017

Law No. 162/2017 of 6 July 2017, on the statutory audit of annual financial statements and consolidated annual financial statements and amending some normative acts, transposes at national level a number of regulations by which the function of the financial auditor within a company or institution can be consolidated, to contribute to improving financial stability and protecting the respective investments. It is also important to note that the law also contains provisions that establish contraventional liability for:

  1. Public interest entities that do not comply with the requirements for the organisation and functioning of the audit committee
  2. Entities whose annual flour situations are subject to statutory audit and which do not organize or ensure the exercise of the internal audit activity

The contraventions provide for a fine of between 50,000 and 100,000 lei.

For more details on law enforcement and how to apply these to the specific situation of your business, we look forward to you with openness and interest to talk. Contact us.