Audit and Assurance Services

Our offer

Statutory Audit
Risk Assurance
Financial Audit

Audit and Assurance Services are crucial for maintaining transparency and reliability in financial reporting.

The combination of human expertise and technological capabilities results in a more powerful and personalized audit experience, tailored to the specific needs of each client’s business, stakeholders, and team.

Our audit risk assessment approach is tailored to your specific industry and business, ensuring enhanced quality, relevant audit plans, and targeted testing. We utilize a comprehensive suite of data auditing and visualization tools to accurately identify risks and anomalies within your organization.

By leveraging advanced analytical tools and industry-specific knowledge, we ensure that your audit is relevant, rightsized, and provides you with greater confidence in the testing process.

Statutory Audit

Auditing in Romania is conducted in accordance with international standards and local regulations.

Audit Standards

Financial audits in Romania are performed in accordance with the International Standards on Auditing (ISA) fully adopted by the Chamber of Financial Auditors of Romania (CAFR). These standards ensure that audits are conducted with a high level of quality and consistency across the country.

Compliance Audits

Compliance audits are carried out to meet the requirements of various regulatory institutions in Romania. These audits ensure that companies adhere to the specific regulations and standards set by these institutions.

Training and Qualifications

Financial auditors in Romania must be registered as members of the Chamber of Financial Auditors in Romania (CAFR) and listed in the electronic public register. The Authority for Public Supervision of the Statutory Audit Activity (ASPAAS) is responsible for approving financial auditors and audit companies in Romania.

Audit Requirements

Companies in Romania require a compulsory audit if they meet at least two of the following criteria over two consecutive financial years:

  • Total assets over 3,650,000 EUR
  • Net turnover over 7,300,000 EUR
  • Average number of employees over 50

Audit for consolidation purpose in accordance with International Standards on Auditing (ISA) or with other generally accepted auditing standards.

Financial Audit

Services Offered

Assurance Services

Assurance services involve independent, objective assessments of financial statements, processes, and controls to provide stakeholders with confidence in the reliability and credibility of information. Our services go beyond financial reporting, extending to areas such as governance, risk management, and sustainability.

Financial Audits

Financial audits are the most common type of audit, focusing on verifying the accuracy and compliance of an organization’s financial statements.

Compliance Audits

These audits evaluate an organization’s adherence to internal policies, regulations, and laws. They are particularly important in regulated industries and educational institutions to maintain safe and fair working conditions.

Performance audit

Performance audits assess an organization’s processes, procedures, and overall efficiency. They aim to identify inefficiencies and recommend improvements to reduce costs and streamline operations. For example, EU programs require audits to verify that non-refundable grants are spent on eligible costs and properly documented.

Special Investigations

Investigative audits are detailed examinations conducted when there’s suspicion of inappropriate or fraudulent activity. These audits aim to uncover breaches, find remedies, and gather evidence if legal action is necessary.

Information System Audits

These audits review controls over software development, data processing, and computer systems to ensure the reliability and security of IT systems.

Risk Assurance

The new dynamic of business requires robust risk assurance strategies to operate an increasingly complex and uncertain environment.

Companies need to implement hyperdynamic identification and prioritization of risks to keep pace with the changing environment. This involves anticipating, assessing, and observing threats based on disparate internal and external data points.

We identify vulnerabilities and potential risks in real time, making your organization agile and resilient. This proactive approach lets you anticipate threats and seize opportunities for lasting success.

We work closely with your team to:

  • Spot Innovation: Identify areas where technology can enhance your audits.
  • Implement Seamlessly: Introduce new tools at a pace that suits you.
  • Adapt Processes: Update existing systems and controls for better integration.
  • Enhance Governance: Refine governance to match the digital landscape.
  • Utilize Data: Gather and analyze data for impactful audits.
217

Internal Audit

Risk and Regulatory Services

Data Assurance

Systems and Process Assurance

This is what we can help you identify and respond to immediately!

Internal Audit

Internal audit is designed to provide insights into the company’s health, financial reporting, policy compliance, and operational effectiveness.

By employing this type of audit services, your organization can enhance transparency, ensure compliance, detect errors or fraud, and ultimately improve their overall performance and credibility.

Internal audit activities in Romania are organized and performed in accordance with the International Standards on Internal Audit issued by the Institute of Internal Auditors (Global IIA) and adopted by CAFR. The Mandatory Guidance Rules, including the Core Principles, Definition of Internal Audit, Code of Ethics, and International Standards for Professional Practice of Internal Auditing, provide the framework for internal audit activities.

Internal audit functions provide strategic business assurance, identify opportunities, and enhance organizational value. We focus on:

  • Evaluating internal audit functions and providing co-sourcing and outsourcing services
  • Deploying continuous auditing/monitoring techniques
  • Designing and executing enterprise risk management
  • Driving regulatory compliance
  • Rationalizing monitoring functions and governance practices

Risk and Regulatory Services

Our team help your organizations efficiently identify, evaluate, and manage risks related to evolving regulatory requirements. Our work areas include:

  • Security risk management and reporting
  • Enterprise risk management and governance integration
  • External / internal compliance management
  • Operational / organizational resilience integration
  • Third-party and vendor risk management

Data Assurance

Data assurance (DA) is a comprehensive process that enhances data integrity, reliability, and trustworthiness throughout its lifecycle.

We can help you to implement DA, by establishing robust data governance frameworks and developing and enforcing data standards and policies. In this way, your organization can mitigate risks, enhance performance, and take control of your data in today’s evolving digital landscape.

Systems and Process Assurance

We provide expertise in systems and process controls across industries, like:

  • Internal control reviews across business processes and applications
  • Evaluating IT infrastructure components
  • Improving security and controls
  • Ensuring reliable reporting for informed decision-making
  • Implementing robust business continuity plans

We work together to create a comprehensive framework for managing risks, ensuring compliance, and protecting organizational assets. Internal audit plays a crucial role in assessing and improving the effectiveness of these functions, ultimately contributing to the organization’s overall resilience and performance.