Law no 162/2017 on the statutory audit of annual financial statements and annual consolidated financial statements and on amending other pronouncements, which amends and supplements GO no 65/1994 on the organization of the accounting expertise and licensed accountants’ activity in Romania, was published in the Official Journal no 548 of July 12, 2017.
Law no 162/2017 clarifies the difficulties faced until now by expert and licensed accountants in organizing and performing their activity, considering their specific competences.
The amendments and supplements to Government Ordinance no 65/1994 on the organization of the accounting expertise and licensed accountants’ activity target, among others:
- The abrogation of the provisions regarding the public oversight of the activity of the Body of Expert and Licensed Accountants of Romania, which has a positive impact on CECCAR’s budget
- The activities that may be performed by expert and licensed accountants as members of the professional organization CECCAR
- A clarification regarding forensic accounting engagements, including those that have a fiscal component
- The way in which the profession is organized and performed, individually or through companies established based on Law no 31/1990
- Ensuring the exchange of information and data between CECCAR, ONRC and the Ministry of Finance, including ANAF, in order to comply with the provisions of the Accountancy Law no 82/1991, republished and updated.
The amendments to GO 65/1994 are the result of the efforts made by the Body of Expert and Licensed Accountants of Romania towards the improvement of the national legislation in the financial and accounting field, including the organization of the accounting expertise and licensed accountants’ activity in Romania, in cooperation with the Ministry of Finance.
The pronouncement becomes effective in three days after its publication in the Official Journal.
The complete text of Title IV amending and supplementing GO 65/1994 is available here, in the form submitted for promulgation by the Romanian Parliament, published in the Official Journal.
The Superior Council of CECCAR
Professor Robert Aurelian Șova, PhD