Chamber of Financial Auditors in Romania

Chamber of Financial Auditors in Romania

Updated on Sunday 17th April 2016

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chamber_of_financial_auditors_in_romania.jpgChamber of Financial Auditors in Romania (CFAR) was established in 1999 as a professional body and its main goal is to organize, legislate, conduct and control the financial auditors in the whole country. At present, there are 4.251 sole practitioners, 975 legal persons or entities and 1.640 trainees.

The financial audit activity in Romania is managed, coordinated and authorized by CFAR, under the oversight of the Council for the Public Oversight of Statutory Audit Activity.

Audit in Romania - the mission of the Chamber

The main objective and mission of CFAR consists in building a strong public recognition of the financial audit profession in Romania and obtaining its enhanced development by fully applying International Standards on Auditing and the Code of Ethics issued by the International Federation of Accountants (IFAC). As a result, financial auditors in Romania are providing high quality services for the public interest and in the benefit of the business market and accountancy in Romania.

Audit in Romania - objectives of the Chamber

Another objective of the Chamber of Financial Auditors in Romania is to develop the financial auditor profession, by assuring that the financial auditors, which are CFAR members, are applying the highest professional and ethical standards established by the European and international specialists.

Another important goal of CFAR is to ensure the protection of its members’ wealth and interests and to promote the trademark of the institution, for the benefit of the financial auditor profession and the accountancy in Romania.

CFAR is seeking to ensure ideal conditions for the financial auditors - CFAR members - in order that they practice this profession with total independence.

A major objective of Chamber of Financial Auditors in Romania is to make people aware of the important role of this Romanian institution and to enhance the cooperation with the Ministry of Economy and Finance and with other public institutions or professional bodies in this domain, for a better development of the accounting in Romania.

Audit in Romania - how to become member of CFAR

Every individual who wants to be a member of the Chamber of Financial Auditors in Romania and to be registered in the Registry of Financial Auditors must be firstly admitted at the professional aptitudes exam.

Then the candidate must present a list of documents at the CFAR and for registration in the Registry of Financial Auditors – an application, a copy of the paying registration fee receipt, the statement on the classification as active or inactive financial auditor, a copy of the ID card and the criminal record.

The CFAR specialists have accomplished lists of conditions for Romanian legal entities and for persons or legal entities having obtained a foreign qualification in other EU country.

For more information about performing an audit in Romania or accounting in Romania, you can contact our accounting firm in Romania.