In Bucharest, Celebrating the National Day of Financial Auditing The Professional Seminar „Approaches on Financial Auditing”
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It has become a tradition for the Romanian financial auditors to celebrate their national day, every year, on the 26th of October. This year, this event was marked by the organisation of a seminar on „Approaches on Financial Auditing”, held on the 25th October 2008, in Titulescu conference room within the Romexpo Exhibition Centre. \r\nOn this occasion, themes extremely relevant and significant for the profession were discussed: the transposition into practice of the new regulations on statutory audit, the establishment of the Council for the Public Oversight of the Statutory Audit Activity and the requirements imposed by the development of internal and international relations with other professional bodies. \r\n\r\nThe works of the seminar were lead by Prof. Univ. PhD Ion Mihăilescu, the president of the Chamber of Financial Auditors of Romania (CAFR). The latest news in the field of financial audit and the current challenges of the profession, referring to the global financial crisis, were presented by PhD. Georgeta Petre, director in the Romanian Ministry of Economy and Finance (MEF) – „The Role of the Governmental Authority in transposing and applying the community acquis provisions in the statutory auditing domain”, Laura Perrin, director within KPMG Romania – „Professionalism and ethics” and Martin Manuzi, director European Office within the Institute of Chartered Accountants in England and Wales (ICAEW) – „European Challenges for the Profession”. \r\nThe Romanian auditors were welcomed, on the occasion of their national day, by Georgios Karamichalis, member of the Institute of Certified Public Accountants of Greece (SOEL), by Mircea Poenaru, president of the Association of Internal Auditors of Romania, attending the works, and by Prof. Univ. PhD. Ion Gheorghe Roşca, rector of the Bucharest Academy of Economic Studies (ASE), who sent a written message for this purpose. \r\nAs president Ion Mihăilescu mentioned, this year celebration is marked by two important achievements: CAFR was accepted among the full members of the International Federation of Francophone Expert Accountants (FIDEF) and it is going to become full member of the International Federation of Accountants (IFAC).\r\n\r\nAt internal level, the Chamber was recognised by the Romanian Government as the professional body entitled to organise, coordinate and authorise the development of the statutory audit activity in Romania, according to the Government Decision No. 90/24 June 2008, involving accentuated responsibilities both for the professional body as a whole, which will have to adapt its own regulations and working norms and for each individual financial auditor, for raising to the expectations of the national and international regulations in this domain. \r\nAs far as the provisions of this ordinance are concerned, PhD. Georgeta Petre referred to this subject in more detail. Thus, the Government Ordinance No. 90 transposes in the Romanian legislation the provisions of the 43/2006/EC Directive on statutory audits of the annual accounts and of the consolidated accounts and at the same time, it establishes a public oversight system for the statutory auditors and audit firms. For this purpose, the Council for the Public Oversight of the Statutory Audit Activity was created, which will exert its attributions on the public interest entities, such as: banks, financial institutions, insurance and reinsurance companies, private pensions management entities, commercial companies whose securities are listed on a regulated market, national companies. \r\n\r\nLaura Perrin, the only representative of our country in the Council of the global organisation, ACCA, appreciated that the real cause of the world financial crisis is represented by the ethical crisis, which resulted in the greed of the financial institutions. Committing, practically, all the seven deadly sins in their field of activity – lust, gluttony, greed, sloth, wrath, envy and pride – the financial institutions spread chaos all around the world, producing agitation and trouble on the global markets. For outrunning this crisis, the good governance of the companies is as vital as the good governance of the countries, Laura Perrin noted, the capacity of the banks management of identifying and managing the risks proving itself to be essential.\r\nIn his presentation, Martin Manuzi referred in detail, objectively, to the challenges of the audit and accountancy profession in general, in the context of the financial crisis, insisting upon the requirements of an improved quality of the audit engagements and of strictly observing the international standards on auditing and the IFAC Code of Ethics. At the same time, he referred to a series of aspects from the activity of the famous British professional body he represented, along with expressing the ICAEW availability to develop good cooperation relationships with CAFR.\r\n\r\nAt the end of the seminar, a debate between the participants and the experts having taken the floor took place, on the current issues troubling the financial auditor profession. \r\n