Romanian Legislation in the Statutory Audit Field is now Conform to the European Directive

Author:Ph.D. Georgeta PETRE, Ph.D. Student Monica BIZON

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Keywords:Transposition, Statutory Audit, Statutory Auditor/Audit Firm, Public Oversight, Institutional Framework for Public Oversight

Abstract:
The Government of Romania has adopted during his session from 24th of June 2008, the Emergency Governmental Ordinance regarding the statutory audit of the annual financial statements and of the annual consolidated financial statements, which transposes in the national legislation the provisions of the Directive of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC.\r\nFollowing to the adoption of the above mentioned normative act, Romania fulfilled the time limit for the transposition of the European Directive, respectively the end of June 2008.\r\nThe adopted Emergency Governmental Ordinance contains provisions regarding the statutory audit profession and the organization of an efficient and effective public oversight system for the statutory auditors and audit firms. The new provisions will require the review of the current national legislation in the audit field.\r\n

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