It is still necessary the Cenzor Institution în Romania ?

Author:PhD. Daniel BOTEZ

JEL:

DOI:

Keywords:cenzor, statutory audit, Directive 2006/43/CE, financial auditor, company law

Abstract:
The „cenzor” institution, existing in Romania since 1887 in the Commercial Code, is currently experiencing a process of changes in its position. Introduced in period with major business reforms at the European level, this institution still remained connected to the European economic environment developments, until the „shadow” period for Romania, 1945 – 1989. During this period, the activity known today as statutory audit experienced a series of development, transforming it in a regulated professional activity performed by the financial auditors, namely those professional accountants that perform assurance engagements. The European requirements concerning the professionals authorized to perform statutory audit activities are contained in the Eight Directive on the statutory audits of the annual and consolidated accounts of a certain kind of entities, now replaced by the Directive 43/2006/EECrovisions looking professionals abilities for statutory audit are stipulate in the Eight Directive on the annual accounts of certain types of companies. \r\nIn 1990, reappearance of the Romanian Company law leaded also to the reappearance of the cenzor institution as it has been before in 1945. In the period time since 1990, the endeavors to reform this institution had no significant results. After some changes on Company Law, which introduced the possibility for financial auditors to perform their activity, the new draft law on statutory audit and the Public Oversight Council for the statutory audit activity, represent a moment of significant reform : it introduce in Romania a concept of statutory audit and the accordance with the new Eight Directive.\r\nWhat is going on with the cenzor institution, it will disappear or will remain unchanged? We try to answer this question.\r\n\r\n

---