As per the provisions in art. 5 para. (3), let. (c) of the Government Emergency Ordinance no. 75/1999 on statutory audit, as subsequently amended and supplemented, the Chamber of Financial Auditors of Romania is the competent authority for the organization and monitoring of financial auditors’ annual CPD, in relation to financial audit activities, other than statutory audits. CAFR members are required to undertake 40 CPD hours each year, as follows:

• 20 hours – mandatory training (courses organized exclusively by the Chamber);
• 20 hours – optional training (courses available on the CAFR e-learning platform, other recognized courses held by other professional bodies: CCF, ANEVAR, CECCAR, etc.).

Applicable legislation: https://www.cafr.ro/uploads/Hotararea-98.pdf

From the CAFR website (www.cafr.ro) under the headline „PROFESSIONAL TRAINING” in the „Forms” subsection

For its English version, click here: https://www.cafr.ro/en/wp-content/uploads/2019/09/INDIVIDUAL-PROFESSIONAL-DEVELOPMENT-FORM-.pdf

Answer: Yes. When you are submitting the Annual Individual Professional Development Form (by e-mail to invatamant.admitere@cafr.ro or in person at the CAFR head office/ regional branches), it has to be accompanied by the attendance certificates to the CAFR online optional courses, which can be downloaded from the e-learning platform.

To obtain your username and password to log in on the CAFR e-learning platform, please email us your request at invatamant.admitere@cafr.ro. Your email shall contain your FIRST NAME and LAST NAME and you will receive the requested information.

The address of the CAFR e-learning platform is elearning.cafr.ro (Click here) the authentification area (username and password) is on the left side of the main page.

Yes

a1. For CAFR, you need to undertake 40 hours of annual CPD (20 hours of mandatory training, 20 hours of optional training). The Chamber of Financial Auditors of Romania organises courses in the field of financial audit, other than statutory audit.

Applicable legislation: https://www.cafr.ro/uploads/Hotararea-98.pdf

a2. For ASPAAS, you need to undertake at least 10 hours of mandatory CPD per year (if you are an active financial auditor) or at least 5 hours of optional CPD (if you are a non-active financial auditor), so that within a reference period of three years:

–active auditors undertake a total number of 60 mandatory CPD hours and
–non-active auditors undertake a total number of 30 mandatory CPD hours.

Applicable legislation: https://www.aspaas.gov.ro/wp-content/uploads/2018/09/Ordinul-nr.-90-din-14.08.2018-pentru-aprobarea-Normelor-privind-formarea-profesionala-continua-a-auditorilor-financiari.pdf

In order to become a financial audit trainee, please visit the following link: https://www.aspaas.gov.ro/stagiu/

In order to engage in the activity of financial auditing, the following steps must be taken:

1 . Testing the knowledge for access to traineeship

2 . Theoretical and practical training in financial auditing

3 . Testing professional competence

4 . Obtaining certification

5 . Gaining CAFR membership

6 . Registration into the Public Electronic Register

In order to perform the financial audit activity – other than statutory audit, CAFR members annually request a visa on the membership card issued by CAFR. For the annual visa, as per the Decision of the CAFR Council no. 99/2018, the financial auditors that are CAFR members must meet the following cumulative conditions:

– To fulfil the Continuous Professional Development;

– To pay in full the fixed and variable due amounts;

– To update and send to CAFR the Annual Report for the activity performed as a natural entity, as well as for the activity performed by the audit firm – CAFR member, where the financial auditor is either a shareholder or a director, as the case may be, or the Annual Statement: No Activity to Report, as appropriate; the Annual Activity Report or the Annual Statement: No Activity to Report is submitted online on CAFR website: https://www.cafr.ro/login.php;

– If the CAFR members perform financial audit activities, other than statutory audit, they should have an insurance policy for occupational risks and hazards.

– Continuous professional development

– Reporting and gaining the visa for performing the statutory audit activity

– Good repute

– Statutory audits of annual accounts and consolidated accounts for entities that chose the audit, other than the statutory audit
– Internal audit, other than public internal audit
– Special purpose audit (ISA 800)
– Specific elements of financial statements (ISA 805)
– Summary financial statements (ISA 810)
– Review of financial statements (ISRE 2400)
– Review of interim financial statements (ISRE 2410)
– Assurance engagements other than audits or reviews of historical financial information (ISAE 3000)
– Examination of prospective financial information (ISAE 3400)
– Assurance reports on controls at a service organization (ISAE 3402)
– Assurance engagements on greenhouse gas statements (ISAE 3410)
– Assurance engagements to report on the compilation of pro forma financial information included in a prospectus (ISAE 3420)
– Agreed-upon procedures (ISRS 4400)
– Compilation engagements (ISRS 4410)
– Consultancy services

Statutory audits of annual accounts and consolidated accounts, under the law (including the statutory audit of PIEs)