Charges & Fees

To assist financial auditors and trainees, the Chamber of Financial Auditors in Romania undertakes a series of activities for which members of the Chamber, auditors and trainees pay the fixed annual fee:

– internal auditor activity: maintaining the CAFR Membership Register, organizing the mandatory, structured, professional training courses, publishing and online access to the CAFR Financial Audit Review, other activities, events and material in support of members;

– internal activity for financial auditors in the first year since the CAFR membership: theoretical training for financial audit activities other than statutory audit;

– international activity for auditors and trainees: activities carried out by CAFR as IFAC member, FEE, FIDEF, as well as collaboration with other international bodies in the field.

According to the Decision of the Council of the Chamber no. 35 / 24.04.2014, on the approval of contributions and fees for members of the Chamber of Financial Auditors of Romania, individuals and audit firms, and for the members of the auditing staff, as subsequently amended and supplemented, the contributions and fees for the financial auditors are the following :

Fixed contributions for financial auditors – natural persons and audit firms

1. Fixed annual fee for financial auditors – active individuals: RON 780 / year. The levy is paid in two installments:

– Installment I – RON 400 until 31.03.

– Installment II – RON 380 until 30.09.

2. Fixed annual fee for financial auditors – active individuals who did not have activity in the previous year, according to the statement submitted to the Chamber, within the deadline set by the Chamber’s regulations, and who are not associates or administrators or employed in a member audit firm of the Chamber or who do not hold a position in the chosen structures of the Chamber: RON 500 / year. The levy is paid in two installments:

– Installment I – RON 300 until 31.03.

– Installment II – RON 200 until 30.09.

The fixed fee in the amount of RON 500 / year shall apply from 1 January 2019.

3. Fixed annual fee for financial auditors active in the first year from the moment of granting the membership: RON 1,430 / year. The levy is paid in two installments:

– Installment I – RON 1050 until 31.03.

– Installment II – RON 380 until 30.09.

4. Fixed annual fee for financial auditors – non-active individuals: RON 390 / year. The levy is paid in two installments:

– Installment I – RON 200 until 31.03.

– Installment II – RON 190 until 30.09.

5. Fixed annual fee for financial auditors who are non-active in the first year after obtaining the membership: RON 1,040. The levy is paid in two installments:

– Installment I – RON 850 until 31.03.

– Installment II – RON 190 until 30.09.

6. Fixed annual fee for audit firms: RON 750 / year. The subscription shall be paid in full, by March 31 of each year.

7. Annual Fixed Contribution for Audit Firms in the first year after obtaining the membership: RON 2,050. The subscription shall be paid in full, by March 31 of each year.

8. Fixed annual subscription for financial auditors – active individuals with a B, C or D rating: RON 1180. The levy is paid in two installments:

– Installment I – RON 800 until 31.03.

– Installment II – RON 380 until 30.09.

9. Fixed annual fee for financial auditors – non-active individuals with B, C or D rating: RON 790. The levy is paid in two installments:

–  Installment I – RON 600 until 31.03.

–  Installment II – RON 190 until 30.09.

10. Fixed annual fee for audit firms rated B, C, or D: RON 1,150. The levy is paid in two installments:

– Installment I – RON 1,000 until 31.03.

– Installment II – RON 150 until 30.09.

Natural entities and audit firms that request membership of the Chamber and enroll in the CAFR Members’ Register in the first semester of the year pay the entire fixed fee for that year.

Natural entities and audit firms applying for membership of the Chamber and enrollment in the CAFR Members’ Register in the second semester of the year pay the fixed fee for that year (within 30 days of registering as a CAFR member), as follows:

a) financial auditors individuals active in the first year after the membership: RON 1,050.

b) financial auditors individuals non-active in the first year after the membership: RON 850.

c) audit firms in the first year after the membership: RON 1,850.

If the active financial auditors do not engage in financial auditing in their own name but only in the name or on behalf of a CAFR member firm, they shall forward to the Chamber a non-activity statement specifying the situation.

Also, financial auditors who are employees, administrators or shareholders of an audit firm and do not carry out business as a financial auditor in their own name shall forward a statement to the Chamber with no activity indicating this situation.

Auditing firms, members of the CAFR, who have not received income from financial auditing, internal audit and / or other activities as financial auditors following the conclusion of contracts in that capacity, shall submit to CAFR an annual report in the form of a statement, in which they shall mention this situation.

The submission of the statement is mandatory for all active CAFR members by 15 February of the year following the reporting.

If the active financial auditors or audit firms carry out their activity as financial auditor, they are required to prepare and transmit to CAFR, by 15 February of the following year, the annual activity report for the previous year.

In the annual report, the total of the fees gained from the financial audit, internal audit, as well as other fees obtained from the exercise of the profession of financial auditor for the reporting period, obtained by summing the value of the invoices issued during the reporting year (excluding VAT) at least the amounts that were assigned to subcontractors and collaborators, financial auditors members of the Chamber.

Depending on the total fees stated in the annual report, financial auditors have the obligation to calculate and pay CAFR the variable contribution.

Payment of variable contributions will be made by March 31 of each year.

Also, the members of the Chamber are obliged to pay during the year the annual variable contributions, in the form of an advance payment, until September 30, according to the total fees obtained under the same conditions as above, obtained by summing the value of the invoices issued during the year (excluding VAT) by June 30, less the sums that have been assigned to subcontractors and collaborators, financial auditors members of the Chamber (for which they are required to calculate and pay the related variable contribution).

The variable contribution is calculated as the percentage applied to the total fees obtained from the financial audit, internal audit, as well as other fees obtained from the exercise of the profession of financial auditor (the total fee stated in the annual report on the activity carried out), as follows:

•  0,5% applied to the turnover up to RON 50,000;
• 0,8% applied on the turnover between RON 50,001 and RON 200,000;
• 0,9% applied to the turnover between RON 200,001 and RON 600,000;
• 1% applied on the turnover between RON 600,001 and RON 1,000,000;
• 1,2 % applied to turnover exceeding RON 1,000,000.