1. CHAMBER OF FINANCIAL AUDITORS
OF ROMANIA
Competent authority for financial auditors

2. Overview of the Chamber of Financial Auditors of Romania
(CAFR)
CAFR is the professional body that manages, coordinates and
authorizes the development of the financial audit activity in Romania.
Financial auditor in Romania – regulated profession
Sectorial Directive – 2006/43/EC, on statutory audits of annual accounts
and consolidated accounts.
Government Emergency Ordinance no 90/2008, regarding The Statutory
Audit Of Annual Financial Statements And Consolidated Financial
Statements.
Government Emergency Ordinance no 75/1999,on the financial audit
activity.
Currently, in Romania, according with the European Directive, CAFR is
the professional body in charge of organizing, coordinating and
authorizing the performance of statutory audit, under the oversight of the
Council for the Public Oversight of Statutory Audit Activity.

3. Overview of the Chamber of Financial Auditors of Romania
(CAFR)
CAFR was established in 1999, to regulate the financial auditor profession in
Romania.
Today we have:
o 4251 sole practitioners
o 975 legal persons – entities
o 1640 trainees
Mission of CAFR - to build on a solid ground, the identity and the public
recognition of the financial audit profession in Romania, having as a main
objective the sustainable development of the profession and its strengthening,
by fully assimilating the International Standards on Auditing and the
Code of Ethics issued by the International Federation of Accountants (IFAC),
that will allow the Romanian financial auditors to provide high quality
services, for the public interest, in general, and for the business community, in
special.

4. Authorisation of financial auditors
Main activities of the Chamber
Continuous professional development
Professional development of trainees and organization of
access exams to the profession
Provides services to members
Internal and international activity with other professional body
and business environment
Controlling and monitoring the activity of Chamber’s members

5. Overview of the Chamber of Financial Auditors of Romania
(CAFR)
The financial auditor is the professional who takes over the accounting
information in the entity’s financial reports and analyses them, in view of issuing
an opinion report on their relevance, able to constitute a decision-making element
for the public interest.
Financial
Auditor
Audit of financial
statements(financia
l or statutory
audit)
Special purpose
audit engagements
The examination of financial
information, where the auditor
expresses an opinion on whether these
are fairly prepared and presented in
accordance with the relevant financial
reporting framework
Related service
(ex. compilation
engagements, engagements
for carrying out agreed-
upon procedures)

6. Financial auditor, CAFR
member
Financial auditor, CAFR
member
Accesul la profesia de auditor financiar
Professional competencies exam
- three examinations: written test,
multiple-choice test and practical test
Professional competencies exam
- three examinations: written test,
multiple-choice test and practical test
Practical training- 3 yearsPractical training- 3 years
Test for access to the practical triningTest for access to the practical trining
Economic university
Economic university
Acces to the Romanian financial auditor profession
4 years experience in the
financial – accounting activity
4 years experience in the
financial – accounting activity

7. Professional recognition

8. Professional recognition
Persons having obtained a foreign qualification in other EU Member States or
belonging to SEE or Helvetic Confederation, in order to be approved as a financial
auditor in Romania and to become a member of CAFR have to cumulatively follow
the conditions below:
 they possess a professional qualification in financial audit, granted by another
European Union member state, according to the specific regulations of that state;
the interested person was, for at least 3 years, an independent auditor or
performed financial audit services as employee, associate, shareholder of a firm or
group of firms, whose object of activity is financial audit;
the interested person respects the provisions of the Code of Ethics for Professional
Accountants issued by IFAC;
the interested person makes prove of possessing the knowledge needed for
performing financial audit services in Romania, by passing a test in Romanian
language, which includes Romanian legislation knowledge, to the extent where this
knowledge is relevant for financial audit.

9. Professional recognition
The physical persons who wants his/her qualification to be recognized as a Romanian
financial auditor, has to submit, at the Chamber’s headquarters, a file which shall
comprise the following documents:
 Written request ;
 Copy of the passport or other identity paper;
 Certified copy of the certificate/diploma or of other official documents that prove the
superior financial-accounting education obtained in another EU member state;
 Letter of recommendation from the authorized professional body to whom it belongs,
with the precise of the following:
- the applicant has a good professional repute;
- the fact that the respective professional body regulates the financial audit
activity in that EU member state;
- the right of the applicant to perform statutory audit services
 Curriculum vitae attesting the 3 years of experience in the financial audit activity;
 3 Photos ID type (3/4 format);
 A copy of the document attesting the payment of the registration tax at the interview-
test.
 Criminal record within the availability term.

10. Professional recognition
The documents have to be accompanied by their
Romanian translations, legalized by a Romanian public
notary.
The applicants, physical persons, whose files are
accepted, shall pass an aptitudes test, organized by the
Chamber. Then they will be registered in the Public
Registry of the financial auditors from Romania.
The Public Registry of the financial auditors from
Romania can be found on our website: www.cafr.ro.

11. Professional recognition
Persons who obtained financial auditor qualification in other EU Member States or
belonging to SEE and have been approved as a financial auditor in Romania and
become a member of CAFR between 2009 – 2012:
Period Qualification obtained in Persons approved
2009
United Kingdom 87
Germany 1
Italy 2
2010
United Kingdom 27
France 1
Spain 1
2011
United Kingdom 68
Bulgaria 1
Switzerland 2
Germany 1
2012
United Kingdom 41
Bulgaria 1

12. CAFR Members Professional Development
The concept of professional development refers to the training
activities that develop and maintain the capacities allowing CAFR
members to proficiently perform the profession.
CAFR organises and coordinates financial auditors’ professional
training. Thus, financial auditors have to perform a number of 40
CPD hours each year, out of which 20 hours have to be
performed under CAFR oversight.
The professional development program takes place both in
classrooms, as well as online – by e-learning.

13. IMI Project
CAFR is part of IMI Project since 2011.
What means IMI for CAFR:
CAFR is part of IMI Project since 2011.
What means IMI for CAFR:
Communication between
competent authorities in
Romania and the Member
States of the EU / EEA
Facilitated the recognition
process and the exchange on
information between
competent authorities
Training CAFR users to use
IMI platform
Training and conferences
about Professional
Qualifications, recognition in
Romania and in other Member
States of EU/EEA

14. IMI Project
Untill now we don’t have any requests through IMI platform,
from other competent authorities. They prefered to contact us,
directly. With some of them we established memorandum on
professional recognition.
Future plans
I
II
Use IMI platfom to facilitate the recognition process
Exchange of informations between competent authotities

15. CHAMBER OF FINANCIAL
AUDITORS OF ROMANIA
www.cafr.ro