Free tool
Is a statutory audit required for your company?
Enter the figures from your last two annual financial statements. The result appears immediately and the data is not stored.
Do the company's financial statements need to be audited?
Financial statements must be audited when a company exceeds, at 31 December, the limits for at least two of the three criteria in two consecutive financial years. Enter the figures for your last two closed financial years in full, in RON.
The limits are set out in point 563(2) of the Accounting Regulations approved by Order of the Minister of Public Finance no. 1802/2014. Some entities must be audited regardless of these limits, for example: public-interest entities, medium-sized and large entities (point 563(1)), national companies, companies wholly or majority owned by the state and autonomous public enterprises, joint-stock companies with a two-tier board (Article 160(1¹) of Law no. 31/1990), entities applying IFRS and those preparing consolidated financial statements. The result is for information only.
Example figures; replace them with your company's values.
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You need two things: a statutory auditor and internal audit. We do not provide both to the same company, for independence reasons. You can choose us for one of them; in the free call we work out the right set-up.
Short answers
Frequently asked questions
What if we exceed the limits in one year only?
The requirement arises only after two consecutive financial years in which the limits for at least two criteria are exceeded. It is still worth preparing early, as opening balances will be examined in the first audit year.
Does the statutory audit bring other obligations?
Yes. Entities whose financial statements are subject to statutory audit must also organise an internal audit function (Article 65(7) of Law no. 162/2017).
Free 60-minute assessment
60 minutes with the partner: find out what to do, and in what order
An online conversation, with no obligation: which requirements apply to your company, from which year, which risks we see and what is worth preparing now. Within three working days you receive a 1–2 page written summary. The summary is not an audit report.
Cătălin MaziluManaging Partner · FCCA, CIA
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