Romania

As a member of the European Union (EU), Romania is subject to accounting, auditing, and financial reporting requirements established in EU Regulations and Directives as transposed into national laws and regulations. Romania’s legal and regulatory framework for corporate reporting and statutory audit reflects the EU acquis communautaire in these areas.

The financial reporting framework in Romania is primarily established by Accounting Law No. 82/1991 and Order of the Minister of Public Finance No. 1802/2014, which set out the accounting regulations for annual individual financial statements and annual consolidated financial statements for entities applying Romanian Accounting Standards (RAS). The Ministry of Finance (MoF) is the principal authority responsible for issuing accounting regulations in the jurisdiction.

Under the EU IAS Regulation, companies whose securities are admitted to trading on a regulated market in Romania are required to apply International Financial Reporting Standards (IFRS) Accounting Standards as adopted by the EU in their consolidated financial statements. Romania has also exercised the option to require EU-endorsed IFRS in the separate annual financial statements of companies whose securities are admitted to trading on a regulated market, pursuant to Order No. 881/2012, effective 1 January 2012.

For entities whose securities do not trade in a regulated market, RAS generally apply. Romania permits the use of EU-endorsed IFRS in consolidated financial statements of certain non-listed entities, while other entities prepare consolidated financial statements under RAS aligned with the EU Accounting Directive. Romania has not adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs).

Sector-specific reporting requirements also apply. The National Bank of Romania (NBR) is the competent authority for credit institutions, while the Financial Supervisory Authority (ASF) oversees the non-bank financial sector, including the capital market, insurance, and private pensions. EU-endorsed IFRS are required for credit institutions and insurance companies, including those whose securities do not trade in a public market.

The statutory audit framework is established by Law No. 162/2017 on the statutory audit of annual financial statements and annual consolidated financial statements, which transposes the EU Statutory Audit Directive and provides the legal basis for the regulation, authorization, oversight, quality assurance, investigation, and discipline of statutory auditors and audit firms in Romania.

Law No. 162/2017 designates the Statutory Audit Public Oversight Authority (ASPAAS) as the competent public oversight authority for statutory audit. The law also confirms that statutory auditors and audit firms in Romania are subject to national requirements relating to auditing standards, ethics, independence, quality assurance, investigation, and sanctions.

Statutory audits in Romania are conducted in accordance with International Standards on Auditing (ISA) as adopted for application in the jurisdiction. Only auditors and audit firms authorized and registered in accordance with Law No. 162/2017 may carry out statutory audits.

In Romania, statutory auditors and professional accountants in public practice are regulated under a mixed system involving the state and professional accountancy organizations. Statutory audit is regulated under Law No. 162/2017, with public oversight exercised by the Statutory Audit Public Oversight Authority (ASPAAS). Other professional accountants in public practice, namely expert accountants and authorized accountants, are regulated under Government Ordinance No. 65/1994 through the Body of Expert and Licensed Accountants of Romania (CECCAR).

The statutory audit profession is subject to public oversight by ASPAAS, which is the competent authority for the authorization, registration, oversight, and discipline of statutory auditors and audit firms. Law No. 162/2017 establishes the legal framework for entry into the profession, continuing professional development, quality assurance, investigation and discipline, and the application of auditing and ethical standards. The law provides that only natural persons authorized by ASPAAS may act as statutory auditors. It also requires statutory audits to be performed in accordance with International Standards on Auditing and provides that those standards are translated and published under ASPAAS’s responsibility.

Entry into the statutory audit profession is governed by Law No. 162/2017 and related ASPAAS regulations. Candidates are required to complete university-level education, practical training, and a professional competence examination. ASPAAS remains the competent authority for these functions, although certain operational responsibilities may be delegated and supervised in accordance with the law. Recent ASPAAS orders and related public information indicate that delegated functions currently include the organization of continuing professional development and the professional competence examination, together with other supervised delegated activities.

The Chamber of Financial Auditors of Romania (CAFR) operates under Government Emergency Ordinance No. 75/1999 and its own approved regulations. CAFR regulates and monitors financial audit activities other than statutory audit, represents its members, and carries out functions assigned to it by law as well as functions delegated by ASPAAS. CAFR also organizes and monitors professional training for activities outside statutory audit and maintains disciplinary arrangements for matters falling within its competence.

CECCAR is the sole competent professional body responsible for organizing and monitoring the activities of expert accountants, authorized accountants, and related accountancy firms in Romania. Under Government Ordinance No. 65/1994, CECCAR organizes the admission examination, practical training period, and aptitude examination for access to the professions; maintains the register of members through the Tabloul Corpului; issues professional and ethical requirements; supports professional development; and monitors the exercise of the profession. Members of CECCAR include both natural and legal persons and are organized in separate sections for expert accountants and authorized accountants.

Access to the CECCAR-regulated professions is established in Government Ordinance No. 65/1994 and CECCAR’s implementing regulations. Access to the expert accountant qualification requires an admission examination, a practical training period of one to three years, and an aptitude examination. Access to the authorized accountant qualification follows the same structure, with separate entry requirements reflecting the qualification pathway. Persons who are entered in CECCAR’s register and hold a valid annual membership card are entitled to practice. The legal framework also provides for disciplinary sanctions, including suspension and removal of the right to practice.

Independent public oversight of the statutory audit profession in Romania is established under Law No. 162/2017 on the statutory audit of annual financial statements and annual consolidated financial statements.

The law designates the Statutory Audit Public Oversight Authority (ASPAAS) as the competent public oversight authority for statutory auditors and audit firms in Romania. ASPAAS operates under the authority of the Ministry of Finance and is responsible for the authorization, registration, supervision, quality assurance review, investigation and discipline, and public oversight of statutory auditors and audit firms.

Under Law No. 162/2017, ASPAAS is responsible for approving and registering statutory auditors and audit firms; adopting and overseeing the application of auditing, ethics, and independence requirements; organizing or supervising the professional competence examination and continuing professional development requirements for statutory auditors; conducting quality assurance reviews; administering investigative and disciplinary procedures; and cooperating with competent authorities in other jurisdictions in accordance with European Union requirements.

ASPAAS may delegate certain operational functions to the Chamber of Financial Auditors of Romania (CAFR), while retaining ultimate oversight responsibility for the statutory audit profession.

ASPAAS is a member of the International Forum of Independent Audit Regulators (IFIAR), which supports international cooperation and the exchange of good practices among independent audit oversight authorities.

The Body of Expert and Licensed Accountants of Romania (CECCAR)

The Body of Expert and Licensed Accountants of Romania (CECCAR) was originally established in 1921 and subsequently re-established under Government Ordinance No. 65/1994 as the legally recognized professional accountancy organization for expert accountants and authorized accountants in Romania.

Membership in CECCAR is mandatory for individuals and firms offering accounting, bookkeeping, tax advisory, and related professional services within the scope of the professions regulated by the ordinance. CECCAR is responsible for maintaining the register of members and firms, establishing initial and continuing professional development requirements, issuing ethical and professional guidance, and operating an investigative and disciplinary system for its members.

CECCAR organizes the admission examination, practical training period, and aptitude examination for entry into the professions of expert accountant and authorized accountant. The institute also provides continuing professional development and technical guidance to support the implementation of national and international standards applicable to its members.

In addition to its national responsibilities, CECCAR is a member of the International Federation of Accountants and Accountancy Europe and participates in regional and international initiatives relating to the development of the profession.

The Chamber of Financial Auditors of Romania (CAFR)

The Chamber of Financial Auditors of Romania (CAFR) was established under Government Emergency Ordinance No. 75/1999 as the professional body representing financial auditors and audit firms in Romania.

Membership in CAFR is mandatory for individuals and firms authorized to perform financial audit services outside the statutory audit activities that fall under the direct public oversight of the Statutory Audit Public Oversight Authority (ASPAAS). CAFR maintains the register of its members, supports professional development activities, and carries out regulatory, quality assurance, and disciplinary functions within the scope of its legal authority and delegated responsibilities.

Under the current framework, statutory auditors and audit firms are authorized and overseen by ASPAAS in accordance with Law No. 162/2017. Certain operational functions may be delegated by ASPAAS to CAFR, including activities related to examinations, continuing professional development, and the translation and publication of professional standards.

CAFR is a member of the International Federation of Accountants, Accountancy Europe, and other relevant regional professional networks.

The quality assurance review system in Romania is established under Law No. 162/2017 on the statutory audit of annual financial statements and annual consolidated financial statements. The law designates the Statutory Audit Public Oversight Authority (ASPAAS) as the competent authority responsible for carrying out quality assurance reviews of statutory auditors and audit firms. The system applies to all statutory auditors and audit firms and is subject to public oversight.

Law No. 162/2017 sets out the core features of the quality assurance system, including independence of reviewers, secure funding, adequate resources, appropriate professional competence of reviewers, objective reviewer selection, risk-based inspections, written reporting of findings, annual publication of summary results, and follow-up of recommendations within a defined period. The law provides that quality assurance reviews must take place at least every six years and, for audits of public interest entities, at least every three years in line with the European Union audit framework.

Publicly available ASPAAS training materials indicate that International Standard on Quality Management 1, International Standard on Quality Management 2, and International Standard on Auditing 220 (Revised) were applicable in Romania from 15 December 2022. More recent professional guidance issued by the Chamber of Financial Auditors of Romania (CAFR) also supports implementation of International Standard on Quality Management 1 in practice. Based on these sources, International Standard on Quality Management 1 and International Standard on Quality Management 2 appear to be adopted and effective in the jurisdiction.

CAFR also conducts quality assurance reviews for financial audit engagements other than statutory audit, in accordance with its legal responsibilities outside the public oversight system for statutory audit.

Accordingly, the quality assurance review system for statutory audit in Romania appears to incorporate the requirements of Statement of Membership Obligations 1 and is assessed as adopted.

Current Status: Adopted

Initial professional development (IPD) and continuing professional development (CPD) requirements in Romania are established through separate frameworks for statutory auditors and for professional accountants regulated by the Body of Expert and Licensed Accountants of Romania (CECCAR).

For statutory auditors, the legal framework is set out in Law No. 162/2017 and related regulations issued by the Statutory Audit Public Oversight Authority (ASPAAS). ASPAAS remains the competent authority for professional competence requirements, practical training, and CPD, while certain operational responsibilities are delegated to the Chamber of Financial Auditors of Romania (CAFR).

Publicly available information confirms that the professional competence examination continues to be organized under ASPAAS rules, while CAFR organizes structured CPD activities based on delegated authority from ASPAAS. Active and non-active financial auditors are required to complete 40 hours of CPD annually, consisting of 20 structured hours and 20 unstructured hours. Auditors performing statutory audits of public interest entities are subject to additional specialized CPD requirements.

For CECCAR members, the qualification pathway continues to include an access examination, a practical training period, and an aptitude examination for both expert accountants and authorized accountants. CECCAR publicly maintains current examination syllabi and trainee procedures and states that its professional education framework is aligned with the International Education Standards (IES). CECCAR has also translated and published the 2019 IES Handbook and subsequent revised standards, indicating an ongoing process for incorporating current international education requirements into its framework.

CPD requirements are also established for CECCAR members. CECCAR’s national CPD program is based on International Education Standard 7 and requires at least 120 hours of professional development over a rolling three-year period, including a minimum of 60 verifiable hours.

Based on the available public information, Romania has established entry, practical experience, assessment, and CPD requirements for both statutory auditors and CECCAR-regulated professional accountants, and these requirements appear to be aligned with the IES in effect as of the time of the assessment. Accordingly, the jurisdiction is assessed as adopted.

Current Status: Adopted

Statutory audits in Romania are governed by Law No. 162/2017 on the statutory audit of annual financial statements and annual consolidated financial statements. The law requires statutory auditors and audit firms to conduct statutory audits in accordance with International Standards on Auditing (ISA) and provides that these standards are translated into Romanian and published under the responsibility of the Statutory Audit Public Oversight Authority (ASPAAS).

The updated text of Law No. 162/2017 specifically cross-refers to Order No. 499/2022 of the President of ASPAAS, which adopted the 2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements for application in Romania. ASPAAS continues to list Order No. 499/2022 as the applicable national adoption instrument on its professional standards regulations page, and no later ASPAAS order adopting the 2021, 2022, 2023, 2024, or 2025 International Auditing and Assurance Standards Board handbook was identified through current official sources.

The International Federation of Accountants translations database also shows Romanian translations completed for the 2020 handbook and selected later individual pronouncements, including International Standard on Auditing 240 (Revised), published in Romanian in March 2026. However, the database does not indicate that a full 2025 handbook has been translated or adopted in Romania. On that basis, the most recent handbook formally identified as adopted for application remains the 2020 edition.

Publicly available Romanian sources indicate awareness-building and guidance activities related to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE), including webinars and supplementary reporting guidance issued by the Chamber of Financial Auditors of Romania. However, no official ASPAAS adoption instrument or other authoritative evidence was identified indicating that ISA for LCE has been adopted for application in statutory audits in Romania.

Accordingly, ISA are required for statutory audits in Romania, but the most recent formally adopted handbook identified through official sources is the 2020 edition rather than the standards in effect as of the time of the assessment. Therefore, the jurisdiction is assessed as partially adopted.

Current Status: Partially Adopted

Ethical requirements in Romania are established through separate frameworks for statutory auditors and for professional accountants regulated by the Body of Expert and Licensed Accountants of Romania (CECCAR). For statutory auditors and audit firms, Law No. 162/2017 requires compliance with the Code of Ethics issued by the IESBA and adopted by the Statutory Audit Public Oversight Authority (ASPAAS). The law also provides that the Code is translated and published under ASPAAS responsibility, although this function may be delegated.

For statutory auditors, ASPAAS adopted the 2023 edition of the Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards) through Order No. 287 of July 25, 2024, published in the Official Gazette on July 31, 2024. The order states that the 2023 edition applies to financial auditors and audit firms authorized and registered in Romania. CAFR also confirms that, under delegation from ASPAAS, it translated and published this 2023 edition in Romanian.

For CECCAR-regulated professional accountants, Government Ordinance No. 65/1994 provides that CECCAR is responsible for developing and updating the national code of ethics on the basis of the International Federation of Accountants Code. CECCAR’s ethics page continues to refer to a national code of ethics for professional accountants, while CECCAR also separately makes available a Romanian translation of the 2021 edition of the International Code.

Current Status: Partially Adopted

Public sector accounting standards in Romania are established by the Ministry of Finance (MoF) through Order No. 1917/2005 and its subsequent amendments. The order approves the methodological norms for the organization and conduct of accounting for public institutions, the chart of accounts for public institutions, and the related application instructions.

Romanian public institutions apply accounting based on the principles of rights and obligations and a partial accrual basis. However, the applicable framework remains a national public sector accounting system rather than International Public Sector Accounting Standards (IPSAS) as issued.

Recent international sources continue to indicate that Romania applies partial accrual national standards rather than IPSAS or national standards explicitly based on IPSAS. Both the International Federation of Accountants and the Chartered Institute of Public Finance and Accountancy international public sector financial accountability index and more recent international public finance reporting sources continue to classify Romania under partial accrual national standards.

No current official source reviewed indicates that accrual-basis IPSAS have been adopted for application by all public sector entities in Romania. Accordingly, the jurisdiction is assessed as not adopted.

Current Status: Not Adopted

Investigative and disciplinary arrangements in Romania are established through separate frameworks for statutory auditors and for professional accountants regulated by the Body of Expert and Licensed Accountants of Romania (CECCAR). For statutory auditors and audit firms, Law No. 162/2017 establishes the legal basis for investigation and discipline under the responsibility of the Statutory Audit Public Oversight Authority (ASPAAS). The law provides for a disciplinary commission within ASPAAS and empowers ASPAAS to investigate breaches of statutory audit requirements and impose sanctions.

For activities other than statutory audit performed by members of the Chamber of Financial Auditors of Romania (CAFR), Government Emergency Ordinance No. 75/1999 and CAFR’s disciplinary regulations provide for disciplinary procedures within CAFR’s area of competence. Publicly available CAFR regulations confirm the existence of a disciplinary commission and related procedures for non-statutory services.

For CECCAR-regulated professional accountants, Government Ordinance No. 65/1994 establishes disciplinary authority over expert accountants and authorized accountants. The legal framework provides for disciplinary commissions at branch level and a Superior Disciplinary Commission at national level. CECCAR also publishes the regulation governing the organization and functioning of these disciplinary commissions.

At the jurisdiction level, Romania has an operational investigative and disciplinary system covering statutory auditors and CECCAR-regulated professional accountants. However, publicly available information indicates that the system does not fully demonstrate alignment with all Statement of Membership Obligations 6 benchmark elements across all segments of the profession. In particular, CECCAR’s published disciplinary commission structure appears to consist of professional accountants only, while older CAFR materials and prior self-assessment information have identified areas for further strengthening, including broader public interest features and disciplinary committee composition. On that basis, the jurisdiction is assessed as partially adopted.

Current Status: Partially Adopted

The financial reporting framework in Romania is established under Accounting Law No. 82/1991 and related regulations issued by the Ministry of Finance (MoF). As a member of the European Union (EU), Romania is subject to Regulation (EC) No. 1606/2002, which requires the use of International Financial Reporting Standards (IFRS) Accounting Standards as adopted by the EU for the consolidated financial statements of all domestic companies whose debt or equity securities trade in a regulated market. The IFRS Foundation’s Romania jurisdiction profile confirms that this requirement applies to all domestic listed companies in Romania.

The same profile also confirms that Romania requires EU-endorsed IFRS in the separate annual financial statements of companies whose securities are admitted to trading on a regulated market under Order No. 881/2012. In addition, EU-endorsed IFRS are required for all credit institutions and insurance companies, including those whose securities do not trade in a public market. Other non-listed entities may use Romanian Accounting Standards or, in certain cases, may elect to use EU-endorsed IFRS in consolidated financial statements.

In Romania, the applicable standards are IFRS Accounting Standards as adopted by the EU. The European Union’s current endorsement system provides for ongoing adoption of new and amended IFRS Accounting Standards through directly applicable Commission Regulations published in the Official Journal of the European Union. The IFRS Foundation’s current European Union jurisdiction profile explains that the EU has a formal process for endorsement of new and amended standards and interpretations. Although EU-endorsed IFRS may include limited modifications affecting a narrow set of cases, the IFRS Foundation notes that the majority of companies can still state full compliance with IFRS Accounting Standards.

International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) has not been adopted in Romania. The IFRS Foundation’s Romania jurisdiction profile states that adoption of IFRS for SMEs was not under consideration and that small and medium-sized entities instead apply Romanian Accounting Standards. This does not affect the jurisdiction’s IFRS adoption rating for public interest entities.

Accordingly, IFRS Accounting Standards in effect as of the time of the assessment are adopted for application by all domestic publicly accountable entities in consolidated general purpose financial statements through the EU endorsement framework. Romania is therefore assessed as adopted.

Current Status: Adopted

Relevant Organizations

Body of Expert and Licensed Accountants of Romania (CECCAR)

Chamber of Financial Auditors of Romania (CAFR)

International Financial Reporting Standards Foundation (IFRS Foundation)

Ministry of Finance (Romania)

Statutory Audit Public Oversight Authority (ASPAAS)

Relevant Legislation

Accounting Law No. 82/1991

ASPAAS Order No. 287/2024 adopting the 2023 International Code of Ethics

Government Emergency Ordinance No. 75/1999 on Financial Audit Activity

Government Ordinance No. 65/1994 on the Organization of the Expert Accountant and Authorized Accountant Profession

Law No. 162/2017 on the Statutory Audit of Annual Financial Statements and Annual Consolidated Financial Statements

Ministry of Finance Order No. 1802/2014

Ministry of Finance Order No. 1917/2005

Order No. 881/2012 on application of IFRS by listed entities

Relevant Publications

CAFR, publication of the 2023 Romanian translation of the International Code of Ethics

IFRS Foundation, Jurisdictional Profile: Romania