Statutory audit services of annual financial statements and consolidated annual financial statements in accordance with Law no. 162/2017 regarding the organization of internal audit activity at entities whose annual financial statements are subject to statutory audit.

Thus, in accordance with the provisions of Art. 65 Para. (7) from Law no. 162/2017, "entities whose annual financial statements are subject, according to the law, to statutory audit (respectively public interest entities defined according to art. 2 point 12 of Law no. 162/2017 and entities that meet the size criteria for auditing) are obliged to organize and ensure the exercise of the internal audit activity."

Non-compliance with the requirements regarding the organization of the internal audit activity constitutes, according to art. 44 of Law no. 162/2017, a misdemeanor and is sanctioned with a fine from 50.000 lei to 100.000 lei.

At the same time, according to GEO 75/1999, republished, regarding the financial audit activity, those responsible for organizing the internal audit activity, coordinating the works/commitments and signing the internal audit reports must have the capacity of active financial auditor.

At autonomous governments, national companies/companies, as well as at other economic entities with majority state capital, the internal audit activity is organized and operates in accordance with the legal framework regarding the internal public audit of public entities.

Internal Audit:

It is an independent objective assurance and advisory activity designed to add value and improve an organization's operations. It helps an organization achieve its objectives through a systematic and methodical approach that assesses and improves the effectiveness of risk management, control and governance processes.

Our outsourced internal audit services involve analyzing organizational risks by identifying and prioritizing risks associated with key processes, laying the foundations for a strategic internal audit plan. Elaboration of documentation and methodology by creating customized procedures and methodologies conforming to international standards, we offer you an efficient working framework. We carry out internal audit missions, providing clear conclusions and practical recommendations for improving processes and reducing risks.

Thus we offer you professional solutions adapted to the needs of your organization, whether you already have an internal audit function or are in the implementation phase:

• Outsourced internal audit: We completely take over the internal audit function, ensuring an independent and objective perspective on organizational processes.

• Support for designated internal auditors: We provide specialized support to internal auditors within the organization to improve their performance and efficiency.

• Implementation of the internal audit function: We help you build the internal audit function from scratch, developing a robust system, compliant with international standards.