The audit profession has a well-defined place, essential in a modern economy, serving the public interest. Through his activity, the auditor ensures the necessary benchmarks for a proper development within a climate of trust and lawfulness of business, thus meeting a significant social role.
The Chamber of Financial Auditors of Romania (CAFR) is the professional body which coordinates and monitors financial audit activities (other than statutory audits) in Romania.
The Chamber of Financial Auditors of Romania was established by Government Ordinance no. 75 / 1999 regarding the financial audit activity that provides statute and certification to the audit profession and the professional organization for financial auditors.
The mission of the Chamber of Financial Auditors of Romania is to build on a solid ground the identity and public recognition of the audit profession in Romania, the main aim being the sustainable development and consolidation of the profession through the adoption of the International Auditing Standards and the Code of Ethics for Professional Accountants issued by IFAC, allowing financial auditors, members of CAFR, to provide high quality financial audit services generally in the public interest and particularly to the business community.
The financial auditor is the CAFR-authorized professional, who takes accounting information from financial reports from entities and analyzes these in order to form an opinion on the credibility of such reports.
The main activities of the Chamber
- Continuous professional development of auditors;
- Providing services to members in support of their activities;
- Control and monitoring of its members activities;
- Conducting relations with national and international institutions, professional organizations and businesses.
In order to promote the professionalism of the Romanian financial auditor internationally, the Chamber of Financial Auditors of Romania participates, as a member, in the activity of a series of international professional bodies and institutions.
Thus, CAFR is a full member of the International Federation of Accountants - IFAC since 2008, the International Federation of Expert Accounting Francophones - (FIDEF) since 2006, as of 2010 of Accountancy Europe (AE, former FEE), of the Common Content Project and institutional member of the International Association for Accounting and Research Education (IAAER).
Therewith, the Chamber of Financial Auditors of Romania has concluded a series of cooperation agreements with other international similar bodies, such as:
- Association of Chartered Certified Accountants (ACCA);
- Association of Accountants and Auditors of the Republic of Srpska (AARS);
- Chamber of Auditors of Azerbaijan
- Institute of Chartered Accountants of Scotland (ICAS)
- Institute of Chartered Accountants in England and Wales(ICAEW)
- Institute of Certified Public Accountants in Bulgaria (ICPA)
- Chamber of Hungarian Auditors(MKVK)
- The Auditors’ Association of Ukraine(AAU)
- The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP RM)
- Lithuanian Chamber of Auditors (LAR)
- The National Institute of Professional Accountants, Financial Managers and Economists (NIPA)
- The Russian Collegium of Auditors (RCA)
- The Institute of Certified Public Accountants of Cyprus (ICPAC)\
Bodies of the Chamber in charge with governance and decision
Bodies of the Chamber in charge with governance and decision are: the Ordinary Conference of the Chamber, the Council of the Chamber and the Permanent Bureau of the Council of the Chamber.
Members of the Council of the Chamber of Financial Auditors of Romania, in office as of 2017, for a three year term
- Ciprian Teodor Mihăilescu, PhD., President
- Gheorghe Ialomiţianu, PhD., Senior Vice-President
- Laura Vorniceanu, Vice-President
- Florentina Şuşnea, , Vice-President
- Ioan Grigoriu, Vice-President
- Adriana Simona Lobdă, Member of the Council
- Roxana Monica Ştefan, Member of the Council
- Gheorghe Rusu, PhD., Member of the Council
- Ion Năstasă, Member of the Council
- Mihaela Raluca Toma, Member of the Council
- Mircea Cornel Mureşan, Member of the Council