On July 22, 2025, the Law no. 137/2025 was published in the Official Gazette no. 685, approving Government Emergency Ordinance (GEO) no. 137/2024. This ordinance brings significant amendments to Law no. 162/2017 on the statutory audit of annual and consolidated financial statements, and also modifies GEO no. 75/1999 on financial audit activities.
Thank you for reading this post, don't forget to subscribe!Equivalence of Practical and Theoretical Training
By exception, the practical and theoretical training period may be considered equivalent for:
- individuals with at least 15 years of experience in finance, accounting and/or legal fields;
- individuals with minimum 3 years of experience in auditing annual financial statements, including 8 months in sustainability reporting, provided they worked under a statutory auditor;
- PhD supervisors in finance or accounting with at least 5 years of experience.
Other important changes:
- The theoretical training course under art. 7 para. (1) letter b) is automatically recognized if the conditions of art. 11 para. (8) letter a) are met.
- ASPAAS (Authority for Public Oversight of the Statutory Audit Activity) must ensure that trainees are supervised by professionals who provide sufficient guarantees of competency.
- Auditors are reaffirmed as being required to participate in continuing education programs to maintain their professional knowledge and skills.
- The following are now explicitly defined and sanctioned as serious misconduct:
- breach of professional ethics principles;
- lack of audit evidence supporting the issued audit opinion.