Changes to audit legislation

At a sitting held on 27 November 2024, the Romanian Government adopted a draft Government Emergency Ordinance (GEO) amending and supplementing Law no. 162/2017 on the statutory auditing of annual financial statements and consolidated annual financial statements and the amendment of various normative acts, as well as Government Emergency Ordinance no. 75/1999 on financial auditing and the amendment of various other normative acts.  

Important aspects:
▪ In order to become implemented, the draft GEO must be published in the Romanian Official Gazette
▪ The draft GEO aims to implement the Corporate Sustainability Reporting Directive (CSRD) at audit level in Romania
▪ Amendments to Law no. 162/2017 have been proposed in order to establish clear provisions on sustainability reporting assurance for entities falling within the scope of the Directive and for those that decide voluntarily to report and meet the imposed requirements for carrying out sustainability reporting assurance, in a similar way to the specific requirements in the field of statutory auditing
▪ The proposed amendments to GEO no. 75/1999 are minimal and have to do with reflecting the introduction of sustainability reporting

Source: Emergency Ordinance amending and supplementing Law no. 162/2017 on the statutory auditing of annual financial statements and consolidated annual financial statements and the amendment of various normative acts, as well as Government Emergency Ordinance no. 75/1999 on financial auditing and the amendment of various other normative acts.