Our approach

In Romania, Law No. 162/2017, as amended (“the Law”), establishes that companies subject to statutory audits are legally required to implement an internal audit function, thereby underlining both its importance and mandatory nature.

Internal audits are more than just a compliance requirement—they’re a tool for driving business success. Here’s why:

Performance Evaluation: Assess how well the company is achieving its objectives.
Risk Management: Identify and control risks to stay within acceptable limits.
Asset Protection: Safeguard resources and reduce fraud risks.
Operational Efficiency: Optimize processes to improve productivity.
Financial Credibility: Ensure accurate and compliant financial reporting.
Regulatory Compliance: Adhere to legislation and internal procedures.
Continuous Improvement: Discover solutions for ongoing company development.

How we can support you

Under the Law, companies must have internal audits conducted by active financial auditors registered with the Romanian Chamber of Auditors (CAFR), authorized by the Authority for Public Oversight of the Statutory Audit Activity (ASPAAS). Penalties for non-compliance can range from 10,000 to 100,000 lei.

Our team of authorized internal auditors can assist your company in implementing an internal audit in line with the law, ensuring compliance while also optimizing internal processes and minimizing risks. Let us help you safeguard your company's future!

Our insights

KPMG in Romania professionals are helping transform the audit experience with fully integrated auditing and ESG assurance for many of the world's leading organizations to inspire client confidence and help build public trust in the capital markets.

For Romanian entrepreneurs steering local companies through a rapidly shifting business environment, audit and assurance services are more than a regulatory requirement—they are a true catalyst for growth and resilience.