The audit profession has a well-defined place, essential in a modern economy, serving the public interest. Through their activity, auditors ensure the required benchmarks for a proper economic development, within a climate of business trust and fairness, thus meeting a significant social role.

The Chamber of Financial Auditors of Romania (CAFR) is the professional body coordinating and monitoring financial audit activity in Romania, other than statutory audit.

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.

 International visibility

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, as of 2010 of Accountancy Europe, of PAEE since 2018, as of 2020 of EFAA (European Federation of Accountants and Auditors for SMEs) and institutional member of the International Association for Accounting and Research Education (IAAER) since 2010.

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)
• Institute of Chartered Accountants of Scotland (ICAS)
• Institute of Chartered Accountants in England and Wales(ICAEW)

• The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP RM)

• Institute of Certified Public Accountants in Bulgaria (ICPA)
• Chamber of Hungarian Auditors(MKVK)
• The Auditors’ Association of Ukraine(AAU)
• Lithuanian Chamber of Auditors (LAR)
• Chamber of Auditors of Ukraine (AChU)
• The Institute of Certified Public Accountants of Cyprus (ICPAC)
• Association of Accountants and Auditors of the Republic of Srpska (AARS);
• Chamber of Auditors of Azerbaijan
• AICPA® & CIMA®

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.