PROFESSIONAL ETHICS AND PROFESSIONAL SCEPTICISM
All statutory auditors, whether natural or legal persons, comply with the principles of professional ethics, which are based on their commitment to the public interest, their integrity and objectivity, their professional competence and due care, confidentiality and professional conduct, as laid down in the Code of Ethics adopted by ASPAAS.
The statutory auditor or audit firm must maintain professional scepticism throughout the audit engagement, recognising the possibility of a material misstatement due to error, including fraud, notwithstanding the auditor’s or audit firm’s past experience of the honesty and integrity of the audited entity’s management and of the persons charged with its governance.
The statutory auditor or audit firm maintains professional scepticism in particular when reviewing management’s estimates relating to fair values, the impairment of assets, provisions and future cash flows relevant to the entity’s ability to continue as a going concern.
ASPAAS ensures compliance with the Code of Ethics by reviewing, during quality inspections, the statutory auditor’s or audit firm’s own quality control policies and procedures: compliance by the statutory auditor or audit firm with the applicable auditing and quality control standards, as well as with the fundamental principles of ethics and independence set out in the Code of Ethics for Professional Accountants, including those laid down in Chapter IV of Directive 2006/43/EC and in Articles 4 and 5 of Regulation (EU) No 537/2014, as well as in Article 20 of Law No 162/2017.
Breaches of the principles of professional ethics are considered serious misconduct under Article 40(6)(b) of Law No 162/2017 and are sanctioned in accordance with Article 40(4)(d) or (e) of Law No 162/2017.
The implementation of ethical requirements will be supported by a programme designed to give ASPAAS assurance that statutory auditors, whether natural or legal persons, are aware of all ethical requirements and of the consequences of failing to comply with them. Such information may be communicated to them individually, through manuals, technical publications, professional journals, reports on hearings and disciplinary activities, continuing professional education programmes, publications, the financial and business press, and responses to requests for advice from the relevant committee.
In accordance with Article 20 of Law No 162/2017, the Code of Ethics is translated into Romanian and published under the responsibility of ASPAAS.
The Romanian translation of the Code of Ethics issued by IFAC is made available free of charge to members of the profession by ASPAAS, at: https://www.codetic-standardei
