THE AUDITING OF EUROPEAN FUNDS, A MISSION BASED ON AGREED-UPON PROCEDURES

The integration of Romania in the European Union in 2007 represented the beginning point of the harmonization of the Romanian legislation with the European Union legislation and also the possibility of filing projects in order to attract European funds made available to our country, as a member state. Following the accessing of European projects funding by the project beneficiaries, their auditing is compulsory and it is done by the members of the Chamber of Financial Auditors of Romania, based on agreed-upon procedures, established by the Management Authority or the Intermediate Organism in accordance with ISRS 4400 `Engagements for the execution of agreed-upon procedures regarding financial information`. In the auditing missions of European funds, the financial auditor must also respect the fundamental ethical principles presented in the Code of Ethics emmited by the International Federation of Accountants and at the end of the mission the auditor will make a report presenting in detail the aim and the agreed-upon procedures, so that it is intelligible for its users.