ACCOUNTING SERVICES

Accounting is a business specialised in the measurement, the evaluation, the knowledge, the management and the control of assets, liabilities and equity, and the results of the work performed by operators, public or non-profit entities.

 

For all these, accounting must provide chronological and systematic recording, processing, publication and preservation of information on financial position, financial performance and other information related to work, both for their domestic needs, and for the relations with present or potential investors, financial and commercial creditors, customers, public institutions and other users.

 

(Accounting Law 82/1991, further amended)

Services on the accounting organisation and management for those who choose to outsource these services

The contracted service package is tailored to the needs of each client, optional customer services related to their obligations as employers can be included, as far as legislation permits their outsourcing.The nature of these services is that their performance is permanent, and part of our customers’ obligations and responsibilities are taken over by us.

         Monitoring and verification accounting services for people who have their own accounting department

These services are aimed for those companies who hold the accounting in their own departments but consider necessary a supervision of this compartment activity. These services have a periodic (monthly, quarterly, half yearly or annually) mutually agreed with the client, depending on his / her needs.

         Verification and certification of balance sheets

It is a category of services for those companies which have no legal obligation to audit their financial statements and which own an accounting service or have an outsourced accounting service, but still consider it necessary to check the correctness and the reality of the annual financial statements.The certification of the financial statements requires:

·         the thorough knowledge of the customer’s business;

·         an analysis of the procedures of the accounting organisation;

·         further examination of documents;

·         analytical review, surveys and interviews with client.

Other professional accounting services

Other professional accounting services are those professional accounting services which may occasionally occur depending on business needs or regulatory changes:

·         The preparation of accounting policies;

·         Specific work concerning the capital increase / decrease;

·         Specific works on companies’ merging and divisions of companies’ division;

·         The evaluation of a company in order to transfer the business;

·         Setting the documents circuit based on scheme or timetable in accordance with customer’s activities;

·         The control of property operations which were performed, of the processing procedures which were used and of the accuracy of accounting data which were provided - technical control, operational control, preventive financial control, internal management control;

·         Special reports on financial and accounting records;

·         Developing the accounting work procedures. 

EXPERTISE AND TAX ACCOUNTING

Accounting expertises are evidence which may be used in solving some cases that require specialized knowledge of an expert accountant. Accounting examinations ordered ex officio or accepted at the request of the parties at the stages of investigation and of civil and / or commercial trial, attached or not to a criminal, are called judicial accounting expertises. All the others are extra-accounting expertises.

(35 CECCAR professional standard)

Services for carrying out extrajudicial accounting expertises used in the pending cases in civil court - for commercial litigation, tax and administrative litigation

Extrajudicial accounting examinations are those performed under a contract outside of a process and do not have the quality of court evidence; these examinations have the quality of arguments to support the request of the parties to administer the test as legal accounting expertise in order to solve disputes amicably.

The accounting expertise services provided as an assistant expert in the performance of judicial expertises for commercial litigation and administrative and tax litigation

The legal framework for assistant expert (part expert or appointed expert) consists of the Civil Procedure Code and the Criminal Procedure Code which state that in the legal expertise can also participate experts appointed by the parties, unless the law provides otherwise. The assistant expert, who is approved by the court, effectively participates in judicial accounting expertises. Services are provided under contract.

Other professional services of auditing extrajudicial accounting

Other professional services of auditing extrajudicial accountingare those professional accounting services whose need may arise out of court due to the enforcement of final and irrevocable court decisions or during enforcement proceedings:

·  Updating the index of inflation growth for amounts set by court to be implemented;

·  Calculations on the amount of salary determined by final and irrevocable court decisions in order to enforce;

·  The updates calculation of commercial interest, statutory rate, tax rate or of any amount set by court as compensation;

·  Other specialized calculations.

TAX CONSULTING

The tax consulting activity is to provide expert assistance in preparing the tax statements, other tax issues and the budget claims, such as fines, penalties and increases with the legal provisions in force, and representation before the tax authorities.

Ordinance nr.71/2001 – the organisation and practice of tax advisory business

Because

“A simple analysis of the global organisation system shows that the world consists of many different nations, inhabited by different people, each with their own language, religion, culture, customs and history. But all nations have at least one thing in common:  The Tax Administration.”
(www.anaf.ro)

Tax advisory services is the category in which any class of taxpayers can call any time, periodically or occasionally in order to ensure a correct relationship with the state and the tax administration respectively.

Support services for the preparation of documentation for the exercise of remedies against debt securities and other administrative acts;

·      The preparation of appeals against tax decisions in accordance with the provisions of the Tax Procedure Code;

·      The formulation of tax opinions to the amounts established by tax decisions.

Professional tax services concerning the correct and uniform application of tax law

·      Formulating tax based opinions for different cases based on the available data and documents;

·      Establishing the procedure for accounting work in order to reduce fiscal risks and for tax accounting organisation;

·      Establishing the annual income tax, the preparation and the certification of the annual tax declaration under the Tax Code.

Assistance and representation before tax authorities, including providing expert assistance during the course of general or partial tax inspection;

Making accounting expertise in cases of tax law, commercial law and labour law at the request of the client as an expert hand;

The tax advisory services which are offered are founded on the Charter of rights and obligations of the taxpayer during the tax audit which is governed by Order No. 713/2004 published in the Official Gazette no. 977 from October, 25^th 2004.

THE FINANCIAL AUDIT

The financial Audit is the work performed by auditors in order to express an opinion on financial statements or on their components, to exercise an assurance and other professional services according to the international auditing standards and other regulations adopted by The Chamber of Financial Auditors of Romania, hereinafter Camera.

Ordinance nr.75/1999 - regarding the financial audit, republished and further amended

Audit services of the annual financial statements prepared in accordance with the accounting law and the accounting regulations consistent with European directives approved by OMFP 3055/2009 (Ordinance of The Public Finances Ministry)

·         Capital audit;

·         Assets audit of payment and provisions for depreciation;

·         Stocks and in progress production audit;

·         Third parties accounts audit;

·         Treasury audit;

·          Profit and loss audit.

European funds audit services

·         Checking the compliance of the request for reimbursement of expenses with the financing contract conditions;

·         Checking the accounts of the beneficiary in terms of compliance with the rules for record keeping and with the accounting rules of the agreement grant;

·         Checking the information in the request for reimbursement of expenses for reconciliation with the accounting system and the records of the beneficiary;

·         Checking the correct application of the exchange rate for currency conversions, where applicable, and in accordance with the applicable national legislation;

·         Checking the budget in the request for reimbursement of expenses in terms of compliance with the financing contract budget (the authenticity and authorization of the initial budget) and if the expenditure incurred was foreseen in the budget of the financing contract;

·         Checking the total amount of payment requested by the customer, checking the exceeding of the maximum grant under the general and specific conditions of the financing contract, and also the total amounts provided by the category of expenditure;

·         Checking the eligibility of the direct costs with the terms and the conditions of the financing contract;

·         The income action verification (that the revenues generated by the beneficiary in the context of the action were properly allocated to the action which is subject of the financing contract and if they were listed correctly in the request for reimbursement of expenses; the revenues were properly recorded in the accounts of the project funded);

·          Preparing the Report on Findings Bills.

PERSONNEL AND HUMAN RESOURCES

 (1)  The employer has the following main rights:

a)   to establish the company organisation and operation;

b)  to establish the duties of each employee, according to the law;

c)  to give the employee compulsory instructions, subject to their legality;

d)  to exercise control over the performance of duties;

e)  to determine whether disciplinary offenses were committed and to apply the appropriate sanctions which may be applicable to the collective agreement and to the internal regulations;

f)  to establish individual performance objectives and criteria for assessing their achievement.

The Labour Code updated

HR services were developed as a result of the changes in the labour law, as related services to accounting services, and are structured as follows:

Services on the conclusion of employment contracts

·      Drafting the employment contracts;

·      Advice on contractual clauses;

·      Registration of contracts of employment to The Labour Inspectorate.

Services on the organisation of personnel files

·      Keeping records of employment (the employee copies of personal documents, including drafting the letter which informs the employee on the contract terms);

·      Writing and recording the acts on the modification or termination of the employment (including the winding sheet and the statement of the annual leave which was not taken).

Services related to payroll preparation

·      The record of the monthly payroll to The Labour Inspectorate.

The drafting and the registration of certain documents and specific situations:

·      Inside decisions on personnel movements, timesheets, leave, salary, specific reports;

Ensuring the relationship with relevant institutions: the Labour Inspectorate and the Ministry of Finance

·      The preparation and the submission of the online 112 statement;

·      The employees register electronic submission;

·      Assistance to labour relations control by The Labour Inspectorate.

Other Related Services

·      The preparation of various documents which are necessary to the employees (employee certificates for family doctor or other documents which are necessary to obtain loans, etc.);

·      The up to date completion of the electronic Register record of the employees.