Accounting and taxes
- The accounting depreciation may be different from the tax depreciation in the case of assets and that this difference can have an impact on your profit tax?
- It is absolutely prohibited to perform wholesale and retail commerce activities in the same sales area? The sanction is a fine and the suspension of one of the two activities.
- The tax treatment of a donation is different from that of a sponsorship?
- All companies have to prepare and implement an accounting policies manual?
- In case you access European funding it is recommended to have an audit report to present to the authorities in order to effectively receive the cash?
- All entities whose annual financial statements are subject to statutory audit are required to organize and perform the internal audit activity? Failure to comply with the provision results in a fine between 50,000 lei – 100,000 lei
- The audit is mandatory for the companies that fulfill certain criteria with respect to the company size?
- The audit report is also a great instrument for identifying the risks a business has to face?
- In the absence of comprehensive and credible proofs, the auditor may refrain from expressing an opinion? The audit report opinion expressed in this case is “disclaimer of opinion”.
- The proofs that are most credible for an audit report are those attained from outside the audited entity?
- The financial and statutory audit services can only be external for reasons of impartiality and independence?
- By practicing a professional controlling you can optimize the overall activity of your company? The conclusive information both on the current activity and on the forecasts may support the company management to determine and implement the suitable development strategy.
- Controlling is different from audit or control and it refers to following-up the deviation of costs compared to the expenses forecast planned?
- Budgeting and forecasting are different financial analysis concepts? The budget is a plan that points towards a target the business is aiming for and the forecast shows if the if that actually happens.
- The forecasted cash flow is done after the annual budget is estimated due to the fact that the information in the cash flow comes directly from the forecasted budget?
Organisational culture and human resources
- You can work in any EU country for a maximum 2 years period while being insured in the social system in Romania, as a seconded employee?
- You risk receiving fines if you are in the position of employer and you have not implemented employee performance evaluation procedures? The performance evaluation of the employees is mandatory.
- Starting with 2016 the temporary work contracts are taxed similarly to the authorized natural persons?
- One of the main causes of having your company declared inactive is that of not registering you headquarter extension with the Trade Registry?
- At the end of each financial year you are under the obligation of performing a full patrimony inventory?
- The inventory also includes the confirmation of balances with your business partners?
- In case of an inspection from the tax authorities you must present the inventory file?
- The inventory minuses are typically non-deductible expenses and the VAT has to be adjusted?
- The inventory pluses are considered to be taxable income?
- Internal audit establishes the premises for improvement of existent processes?
- There is a legal obligation for internal audit for each entities having audited annual financial statements, or which have the obligation to publish the financial audit report?
- The failure to comply with these obligations regarding the exercise of the internal audit function is sanctioned with fine from 50.000 lei to 100.000 ron?
- Internal audit evaluates the operational health of the entity,?