Free Practice Questions for CAFR Financial Auditor Qualification

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Key Facts: CAFR Financial Auditor Qualification Exam

2 stages

Official test structure (P1 theoretical and P2 practical)

ASPAAS Order 135/2018

6.00 / 10

Minimum passing grade per test stage (7.00 overall average required)

ASPAAS Order 135/2018

650 RON

Examination fee per test stage

CAFR / ASPAAS 2026 Session Notice

The CAFR Financial Auditor examination comprises two stages (theoretical P1 and practical P2) administered under ASPAAS delegation and Law 162/2017. Passing requires grade 6.00 per test and an overall average of 7.00 (650 RON per test).

Sample CAFR Financial Auditor Qualification Practice Questions

Try these sample questions to review concepts for the CAFR Financial Auditor Qualification exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Romanian Law No. 162/2017, which public authority is vested with the ultimate regulatory oversight over the statutory audit profession?

A.Camera Auditorilor Financiari din România (CAFR)

B.Ministerul Finanțelor

C.Autoritatea de Supraveghere Financiară (ASF)

D.Autoritatea pentru Supravegherea Publică a Activității de Audit Statutar (ASPAAS)

Explanation: Under Law No. 162/2017 transposing Directive 2014/56/EU, ASPAAS is the national public oversight authority responsible for supervising statutory audits and statutory auditors in Romania. While CAFR performs delegated operational functions, ultimate regulatory oversight rests with ASPAAS.

2Which of the following entities is classified as a Public Interest Entity (PIE / Entitate de Interes Public) under Romanian statutory audit legislation?

A.Any joint-stock company (SA) with more than 50 employees

B.Non-governmental organizations (NGOs) that receive municipal community grants

C.Private limited liability companies (SRL) with turnover exceeding 10 million EUR

D.Credit institutions and commercial banks authorized by the National Bank of Romania (BNR)

Explanation: Under Law No. 162/2017 and EU Regulation 537/2014, Public Interest Entities (PIEs) include entities listed on a regulated exchange, credit institutions, insurance/reinsurance undertakings, and specific regulated financial entities. Private companies and NGOs do not automatically become PIEs solely based on headcount or turnover.

3Under EU Regulation No. 537/2014 and Romanian Law No. 162/2017, what is the standard maximum initial duration for a statutory audit engagement of a Public Interest Entity (PIE) before mandatory firm rotation applies?

A.3 consecutive years

B.5 consecutive years

C.10 consecutive years

D.15 consecutive years

Explanation: The general maximum is ten years under Article 17 of Regulation (EU) 537/2014 and Article 71 of Law 162/2017. Romania removed the former tender and joint-audit extensions through Law 189/2024, with transitional arrangements ending in December 2025. A new Romanian engagement should not assume that a tender automatically permits twenty years.

4Following the mandatory rotation of a statutory audit firm from a Public Interest Entity (PIE), what is the minimum statutory cooling-off period before that audit firm can be re-appointed by the same PIE?

A.1 year

B.2 years

C.4 years

D.5 years

Explanation: Article 17(3) of Regulation (EU) No. 537/2014 requires a four-year cooling-off period after the maximum engagement duration expires. The restriction covers the statutory auditor or audit firm and, where applicable, members of its network within the Union. This is distinct from the key audit partner rotation rule.

5For an ordinary appointment after incorporation, which body normally appoints a Romanian company's statutory auditor under Law No. 31/1990 and Law No. 162/2017?

A.The Board of Directors (Consiliul de Administrație)

B.The Audit Committee exclusively without shareholder confirmation

C.The Chief Executive Officer (Directorul General)

D.The General Meeting of Shareholders (Adunarea Generală a Acționarilor - AGA)

Explanation: The general meeting normally makes the statutory auditor appointment. For a PIE, the audit committee has a recommendation and selection role but does not replace the formal appointing body. Initial appointments in the constitutive act and other specific legal arrangements require separate consideration.

6Under Article 5 of Regulation (EU) No. 537/2014, which of the following non-audit services is strictly prohibited from being provided by a statutory auditor to an audited Public Interest Entity (PIE)?

A.Providing training on newly issued International Financial Reporting Standards (IFRS)

B.Providing general market economic commentary

C.Designing and implementing internal control or risk management procedures related to the preparation of financial information

D.Reviewing interim financial information in accordance with ISRE 2410

Explanation: Article 5(1)(e) of Regulation (EU) 537/2014 expressly prohibits designing and implementing internal control or risk management procedures related to financial information, as this creates an insurmountable self-review threat. In contrast, interim reviews under ISRE 2410 are audit-related assurance services, not prohibited services.

7A Romanian PIE auditor has provided permitted non-audit services for three consecutive financial years. The relevant average statutory audit fees for the last three years are 200,000 EUR. Assuming no exemption and no services required by law in the calculation, what fee ceiling does Article 4(2) of Regulation (EU) No. 537/2014 impose on these non-audit services?

A.60,000 EUR (30%)

B.100,000 EUR (50%)

C.140,000 EUR (70%)

D.200,000 EUR (100%)

Explanation: The applicable ceiling is 70% × EUR 200,000 = EUR 140,000 under Article 4(2). The three-year provision and exclusions in the stem matter: this is not a universal cap on every service or permission to supply a prohibited service.

8Under Romanian Law No. 162/2017, what is the minimum duration of the supervised practical training internship (stagiu de pregătire practică) required before taking the professional competence exam?

A.1 year

B.2 years

C.3 years

D.5 years

Explanation: The practical training requirement is at least three years, including audit of annual and consolidated financial statements or similar statements. At least two-thirds must be completed with an authorized statutory auditor or audit firm. Practical training is distinct from passing the theoretical examination.

9Under Law No. 162/2017, what is the maximum period for closing the audit file after the audit report is signed?

A.30 days

B.45 days

C.60 days

D.90 days

Explanation: Article 29(12) of Law No. 162/2017 requires the audit file to be closed within at most 60 days after signing the audit report. Closing the file is an administrative assembly deadline; it does not permit deleting audit evidence or performing missing substantive work after issuing the report.

10Which description of audit committee composition is consistent with Article 65 of Law No. 162/2017 for a Romanian public-interest entity?

A.Composed exclusively of executive managers to oversee daily treasury operations

B.Composed entirely of independent external legal consultants

C.Chaired by the company's chief internal auditor and composed of department heads

D.Composed of non-executive board or supervisory board members and/or members appointed by the shareholders, with at least one member competent in accounting and statutory audit

Explanation: Article 65 permits non-executive board or supervisory board members and/or members appointed by the general meeting. A majority must be independent, and at least one member must have competence in accounting and statutory audit. The committee monitors reporting, controls, audit and independence rather than managing daily operations.

About the CAFR Financial Auditor Qualification Exam

Independent English-language MCQ practice for the Romanian Examen de competență profesională — auditor financiar. Study statutory audit, ethics, accounting and selected supporting topics. This selective study adaptation is not an official translation, format simulation, or substitute for written case analysis, open-response practice, or the required practical internship.

Exam sponsor: Camera Auditorilor Financiari din România (CAFR) under ASPAAS delegation. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Proba I tests parts A and B of the 2026 outline; Proba II tests practical application of part A. The scope includes audit, ethics, accounting, consolidation, financial analysis, costing and internal audit, plus law, tax, IT, economics and statistics. Both tests must be passed.

Time Limit

April–May 2026: Proba I 3 hours; Proba II 4 hours. Later sessions have separate procedures.

Passing Score

Minimum grade 6.00 / 10 on each test, with minimum overall average 7.00

Exam / Certification Fees

650 RON per test stage (1,300 RON total for both stages)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

CAFR — Examen de competență profesională · Source checked 2026-10-10Official session calendar, bibliography, and candidate application announcements.
ASPAAS — Autoritatea pentru Supravegherea Publică a Activității de Audit Statutar · Source checked 2026-10-10Statutory audit regulator; issues exam norms under Order 135/2018.
Legea nr. 162/2017 privind auditul statutar · Source checked 2026-10-10Consolidated statutory audit legislation in Romania transposing EU Directive 2014/56/EU.
CAFR — 2026 official subject outline and bibliography · Source checked 2026-10-10Proba I covers A and B; Proba II covers A. Includes accounting, consolidation, financial analysis, costing, internal audit, law, tax, IT, economics and statistics as well as statutory audit. No topic percentages are published; bank counts are editorial practice allocations.
ASPAAS — November–December 2026 session announcement · Source checked 2026-10-10Announced September 25: P1 November 20 and P2 December 11; registration October 19–30. The spring procedures supply the durations quoted here. A complete official delivery-language list was not confirmed from the reviewed notices.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

18 practice questions

Statutory Audit Framework and EU Regulation

Law 162/2017, Regulation (EU) 537/2014, public interest entities (PIE), ASPAAS public oversight, and auditor appointment.

15 practice questions

Professional Ethics and Auditor Independence

IESBA Code of Ethics, national code, independence threats, fee caps, and prohibited non-audit services.

18 practice questions

Audit Planning and Risk Assessment

ISA 300 planning, ISA 315 risk identification, internal controls, IT environment, and ISA 320/450 materiality thresholds.

25 practice questions

Audit Evidence and Substantive Procedures

ISA 500 evidence, sampling (ISA 530), estimates (ISA 540), related parties (ISA 550), and going concern (ISA 570).

14 practice questions

Audit Reporting and Governance Communication

ISA 700, Key Audit Matters (ISA 701), modified opinions (ISA 705), and communications with TCWG (ISA 260/265).

10 practice questions

Accounting and Supporting Topics

Selected accounting, consolidation, financial analysis, costing, VAT, Excel and probability exercises. This is selective coverage of the broader official scope.

Preparing for the CAFR Financial Auditor Qualification Exam

What You Need to Know

Passing score: Minimum grade 6.00 / 10 on each test, with minimum overall average 7.00
Assessment: Proba I tests parts A and B of the 2026 outline; Proba II tests practical application of part A. The scope includes audit, ethics, accounting, consolidation, financial analysis, costing and internal audit, plus law, tax, IT, economics and statistics. Both tests must be passed.
Time limit: April–May 2026: Proba I 3 hours; Proba II 4 hours. Later sessions have separate procedures.
Exam / certification fees: 650 RON per test stage (1,300 RON total for both stages) Official sources

Using Our Practice Resources

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CAFR Financial Auditor Qualification: Suggested Study Strategy

1Review the provisions of Law 162/2017 and EU Regulation 537/2014 regarding public interest entities (PIEs), non-audit services bans, and mandatory firm rotation.

2Understand the application of ISA standards in assessing risks of material misstatement and determining overall and performance materiality.

3Practice distinguishing between different forms of modified audit opinions (qualified, adverse, disclaimer) based on materiality and pervasiveness under ISA 705.

4Study auditor independence safeguards and conflict of interest rules established by the IESBA Code and ASPAAS regulations.

Frequently Asked Questions

What is the official structure of the CAFR financial auditor examination?

The examination comprises two stages: Proba I (theoretical knowledge test covering statutory regulation, ISAs, and accounting) and Proba II (practical application test featuring comprehensive case studies and reporting problems).

Who regulates and administers the examination in Romania?

The examination is organized by the Chamber of Financial Auditors of Romania (CAFR) based on powers delegated by the Public Oversight Authority of the Statutory Audit Activity (ASPAAS), pursuant to Law 162/2017 and Order 135/2018.

What is the passing standard for the examination?

Candidates must obtain at least grade 6.00 out of 10 on each individual test stage and achieve an overall arithmetic average of at least 7.00 across both stages.

Is this practice bank an official translation?

No. This is an independent English-language MCQ study adaptation. It preserves Romanian legal terms and exact official names, but is not an official translation, a language or format simulation, or a substitute for open-response case practice. Confirm available assessment languages with CAFR before registering.