CONSIDERATIONS ON THE ROMANIAN REGULATIONS OF „CENSORS”, AN INSTITUTION BETWEEN TRADITION AND ACTUALITY

This essay analyzes the institution of "censors", as company body of internal control, aiming to determine whether this institution corresponds or not to a real need of some companies or it is just maintained in the virtue of the tradition of Romanian law system regulations regarding the internal control. Analyzing the evolution of company control and the institution of censors and especially the large attributions, rights and obligations the censors have, that are more extended than those of the auditors I came to the conclusion that the censors by their permanent and general activity corresponds to real needs of some companies. Therefore I consider that there are real grounds for which the institution of censors, part of the traditional system of internal control provided in the course of time by the Romanian law system, continues to exist. In the final part after analyzing the existing legal provision I suggested some amendments of the law such as : to request expertise of the persons nominated as censors in order to avoid a formal and inefficient control, to extend the secret vote for censors election as provided for companies by shares to all companies, to eliminate the obligation of the limited company by shares having more than 15 shareholders to nominate censors if such company enter into contract with auditors, as well as some suggestions regarding the correlation of the terminology.