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Auditor Report - art. 82 Law 24/2017

Release Date: 8/18/2017 1:19:56 PM

IRIS Code: F1957




Incinta Port Constanta Dana 34,




Independent limited assurance report on the information included in the current report published by the company at the date of April 03, 2017 and the financial report published on August 16th, 2017, in compliance with requirements of Law No.24/2017 (art.82) and Regulation No.1/2006


To the Executive Board of SOCEP S.A.


We have been assigned by SOCEP S.A. (“the company”) to provide certain procedures in accordance to Law No.24/2017, art.82 and to Regulation No.1/2006 of Comisia Nationala a Valorilor Mobiliare (“CNVM”), currently named Autoritatea de Supraveghere Financiara („ASF”), with all subsequent amendments and modifications and also to provide a report with regard to the information concerning the company transactions with its related parties - within the report released and published on 08/16/2017, which contains information from the current report on 04/03/2017, complying with all above mentioned legal regulations.

Purpose of present Report

Present Report is prepared exclusively with above specified purpose and to inform the management, therefore it must not be used for another purpose. Our Report is referring exclusively to the information concerning company transactions with related parties included in the above mentioned reports and it does not refer to the company financial statements. Our procedures are exclusively related to contracts signed and associated to current report on 04/03/2017.

Executive Board responsibilities

The Executive Board of the company has the responsibility to prepare the current Report in total compliance with requirements of Law No.24/2017 art.82. Particularly, the Executive Board has the responsibility for designing and implementing internal controls meant to allow the preparation of the Current Reports, free of significant misstatements. In same respect, Executive Board is responsible for providing to the auditor complete and correct documents. The Company Executive Board is also responsible for keeping functional an internal control system which has the role to ensure in a reasonable way, that all above mentioned documents do not include major errors due to fraud or negligence mistakes.

Auditor’s responsibilities

We conducted our engagement in accordance with International Standard on Assurance Engagements (“ISAE”) 3000 (revised), “Assurance Engagements Other than Audits or reviews of Historical Financial Information” adopted by the CAFR. This standard requires that the practitioner plan and perform procedures to obtain a limited assurance on the information contained in the current reports mentioned.

The firm applies International Standard on Quality Control 1 (ISQC 1) and accordingly maintains a comprehensive system of quality control, including documented policies and procedures regarding standard requirements.

We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the IESBA, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

The engagement performed is a limited assurance. The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagements is substantially lower than the assurance that would have been obtained had we performed a reasonable assurance engagement.

With regard to information in the report dated 08/16/2017 (which contains information from the current report on 04/03/2017) of the company as at June 30-th 2017, we applied following procedures:

1)      We obtained from the company the report referring to the financial statements for first semester of 2017 (published) and we verified whether the signatures are authorized, examining the figures referring to and related to the information included in the report according to art.85 of Law No.24/2017.

2)      We have been provided by the company with the contracts that support the above mentioned transactions; based on them, the transactions are carried out and therefore we examined whether these transactions are complying with provisions stipulated in those contracts.

3)      We compared the details included in the current report to those we have got in our discussions with company staff and also to the agreements signed by the Executive Board of the company.

4)      To the extent that there is a market price for the goods and services provided to the company by the managers, by the personnel, by its major shareholders and by people related with them, we had discussions with company management related to the basis of establishing these prices and to whether those prices match those used elsewhere for similar goods and services.

Our procedures have been applied only to the contracts included in the enclosed reports, which have been signed/agreed/modified in-between January 1st, 2017 – June 30th, 2017 and that have an estimated contracted value – within the reported time period – of more than Euro 50,000. We considered the transactions that were made with Casa de Expeditii PHOENIX SA, as resulted from Note 31 in the mentioned report, as matching the criteria mentioned above. We did not perform any procedure for checking whether the current reports do include all the transactions and all the details that the company must report in accordance to art.82 of Law No.24/2017, for this particular time period.


Based on above described procedures performed and evidence obtained, related to legal documents included in the report referring to the financial statements for first semester of 2017 (its related parties), nothing came to our attention that could cause us believe that:

a)      Details indicated in the report published on 08/16/2017 and related to the information from the current report dated 04/03/2017 are not in concordance with the agreements/contracts made available by the company

b)      Details indicated in the report published on 08/16/2017 and related to the information from the current report dated 04/03/2017 do not comply with legal requirements in all significant/essential aspects

c)      Agreements/contracts made available to us have not been properly authorised.

d)     Agreed prices have not been accepted by both parties by mutual agreement, based on the provided type of service.

e)      Terms and conditions of the provided services have not been established based of signed contracts by the parties.


Our Report is referring exclusively to the report published on 08/16/2017 and related to the information from the current report dated 04/03/2017 and must not be extended to other reports of the company, either individually or taken as a whole.


On behalf of  JPA Audit & Consultanta S.R.L.

Florin Toma



August 16th, 2017


Independent Report of limited underwriting for the information included in the current report issued by the company, in compliance with requirements of Law No.24/2017 (art.82) and Regulation No.1/2006 was translated by SOCEP SA



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