The Authority for Public Oversight of Statutory Audit Activity (aspaas)*

The procedure identifies the steps and conditions for access to the internship in financial audit activity for individuals, in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and amending certain normative acts and Order No. 201/2019 for the approval of the Norms on the organization and conduct of the knowledge verification test for access to the internship.

Organization of the access test

​The period for conducting the access test, the schedule of related activities, the location, the exam topics and bibliography are published on the own website, the topics and bibliography and any other information regarding the organization of the access test, at least 45 days before the scheduled date for its taking.

Educational requirements that individuals must meet to register for the access test to the internship are those established by Order of the ASPAAS president no. 89/2018

​Conditions and application file for registration for the access test to the internship. The results of the access test and the results of solving the appeals are published on the ASPAAS website.

During the procedure, it may be necessary to notify the applicant regarding the communication of valid documents or conditions whose compliance/fulfillment is not confirmed by the submitted documents.

Reacquisition of authorization at the request of individuals

Financial auditors whose request for withdrawal of authorization has been approved can reacquire it only once, without taking the professional competency exam, based on an interview, but no later than 5 years from the approval of the withdrawal request.

The cumulative conditions for registration for the interview for reacquisition of authorization can be found on the institution's website, by accessing the link https://www.aspaas.gov.ro/wp-content/uploads/2018/03/LEGE-Nr-162-din-2017-2.pdf;

The documents required for taking the interview that must be submitted to ASPAAS:

a) application for interview registration;

b) criminal record, within the legal validity period;

c) statutory declaration on own responsibility regarding the fulfilment of the good reputation condition, according to ASPAAS regulations on good reputation;

d) copy of the identity document;

e) 4 photos (type 2/3).

The interview consists in verifying the possession of an appropriate level of technical knowledge in accounting and auditing, including ISA and ISQC, as well as knowledge of Romanian legislation relevant to statutory audit.

Individuals who meet the conditions and have passed the interview reacquire authorization as financial auditors in Romania.

After passing the interview, within 45 days from the date of passing the interview, an order of the ASPAAS president for authorization as a financial auditor is issued.

During the procedure there may arise the necessity to notify the applicant regarding the communication of valid documents or of conditions whose fulfilment/compliance is not confirmed by the submitted documents.

Final document: The order of the ASPAAS president authorizing the financial auditor.
For participation in the interview for reacquisition of authorization and for obtaining the authorization document, presence at the time, date, and place established and communicated by ASPAAS to the applicant is mandatory, the necessary registration documents can be downloaded and submitted to ASPAAS online / in person / through an authorized representative.

The procedure establishes the steps and conditions under which financial auditors who are not registered as financial auditors in Romania or in another European Union/European Economic Area Member State are authorized in Romania to carry out financial audit activities, in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and for amending certain normative acts, and the Order of the ASPAAS President no. 76/2024 amending the Order of the ASPAAS President no. 87/2018 for the approval of the Rules regarding the authorization of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, withdrawal and reinstatement of authorization.

Aptitude test: Updated information regarding the topics, bibliography, date, place, and time of the test can be obtained by accessing the link: https://www.aspaas.gov.ro/anunturi-stiri-si-evenimente/

Cumulative conditions that must be met by financial auditors for authorization in Romania:

a) to be authorized and to have obtained the right to practice the profession of financial auditor in the home country;

b) to meet the good reputation conditions provided by Law no. 162/2017;

c) to have passed the aptitude test organized by ASPAAS in accordance with Law no. 162/2017.

Documents required for registration for the aptitude test:

a) copy of the identity card or passport, valid;

b) the authorization document, in certified translation, issued by the competent authority from another member state, or any other document showing the right to practice in the field of audit in the respective country, valid at the date of registration;

c) criminal record certificate, within the legal validity period, in certified translation;

d) declaration on own responsibility regarding compliance with the condition of good reputation, according to ASPAAS regulations;

e) other documents requested by ASPAAS, as applicable.

During the process there may arise the necessity of notifying the applicant regarding the submission of valid documents, or conditions whose compliance/fulfillment is not confirmed by the documents submitted.

In order to take the aptitude test for authorization in Romania of financial auditors, personal presence is required at the time, date, and place established and made public by ASPAAS.

Candidates are not allowed to be accompanied by translators during the test.​

Original documents will be submitted and/or presented to ASPAAS representatives no later than the day prior to the aptitude test.

The procedure identifies the steps and conditions for the authorization of natural persons who have passed the professional competence examination organized by the Authority for the Supervision of Statutory Audit Activity (ASPAAS), in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and the amendment of certain normative acts and of the ASPAAS president’s Order no. 87/2018 for the approval of the Norms regarding the authorization of financial auditors and audit firms in Romania, recognition of audit firms from other member states, withdrawal and reacquisition of authorization https://www.aspaas.gov.ro/wp-content/uploads/2018/08/Ordin-nr.87-din-10.08.2018.pdf.

For authorization in Romania as financial auditors, natural persons must cumulatively fulfill:

a) the good repute condition provided in art. 5 of Law no. 162/2017;

b) the educational requirements provided in art. 7 - 11 of Law no. 162/2017.

The file for authorizing the natural person is constituted based on the file prepared for the professional competence exam according to ASPAAS norms for the organization and conduct of the professional competence examination, supplemented with the documents provided by Order no. 87/2018.

For authorization, interested persons must submit, within a maximum of 30 months from the date of the posting of the final results of the professional competence examination, the documents found at the following link: https://www.aspaas.gov.ro/wp-content/uploads/2018/08/Ordin-nr.87-din-10.08.2018.pdf

The ASPAAS president’s order for authorization as a financial auditor is issued within 45 days from the completion date of the authorization file.

The period reserved for analyzing the authorization file, issuing the authorization order and communicating it to the Chamber of Financial Auditors of Romania (CAFR), analyzing and issuing the CAFR Council’s decision for registration as a member, communication to ASPAAS and registration by the competent authority ASPAAS in the electronic public register of financial auditors and audit firms, is 6 months from the submission of the authorization file.

If the authorization request and the personal statement regarding fulfillment of the good repute condition are not submitted within 30 months from the date of posting the final results of the professional competence examination and the 6 months term established for analyzing the authorization file and issuing the authorization act, issuing the membership registration decision at the professional body and the order of registration in the electronic public register is exceeded, authorization can only be granted based on passing an interview.

After completing the authorization procedure and registration as a member of the profession, the authorized financial auditor will be registered in the electronic public register of financial auditors and audit firms.

In the course of the procedure, it may become necessary to notify the petitioner regarding the communication of valid documents or conditions whose compliance/fulfillment is not confirmed by the submitted documents.

Procedure establishes the conditions and stages for authorising legal entities as audit firms, at the written request of the legal representative of the legal entity, according to the Order of the ASPAAS President No. 87/2018 for the approval of the Rules regarding the authorisation of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, withdrawal and reacquisition of authorisation.

Conditions:

1. a) the natural persons performing statutory audit on behalf of the audit firm must be authorised as financial auditors in Romania, according to this law;

b) the majority of voting rights in the audit firm must be held by audit firms authorised in any member state or by financial auditors authorised in Romania;

c) the majority of the members of the administrative or management body of the audit firm, but not more than 75%, must be represented by audit firms authorised in Romania or in any of the member states or by financial auditors authorised in Romania;

d) in the event that such an administrative or management body has no more than 2 members, one of them must be an audit firm authorised in any of the member states or a financial auditor authorised in Romania;

2. the good reputation condition as established by ASPAAS based on the provisions of art. 5 of Law no. 162/2017, which is assessed in relation to the fulfilment of the good reputation criteria, according to Order No. 89/2018 for the approval of the Rules regarding the good reputation of trainees in financial audit activity, financial auditors and audit firms;

3. have as their main object of activity the exercise of financial audit activity.

The authorisation request signed by the legal representative of the legal entity is submitted to the competent authority ASPAAS together with the authorisation file of the legal entity which contains the following documents:

a) the updated articles of association of the company, registered at the Trade Register Office, which certifies the structure of the administrative or management body of the audit firm, as well as the allocation of voting rights within it;

b) an updated certificate issued by the Trade Register, original;

c) the registration certificate from the Trade Register;

d) the list of natural persons performing statutory audit on behalf of the audit firm authorised as financial auditors in Romania, signed by the legal representative of the legal entity;

e) the list of audit firms authorised in any member state or by financial auditors authorised in Romania who are associates/shareholders in the audit firm, signed by the legal representative of the legal entity;

f) the list of audit firms authorised in Romania or in any of the member states or by financial auditors authorised in Romania who are members of the administrative or management body of the audit firm, signed by the legal representative of the legal entity;

g) the self-declaration signed by the legal representative of the legal entity regarding compliance with the good reputation criteria

h) any other document requested by ASPAAS in the analysis process.https://www.aspaas.gov.ro/autorizare-retragerea-autorizarii/formulare-utile/

Final document: The ASPAAS President's Order for authorisation as an audit firm issued, usually, within 45 days from the date of submission of the complete authorisation file.

The request for authorisation of an audit firm in Romania is rejected in the following situations:

a) the authorisation file is incomplete or the submitted documents are non-compliant, if completion or rectification of the documents has not been achieved within 10 days of the request sent by ASPAAS;

b) for failing to meet the authorisation conditions for audit firms provided by the applicable legal provisions and the Rules regarding the authorisation of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, withdrawal and reacquisition of authorisation

In the course of the procedure, it may be necessary to notify the applicant regarding the communication of valid documents or conditions whose observance/fulfilment is not confirmed by the documents submitted.

The procedure describes the steps to be followed and the conditions to be met for the participation of individuals who have completed an internship in financial audit in the professional competence examination, in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and for the amendment of certain normative acts and with the Order of the ASPAAS President no. 135/2018 for the approval of the Rules on the organization and conduct of the professional competence examination.

The competence examination consists of taking, in writing, two tests as follows:

1. the first test - the theoretical knowledge test;
2. the second test - the practical application test of theoretical knowledge.

Conditions for registration for the competence exam

For the registration and sitting of the competence exam, individuals must meet the following educational requirements:

a) hold a degree from a higher education institution or have an equivalent level;

b) have completed a theoretical training course organized or recognized by ASPAAS;

c) have completed a practical training internship, in accordance with the provisions of art. 11 of Law no. 162/2017 and the ASPAAS rules issued in its implementation.

In addition to these educational requirements, individuals must also meet the condition of good reputation provided by Law no. 162/2017 and by the Order of the President of the Authority for Public Supervision of Statutory Audit Activity no. 89/2018 for the approval of the Rules on the good reputation of trainees in financial audit, financial auditors, and audit firms.

Registration for the competence exam https://www.aspaas.gov.ro/examen-de-competenta-profesionala/

ASPAAS publishes on its own website the topics and bibliography of the professional competence exam and any other information regarding the organization and conduct of the exam (file submission deadline, exam date, deadline for filing appeals, etc.), at least 45 days before the date set for the first test of the exam.

The lists of candidates are displayed both on the ASPAAS website and at the place where the exam is held.

Exemptions regarding the theoretical knowledge test included in the competence exam:

According to the provisions of art. 10 of Law no. 162/2017, holders of a bachelor’s degree, a master’s degree, or a professional qualification in one or more of the fields established for the examination may be granted exemptions from the theoretical knowledge test included in the competence examination, for the respective fields, if the university curriculum attended by the holder covers one or more of these subjects. The exemption is granted based on protocols or agreements concluded by ASPAAS with national or international higher education institutions or with national or international professional organizations.

No exemptions are granted from the practical application test of theoretical knowledge, included in the competence exam.

During the procedure, it may become necessary to notify the petitioner regarding the communication of valid documents or conditions whose observance/compliance is not confirmed by the submitted documents.

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The procedure establishes the steps and conditions under which the Authority for the Supervision of Statutory Audit Activity (ASPAAS), as the competent authority, withdraws the authorization of audit firms authorized and registered in the Electronic Public Register of financial auditors and audit firms, in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and the amendment of certain legal acts and the Order of the ASPAAS President no. 87/2018 for the approval of the Rules on the authorization of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, the withdrawal, and reacquisition of authorization:

ASPAAS withdraws the authorization of an audit firm by order of the ASPAAS President:

I. in the event that its good reputation has been seriously compromised.

II. in any of the following situations:

1. in case any of the conditions imposed by art. 3 para. (5) letters b) and c) of Law no. 162/2017 is no longer fulfilled and a period of more than 3 months passes from the moment any of those conditions ceased to be fulfilled;

2. in the case of committing administrative offenses and the application of the administrative sanction provided in art. 40 para. (4) letter e) of Law no. 162/2017;

3. in case one of the criteria regarding good reputation is no longer fulfilled and, thus, the good reputation is seriously compromised, in accordance with the ASPAAS President’s Order No. 89/2018 of August 14, 2018 for the approval of the Rules regarding the good reputation of trainees in financial audit activity, financial auditors and audit firms.

Final document: The ASPAAS President's order for the withdrawal of the audit firm's authorization is issued within 30 days from the date of notification to ASPAAS of the audit firm's request accompanied by supporting documents or from the date when ASPAAS becomes aware of one of the situations provided in items 1-3.

During the procedure, it may become necessary to notify the petitioner regarding the submission of valid documents or conditions whose compliance/fulfillment is not confirmed by the submitted documents.

The procedure establishes the steps and conditions under which the Authority for the Oversight of Statutory Audit Activity (ASPAAS), as the competent authority, withdraws the authorization of financial auditors authorized and registered in the Electronic Public Register of financial auditors and audit firms in accordance with the provisions of Law no. 162/2017 on statutory audit of annual financial statements and consolidated annual financial statements and for amending certain normative acts and the Order of the ASPAAS president no. 87/2018 for the approval of the Rules regarding the authorization of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, the withdrawal and reinstatement of authorization.

ASPAAS withdraws the authorization of a financial auditor by order of the ASPAAS president:

I. In case the good reputation of the financial auditor has been seriously compromised, as follows:

a) the financial auditor is convicted by a final decision for criminal acts related to the performance of financial audit activity or is given the complementary penalty of prohibiting the right to carry out such activity or a safety measure is taken regarding the exercise of this activity;

b) has committed administrative violations and has been subjected to the administrative sanction provided for in art. 40 par. (4) letter e) of Law no. 162/2017;

c) in the event that one of the criteria regarding good reputation is no longer met and, thus, the good reputation is seriously compromised, in accordance with the provisions of art. 6 par. (3) of Law no. 162/2017 and ASPAAS regulations on good reputation.

The obligations of the financial auditor in one of the situations presented above can be analyzed by accessing the links:

https://www.aspaas.gov.ro/wp-content/uploads/2018/08/Ordin-nr.87-din-10.08.2018.pdf

https://www.aspaas.gov.ro/wp-content/uploads/2018/03/LEGE-Nr-162-din-2017-2.pdf

II. At the written request of the financial auditor, addressed to ASPAAS, signed, dated, accompanied by the order issued by the ASPAAS president of authorization, in original, which will be added to the authorization file existing at the ASPAAS level, together with the supporting documents.

The request for withdrawal of authorization is accompanied by a self-declaration of the financial auditor from which it is clear that they are not in any of the following situations:

a) the financial auditor is subject to a disciplinary/administrative procedure, according to the law, which is still being resolved;

b) the existence of a situation concerning the serious compromise of good reputation, according to ASPAAS regulations regarding good reputation;

c) the existence of one of the situations provided in art. 11 par. (2) letter a).

The resolution of the request for withdrawal of authorization is postponed until the final resolution of the disciplinary/administrative situations/causes.

If the solution is the withdrawal of authorization, this takes precedence in case of concurrence with the situation of withdrawal of authorization, at the request of the financial auditor.

During the procedure it may be necessary to notify the petitioner regarding the communication of valid documents or conditions whose compliance/fulfillment is not confirmed by the submitted documents.

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The procedure establishes the conditions under which the Authority for the Oversight of Statutory Audit Activity (ASPAAS), as the competent authority, recognizes audit firms authorized in other member states, in accordance with the provisions of Law no. 162/2017 regarding the statutory audit of annual financial statements and consolidated annual financial statements and the amendment of certain normative acts, and the Order of the President of ASPAAS no. 87/2018 for the approval of the Norms regarding the authorization of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, the withdrawal and regaining of authorization, with subsequent amendments and completions.

Conditions for recognition In order to recognize an audit firm authorized in another member state, it must meet the following conditions:

a) to be registered in the home member state;

b) to have good reputation;

c) the key audit partner who carries out the financial audit on behalf of the audit firm must be authorized as a financial auditor in Romania, according to these norms.

Good reputation is analyzed by reference to meeting the criteria established by ASPAAS regulations regarding good reputation, complying with the requirements of the Code of Ethics issued by IFAC and adopted by ASPAAS.

Required documents Audit firms authorized in another member state submit to ASPAAS, in person/through a delegate/by mail/courier or send via electronic means with certified electronic signature, an application signed by the legal representative, standardized form, accompanied by the following documents:

a) document certifying the registration of the audit firm in the home member state, issued by the competent authority from that state, in certified translation, which must not be older than 3 months;

b) proof of valid authorization, as a financial auditor in Romania, of the key audit partner who performs the financial audit on behalf of the audit firm;

c) declaration on own responsibility signed by all members of the administrative or management body of the audit firm regarding compliance with the good reputation criteria, according to ASPAAS regulations regarding good reputation;

d) any other document requested by ASPAAS in the review process, as applicable.

The final document - The Order of the ASPAAS President for authorization in Romania of the audit firm authorized in another member state is issued within 45 days from the date of submission of the complete file.

During the procedure, there may arise the necessity to notify the petitioner regarding the communication of valid documents or of conditions whose fulfillment/compliance is not confirmed by the submitted documents.