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.