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.