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 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain normative acts, and 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 recovery of authorization, as subsequently amended and supplemented.

Recognition conditions In order for an audit firm authorized in another member state to be recognized, 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 performs the financial audit on behalf of the audit firm must be authorized as a financial auditor in Romania, according to these rules.

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

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

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

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

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

d) any other document requested by ASPAAS during the analysis process, as applicable.

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

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