The procedure identifies the steps and conditions for authorizing natural persons who have passed the professional competency 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 amending certain normative acts, and the ASPAAS President's Order no. 87/2018 for the approval of the Rules regarding the authorization of financial auditors and audit firms in Romania, recognition of audit firms from other member states, withdrawal and re-acquisition 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, individuals must cumulatively meet the following:

a) the good reputation condition provided for 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 the authorization of the individual is based on the file prepared for the professional competency examination according to the ASPAAS rules for organizing and conducting the professional competency 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 publication of the final results of the professional competency 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 date the authorization file is completed.

The term reserved for the analysis of the authorization file, the issuance of the authorization order and its communication to the Chamber of Financial Auditors of Romania (CAFR), the analysis and issuance of the resolution of the CAFR Council for registration as a member, the communication to ASPAAS and the 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 application for authorization and the affidavit regarding the fulfillment of the good reputation condition are not submitted within the 30 months from the publication date of the final results of the professional competency examination and the deadline of 6 months set for the analysis of the authorization file and the issuance of the authorization act is exceeded, the issuance of the registration decision as a member of the professional body and the order for registration in the electronic public register, authorization may only be granted based on passing an interview.

After finalizing 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.

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