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 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 for the amendment of certain normative acts and of the Order of the ASPAAS president 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:

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

I. in case 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) letter 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 such condition ceased to be fulfilled;

2. in case of committing administrative offenses and applying 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 Order of the ASPAAS President No. 89/2018 of August 14, 2018 for approving the Norms regarding the good reputation of interns in the financial audit activity, financial auditors, and audit firms.

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

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