The procedure establishes the process and the conditions in which the Authority for the Supervision of Statutory Audit Activity (ASPAAS), as the competent authority, withdraws the authorization of financial auditors 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 amending some normative acts, and of the Order of the President of ASPAAS 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 reacquisition of authorization.

ASPAAS withdraws the authorization of a financial auditor by order of the ASPAAS president:

I. In the case where the good reputation of the financial auditor has been seriously compromised, as follows:

a) the financial auditor is convicted by a final judgment for criminal acts related to the exercise of financial audit activity or is subject to the complementary penalty of being prohibited from conducting such an activity or the safety measure of exercising this activity is imposed;

b) has committed administrative offenses and has been subject to the administrative sanction provided in art. 40 para. (4) let. e) of Law no. 162/2017;

c) in the case where one of the criteria regarding good reputation is no longer fulfilled and, thus, the good reputation is seriously compromised, according to the provisions of art. 6 para. (3) of Law no. 162/2017 and ASPAAS regulations regarding good reputation.

The obligations of the financial auditor in any of the above-mentioned situations can be analyzed by accessing the links:

https://www.aspaas.gov.ro/wp-content/uploads/2018/08/Ordin-nr.87-din-10.08.2018.pdf

https://www.aspaas.gov.ro/wp-content/uploads/2018/03/LEGE-Nr-162-din-2017-2.pdf

II. At the written request of the financial auditor, addressed to ASPAAS, signed, dated, accompanied by the original order issued by the ASPAAS president of authorization, which will be added to the existing authorization file at ASPAAS, together with supporting documents.

The withdrawal request for authorization is accompanied by a declaration on own responsibility by the financial auditor stating that he/she is not in any of the following situations:

a) the financial auditor is subject to disciplinary/administrative proceedings, according to the law, that are ongoing;

b) the existence of a situation regarding the serious compromise of good reputation, according to ASPAAS regulations concerning good reputation;

c) the existence of one of the situations provided for in art. 11 para. (2) let. a).

Resolution of the request for withdrawal of authorization is postponed until the final resolution of disciplinary/administrative situations/causes.

If the solution is the withdrawal of authorization, this is applied with priority in the case of concurrence with the situation of withdrawal of authorization, at the request of the financial auditor.

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

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