Authority for Public Supervision of Statutory Audit Activity (aspaas)*

Procedure identifies the steps and conditions for access to the internship in the financial audit activity for individuals, 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 Order No. 201/2019 for the approval of the Rules regarding the organization and conduct of the knowledge verification test for access to the internship.

Organization of the access test

​Period of the access test, schedule of related activities, location, exam topics and bibliography are published on the official website, themes and bibliography and any other information regarding the organization of the access test, at least 45 days before the established date for its taking.

Educational requirements that individuals must meet to enroll for the access test to the internship are those established by Order of the president of ASPAAS no. 89/2018

​Conditions and application file for enrolling in the access test for internship. The results of the access test and the results of complaints resolutions are published on the ASPAAS website.

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

Reacquisition of authorization at the request of individuals

Financial auditors whose request for withdrawal of authorization has been approved can reacquire it only once, without taking the professional competence exam, based on an interview, but no later than 5 years from the approval of the withdrawal request.

The cumulative conditions for registration for the authorization reacquisition interview are found on the institution's website, by accessing the link https://www.aspaas.gov.ro/wp-content/uploads/2018/03/LEGE-Nr-162-din-2017-2.pdf;

Required documents for the interview to be submitted to ASPAAS:

a) interview registration application;

b) criminal record, within the legal validity period;

c) declaration on own responsibility regarding compliance with the good reputation condition, according to ASPAAS regulations regarding good reputation;

d) copy of identity document;

e) 4 photographs (type 2/3).

The interview consists in verifying possession of an adequate level of technical knowledge in the field of accounting and auditing, including ISA and ISQC, as well as knowledge of Romanian legislation relevant to statutory audit.

Individuals who meet the conditions and who have passed the interview regain authorization as financial auditors in Romania.

After passing the interview, within 45 days from the date of passing the interview, an order of the ASPAAS president is issued authorizing the financial auditor.

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

Final document: Order of the ASPAAS president authorizing the financial auditor.
For participation in the interview for reacquiring authorization and to obtain the authorization document, it is mandatory to be present at the hour, date, and place established and communicated by ASPAAS to the applicant; the necessary registration documents can be downloaded and submitted to ASPAAS online / in person / through a legally appointed representative.

The procedure establishes the steps and conditions under which financial auditors who are not registered as financial auditors in Romania or in another Member State of the European Union/the European Economic Area are authorized in Romania to carry out financial audit activities, 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 the Order of the President of ASPAAS no. 76/2024 amending 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, the withdrawal and re-acquisition of authorization.

Aptitude test: Updated information regarding the topics, bibliography, date, location and time can be obtained by accessing the link: https://www.aspaas.gov.ro/anunturi-stiri-si-evenimente/

Cumulative conditions that must be met by financial auditors for authorization in Romania:

a) to be authorized and to have obtained the right to practice the profession of financial auditor in the country of origin;

b) to meet the good reputation conditions provided by Law no. 162/2017;

c) to have passed the aptitude test organized by ASPAAS in accordance with Law no. 162/2017.

Documents required for registration for the aptitude test:

a) a copy of the identity card or passport, valid;

b) the authorization document, in certified translation, issued by the competent authority from another member state, or any other document proving the right to practice in the field of auditing in the respective state, valid on the date of registration;

c) criminal record within the legal validity period, in certified translation;

d) self-declaration regarding compliance with the good reputation condition, in accordance with ASPAAS regulations;

e) other documents required by ASPAAS, as applicable.

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

For the conduct of the aptitude test for the purpose of authorizing financial auditors in Romania, personal presence at the time, date, and location established and made public by ASPAAS is required.

Candidates are not allowed to be accompanied by translators during the test.​

The original documents will be submitted and/or presented to the ASPAAS representatives no later than the day before the date on which the aptitude test is held.

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.

Procedure establishes the conditions and steps for authorizing legal entities as audit firms, at the written request of the legal representative of the legal entity, according to the Order of the ASPAAS President No. 87/2018 for approving 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.

Conditions:

1. a) natural persons who perform statutory audit on behalf of the audit firm must be authorized as financial auditors in Romania, according to this law;

b) the majority of voting rights in the audit firm must be held by audit firms authorized in any member state or by financial auditors authorized in Romania;

c) the majority of the members of the administrative or management body of the audit firm, but no more than 75%, must be represented by audit firms authorized in Romania or in any of the member states or by financial auditors authorized in Romania;

d) if such an administrative or management body does not have more than 2 members, one of them must be an audit firm authorized in any of the member states or a financial auditor authorized in Romania;

2. the condition of good reputation as established by ASPAAS based on the provisions of art. 5 of Law no. 162/2017, which is analyzed by reference to the fulfillment of good reputation criteria, according to Order No. 89/2018 for approving the Norms regarding the good reputation of trainees in financial audit activity, financial auditors and audit firms;

3. their main activity must be the exercise of financial audit activity.

The authorization request signed by the legal representative of the legal entity is submitted to the competent authority ASPAAS together with the authorization file of the legal entity which contains the following documents:

a) the updated articles of association of the company, registered at the trade registry, which attests the structure of the administrative or management body of the audit firm, as well as the distribution of voting rights within it;

b) a current certificate issued by the trade registry, in original;

c) the registration certificate from the trade registry;

d) the list of natural persons who perform statutory audit on behalf of the audit firm authorized as financial auditors in Romania, signed by the legal representative of the legal entity;

e) the list of audit firms authorized in any member state or of financial auditors authorized in Romania who are associates/shareholders in the audit firm, signed by the legal representative of the legal entity;

f) the list of audit firms authorized in Romania or in any member states or of financial auditors authorized in Romania who are members of the administrative or management body of the audit firm, signed by the legal representative of the legal entity;

g) declaration on own responsibility signed by the legal representative of the legal entity regarding the observance by it of the good reputation criteria

h) any other document requested by ASPAAS in the analysis process.https://www.aspaas.gov.ro/autorizare-retragerea-autorizarii/formulare-utile/

Final document: Order of the ASPAAS President authorizing as audit firm issued, usually, within 45 days from the date of submission of the complete authorization file.

The authorization request for an audit firm in Romania is rejected in the following situations:

a) the authorization file is incomplete or the submitted documents are non-compliant, if the completion or rectification of the documents has not been made within 10 days from the request sent by ASPAAS;

b) for failure to meet the authorization conditions for audit firms provided by applicable legal provisions and 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

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

The procedure describes the steps to be taken and the conditions to be met for the participation of individuals who have completed an internship in financial audit in the professional competence exam, in accordance with the provisions of Law no. 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and on the amendment of certain normative acts and with the Order of the ASPAAS president no. 135/2018 for the approval of the Rules on the organization and conduct of the professional competence examination.

The competence exam consists of taking, in writing, two tests, as follows:

1. the first test - theoretical knowledge test;
2. the second test - practical application of theoretical knowledge.

Conditions for registration for the competence exam

In order to register for and take the competence examination, individuals must meet the following educational requirements:

a) are graduates of a higher education institution or have an equivalent level;

b) have followed a theoretical training course organized or recognized by ASPAAS;

c) have completed a practical training internship, in accordance with the provisions of art. 11 of Law no. 162/2017 and the ASPAAS rules issued to implement it.

In addition to these educational requirements, individuals must also meet the good repute condition provided by Law no. 162/2017 and by the Order of the President of the Authority for the Public Supervision of Statutory Audit Activity no. 89/2018 for the approval of the Rules on the good repute of trainees in financial audit activity, of statutory auditors and audit firms.

Registration for the competence exam https://www.aspaas.gov.ro/examen-de-competenta-profesionala/

ASPAAS publishes on its website the syllabus and bibliography for the professional competence exam and any other information related to the organization and conduct of the exam (deadline for submission of files, exam date, deadline for filing appeals, etc.), at least 45 days before the date set for the first test of the exam.

The list of candidates is displayed both on the ASPAAS website and at the location of the exam.

Exemptions concerning the theoretical knowledge test included in the competence exam:

According to the provisions of art. 10 of Law no. 162/2017, the holder of a bachelor’s degree, a university master's degree, or a professional qualification in one or more of the fields established for the exam may be granted exemptions from the theoretical knowledge test included in the competence exam, for the respective fields, if the university curriculum followed by the holder covers one or more of these subjects. The exemption is granted on the basis of protocols or agreements concluded by ASPAAS with national or international higher education institutions or with national or international professional bodies.

No exemptions are granted from the practical application test of theoretical knowledge, included in the competence exam.

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

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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.

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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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.