The procedure identifies the steps and conditions for the authorization of individuals who have passed the professional competence 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 Norms regarding the authorization of financial auditors and audit firms in Romania, the recognition of audit firms from other member states, the withdrawal and reacquisition 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 fulfill:

a) the good repute requirement provided in art. 5 of Law no. 162/2017;

b) the educational requirements provided in art. 7 - 11 of Law no. 162/2017.

The authorization file for the individual is based on the file prepared for the professional competence examination according to ASPAAS norms for organizing and conducting the professional competence 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 posting the final results of the professional competence 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 order of the ASPAAS president authorizing as financial auditor is issued within 45 days from the completion of the authorization file.

The period reserved for analyzing the authorization file, issuing the authorization order and communicating it to the Chamber of Financial Auditors of Romania (CAFR), the analysis and issuance of the CAFR Council decision for registration as a member, communication to ASPAAS and 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 authorization request and the sworn statement regarding fulfillment of the good repute condition are not submitted within 30 months from the posting of the final results of the professional competence examination and the 6-month term established for the analysis of the authorization file and issuance of the authorization act is exceeded, the issuance of the decision for registration as a member of the professional body and the registration order in the electronic public register, authorization may only be granted based on passing an interview.

After completion of 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.

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