The procedure establishes the actions and conditions under which the Authority for the Supervision 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 amending certain normative acts and of the Order of the President of ASPAAS no. 87/2018 for approving the Rules on 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:

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) letters 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 of those conditions ceased to be fulfilled;

2. in case of the commission of administrative offenses and the application of the administrative sanction provided for 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 the Order of the President of ASPAAS No. 89/2018 of August 14, 2018 for the approval of the Rules regarding the good reputation of trainees in financial audit activity, financial auditors, and audit firms.

Final document: The ASPAAS President's order for the withdrawal of 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 for in items 1-3.

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