The procedure establishes the steps and conditions under 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 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain regulations and of ASPAAS President's Order no. 87/2018 for the approval of the Norms 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 a financial auditor by order of the ASPAAS president:

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

a) the financial auditor is convicted by a final decision for criminal acts related to the exercise of financial audit activity or is subject to the complementary penalty of prohibition to carry out such an activity or the measure of safety of exercising this activity is taken;

b) has committed administrative offences and the administrative sanction provided in Art. 40 para. (4) letter e) of Law no. 162/2017 was applied;

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

The obligations of the financial auditor found in any of the situations above 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 order issued by the ASPAAS president for authorization, in original, which will be added to the existing authorization file at ASPAAS, together with supporting documents.

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

a) the financial auditor is subject to a disciplinary/administrative procedure, according to the law, pending resolution;

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

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

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

If the solution is to withdraw the 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 become necessary to notify the petitioner regarding the communication of valid documents or of conditions whose observance/fulfillment is not confirmed by the submitted documents.

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