The procedure establishes the conditions under which the Authority for the Supervision 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 regarding the statutory audit of annual financial statements and consolidated annual financial statements and the amendment of certain normative acts, and ASPAAS President’s Order no. 87/2018 approving the Rules regarding the authorization of financial auditors and audit firms in Romania, recognition of audit firms from other member states, withdrawal and reacquisition of authorization, as subsequently amended and supplemented.

Recognition conditions In order to recognize an audit firm authorized in another member state, it must meet the following conditions:

a) to be registered in the member state of origin;

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 fulfillment of 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 submit to ASPAAS, personally/by delegate/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 attesting the registration of the audit firm in the member state of origin, issued by the competent authority of that state, in legalized translation, not older than 3 months;

b) proof of authorization, with valid stamp, as a financial auditor in Romania of the key audit partner who performs the financial audit on behalf of the audit firm;

c) the declaration on own responsibility signed by all members of the administrative or management body of the audit firm regarding compliance with the criteria of good reputation, according to ASPAAS regulations on good reputation;

d) any other document requested by ASPAAS in the analysis process, as the case may be.

The final document - ASPAAS President’s Order authorizing the audit firm authorized in another member state in Romania is issued within 45 days from the date of submission of the complete file.

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.