Archive
Please note that access to the ASPAAS headquarters is subject to the conditions laid down in Article 12 of Annex No 3 to Government Decision No 1090/2021 extending the state of alert in Romania from 10 October 2021 and establishing the measures applicable during it to prevent and combat the effects of the COVID-19 pandemic, as amended and supplemented.
Accordingly, access will be granted to:
– persons who can prove vaccination against SARS-CoV-2, at least 10 days after completing the full vaccination schedule;
– persons presenting a negative RT-PCR test result for SARS-CoV-2 not older than 72 hours, or a certified negative rapid antigen test result for SARS-CoV-2 not older than 48 hours;
– persons who are between the 15th and 180th day after confirmation of SARS-CoV-2 infection.
Note: for those who do not meet the above conditions, documents for the Registry will be received and handed over in the institution’s courtyard.
The green certificate proving vaccination against SARS-CoV-2, recovery or testing can be downloaded via this link https://certificatcovid.gov.ro/login.
We remind you that information can be obtained remotely (by telephone on +40 21.319.19.07 or via office@aspaas.gov.ro ) .
Statutory auditors may send requests in original (by post or courier) or to the email addresses published on the institution’s website www.aspaas.gov.ro with a certified electronic signature (e.g. DigiSign, CertSign), in line with Article 18 of Law No 162/2017.
Thank you!
Dear members of the profession,
The programme is available on both the ASPAAS and CAFR websites and can be viewed
The programme is available on both the ASPAAS and CAFR websites and can be viewed here.
Dear members of the profession,
Please be advised that on 3 December 2020 the orders delegating tasks to the Chamber of Financial Auditors of Romania (CAFR) for a period of 1 year were published in the Official Gazette, Part I, No 1170, as follows:
- Order of the President of ASPAAS No 425/2020 of 2 December 2020 delegating the task of organising the professional competence examination, available on the ASPAAS website here.
- Order of the President of ASPAAS No 426/2020 of 2 December 2020 delegating the task of organising continuing education programmes, available on the ASPAAS website here.
The delegated tasks are performed in accordance with:
- Order of the President of ASPAAS No 391/2020 of 13 November 2020 amending the Rules on the organisation and conduct of the professional competence examination, approved by Order of the President of the Authority for the Public Oversight of Statutory Audit Activity No 135/2018, available here.
- Order of the President of ASPAAS No 392/2020 of 13 November 2020 amending and supplementing the Rules on the continuing professional education of statutory auditors, approved by Order of the President of the Authority for the Public Oversight of Statutory Audit Activity No 90/2018, available here.
Detailed information on how the professional education programmes and the professional competence examination will be organised will be published shortly on both the ASPAAS and CAFR websites.
On Monday 23.11.2020, the Authority for the Public Oversight of Statutory Audit Activity will be closed to the public. All the institution’s activities will be carried out remotely.
Thank you for your understanding.
The results of the knowledge test for access to the traineeship, September 2020 session, were published on the ASPAAS website on 28.09.2020 at 19:00.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 30.09.2020, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Answer key V1.1TA– knowledge test for access to the traineeship
Answer key V1.2TA– knowledge test for access to the traineeship. The score is calculated as follows: 60 MULTIPLE-CHOICE QUESTIONS x 0.15 points + 1 POINT AWARDED BY DEFAULT
The knowledge test for access to the traineeship is organised by ASPAAS on 25 September 2020 at 10:00 at Artifex University, amphitheatres 1–4, Strada Cezărescu Economu, nr. 47, Bucharest.
Candidates are allocated to amphitheatres as follows:
Room allocation of admitted candidates – Amphitheatre 1
Room allocation of admitted candidates – Amphitheatre 2
Room allocation of admitted candidates – Amphitheatre 3
Room allocation of admitted candidates – Amphitheatre 4
Important!!!
To take part in this session, candidates must comply with the measures to prevent and combat the effects of the COVID-19 pandemic, as follows:
- To ensure strict compliance with distancing rules, avoid crowding and keep access routes clear, candidates may not bring their own cars or motorcycles into the University car park;
- Only candidates are allowed into the building, from 8:30;
- Throughout their presence on campus, candidates must observe physical distancing rules, wear a face mask and use the disinfectant materials provided (disinfectant mats and automatic sensor dispensers at the entrance doors);
- After disinfection, each person’s temperature is checked with non-contact infrared digital thermometers. Persons with a temperature above 37.3 °C or showing obvious signs of a respiratory infection will not be allowed to enter;
- On entering the building, all candidates must present a declaration on own responsibility certifying that they have no symptoms of COVID-19, have not been in contact with confirmed COVID-19 cases and have complied with the quarantine/isolation measures imposed by the national authorities, where applicable. The declaration can be downloaded from the following link;
- From the entrance, candidates go to the examination rooms using the two separate sides of the central staircase, following the route marked with arrows on the walls. Contact with the chrome handrails along the stairs should be avoided as far as possible;
- On entering the room, candidates show the room supervisor their identity card or passport, which must be valid. They will be directed to specially marked seats to ensure physical distancing. Candidates must keep their distance when entering the room;
- Throughout the test, general hygiene rules must be observed (social distancing, avoiding touching the nose, eyes and mouth, sneezing into the elbow or a disposable tissue, avoiding direct contact with others);
- When leaving the room, candidates exit the building through the exit marked with “EXIT” signs;
- Remaining in the University courtyard, including for smoking, is strictly prohibited.
Follow the instructions on how the examination is conducted:
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination;
- Only a desk calculator may be used for calculations.
CANDIDATES REGISTERED FOR THE KNOWLEDGE TEST FOR ACCESS TO THE TRAINEESHIP – SEPTEMBER 2020 SESSION
Detailed information on the date, venue and arrangements for the examination under the measures to prevent and combat the effects of the COVID-19 pandemic will be published later.
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 25–27 September 2020 (the exact venue and date will be set and announced later, depending on the number of candidates), starting at 10:00, the 2020 session of the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 24 August – 4 September 2020
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit their files at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5. Given the special conditions imposed by the COVID-19 restrictions, we recommend sending the application file by post or courier wherever possible, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019. Between 24 August and 4 September 2020 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
Dear members of the profession,
approving the Rules on the continuing professional education of statutory auditors, as amended and supplemented: “ By way of derogation from Article 3(4) and (7), statutory auditors may meet their minimum FPCS obligations for 2019 by attendingcourses organised specifically for this purpose by ASPAAS during 2020” Accordingly, on 11 and 12 August 2020, between 15:00 and 20:00, ASPAAS is organising 10 FPCS hours in statutory audit, in line with the 2019 CPE programme for statutory auditors, to help those who need to meet their minimum obligation of 10 FPCS hours for 2019..
In the interest of members of the profession and given the current context, the courses will be held online via live streaming.
These courses are open EXCLUSIVELY to members of the profession who need to meet their minimum obligation of 10 FPCS hours for 2019.
Registration for the courses is made on the ASPAAS online platform starting today, 7 August 2020, from the account of each eligible statutory auditor, i.e. each auditor who needs
to meet the minimum obligation of 10 FPCS hours for 2019, in the “ Available courses” section.”.
Kind regards, ASPAAS
Dear members of the profession,
We are pleased to announce that the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, 2018 Edition, Volume I, of the International Auditing and Assurance Standards Board (IAASB), published in English by the International Federation of Accountants (IFAC) in December 2018, has been translated into Romanian and published under the responsibility of ASPAAS.
It is available free of charge and applicable to statutory auditors and audit firms authorised in Romania and registered in the Public Electronic Register of statutory auditors and audit firms published on the ASPAAS website, and can be consulted at: https://www.codetic-standardei
Kind regards, ASPAAS
Dear trainees,
Please be advised that the online modular courses will take place in June, as part of the theoretical training programme organised by ASPAAS for statutory audit trainees, year 2 of the traineeship, as follows:
- on 19 June at 16:00 – ISQC module course, course code C.1;
- on 26 June at 14:00 – Civil law and business law module course, course code A.6
The course links will be sent on the day of the course to the email addresses under which you are listed in the Register of trainees.
Kind regards, ASPAAS
Dear members of the profession,
In view of the current situation caused by the spread of the SARS-CoV-2 coronavirus causing COVID-19, we wish to inform you that, in the public interest and of course in the interest of the profession, ASPAAS has adopted several provisions concerning the validity of the e-visa expiring on 30/06/2020, the 2020 activity reporting deadline and the continued digitalisation of ASPAAS activity, as follows:
- the validity of e-visas issued through the ASPAAS reporting platform (for the 2018 activity reports) is extended until 31 July 2020, so that the e-visa for the previous reporting covers the deadline for filing financial statements, which has been postponed this year;
- for 2020, statutory auditors and audit firms must submit their documentation on the annual online reporting platform, in order to obtain the annual e-visa, by 31 May 2020 (instead of 15 May 2020);
- the annual declaration on own responsibility of compliance with the good repute criteria and the annual declaration on continuing professional education are submitted on the online reporting platform.
These provisions were adopted by Order of the President of ASPAAS No 224/28.04.2020, published in the Official Gazette No 358/05.05.2020, which can be consulted on aspaas.gov.ro at this link: https://www.aspaas.gov.ro/wp-content/uploads/2020/05/ordin-nr.-224-din-28.04.2020-m-of.pdf
We also stress that statutory auditors and audit firms must obtain the e-visa in order to carry out financial audit activity, including signing financial audit reports. Carrying out financial audit activity without the annual visa issued by ASPAAS constitutes a contravention under Article 44(1)(c) of Law No 162/2017.
We also remind you that the professional stamp applied to financial audit and statutory audit reports must be made in accordance with the templates set out in Annex 3 to Order of the President of ASPAAS No 383/2019 approving the Rules on granting the annual endorsement for the exercise of statutory audit activity, which you can consult on aspaas.gov.ro at this link: https://www.aspaas.gov.ro/wp-content/uploads/2019/06/Ordin-Presedintelui-ASPAAS-nr.-383_30.05.2019-Norme-Acordarea-vizei-anuale-pentru-exercitarea-activitaitii-de-audit-financiar-mof.pdf
Kind regards, ASPAAS
Under Order of the President of ASPAAS No 150/12.03.2020, as amended and supplemented, the ASPAAS Registry’s public opening hours are suspended for the entire duration of the state of emergency.
To ensure business continuity, documents addressed to ASPAAS may be sent by post, courier or email, in accordance with the law.
Please also note that, under Decree of the President of Romania No 195/2020 declaring a state of emergency in Romania, the legal deadlines for responding to requests for access to public information and to petitions are doubled during the state of emergency.
Dear members of the profession,
Below is the text of the CEAOB statement on the consequences of the COVID-19 crisis for members of the profession and for statutory audits.
The Covid-19 (Coronavirus) pandemic has a global impact and significantly affects entities and their auditors. Although auditors must fully comply with mandatory standards, the Committee of European Auditing Oversight Bodies (CEAOB) wishes to highlight certain challenges auditors face as a result of the unprecedented scale of the epidemic, which could have adverse effects on audit quality. The CEAOB acknowledges the ESMA statement [1] on the accounting implications of the current situation for the calculation of expected credit losses under IFRS 9, as well as the ESMA statement [2] on recommended actions for financial market participants, in particular those relating to disclosures and financial reporting.
The CEAOB highlights the following key issues for ongoing audits:
* Obtaining sufficient appropriate audit evidence – The CEAOB and the National Competent Authorities (NCAs) stress that it is the auditor’s responsibility to obtain sufficient appropriate audit evidence before issuing the audit report. It is recognised that access and travel restrictions, as well as limited staff availability for health reasons, may affect the auditor’s ability to obtain sufficient appropriate audit evidence. For group audits, both the group engagement partner and the component auditors must adapt their audit approach to the current circumstances. Auditors are advised to consider alternative means, including technology, where possible. Completing high-quality audits in the current circumstances may require additional time, which may affect reporting deadlines. Consequently, auditors may need to delay issuing the audit report and, where this is not possible or unlikely to resolve the issue, they may need to modify their audit reports to reflect that it was not possible to obtain the necessary audit evidence.
* Going concern – Auditors must pay particular attention to the entity’s assessment of its ability to continue as a going concern. In the current circumstances, uncertainty about economic forecasts worldwide and increased uncertainty about the outlook for many entities may make the auditor’s assessment difficult. Auditors must also consider the impact of their evaluation of management’s going concern assessment on the audit report and on communication with those charged with governance. There may also be situations in which an entity must apply a liquidation basis of accounting.
* Subsequent events – For most entities, the crisis arose after the end of the financial year. Auditors will need to assess whether the entity’s disclosures on the qualitative and quantitative impact of the COVID-19 outbreak on its activities, financial position and future economic performance are appropriate under the applicable financial reporting framework, and an Emphasis of Matter paragraph may need to be included in the audit report. Otherwise, auditors may need to modify their audit reports accordingly.
* Reporting and communication – Auditors are reminded to pay appropriate attention to assessing whether the description of the entity’s financial position, the principal risks and uncertainties it faces and its likely future development is consistent with the information obtained in the audit. Auditors are reminded of the importance of communicating appropriately and in a timely manner with the entity’s management and those charged with governance on the effects of the COVID-19 outbreak on the audit and on the entity and its financial statements. Where appropriate, auditors may decide to include a key audit matter in the audit report. They are also reminded that the applicable standards, the Audit Regulation (Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014) or local provisions may require them to report such matters to the relevant authorities or other bodies outside the entity.
The CEAOB, in cooperation with the NCAs, will continue to monitor audit issues arising from the COVID-19 outbreak. The CEAOB encourages the Colleges of Competent Authorities for the Big 4 audit networks, as well as NCAs, audit firms and auditors’ representative bodies, to continue the dialogue initiated in national jurisdictions during this difficult period.
The CEAOB statement can be accessed (original version) at:
https://ec.europa.eu/info/site
We wish you good health and assure you that ASPAAS remains a sincere partner for the profession. Kind regards, ASPAAS
Dear members of the profession,
Please note that, by Order No 662/18.12.2019 (available here: https://www.aspaas.gov.ro/wp-content/uploads/2020/01/Ordin-adoptare-Cod-etic-IFAC-2019.pdf), ASPAAS adopted the Handbook Code of Ethics for Professional Accountants, 2018 Edition, the Romanian translation of the “Handbook of the International Code of Ethics for Professional Accountants, 2018 Edition” developed by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). It applies to statutory auditors and audit firms authorised in Romania and registered in the Public Electronic Register of statutory auditors and audit firms published on the website of the Authority for the Public Oversight of Statutory Audit Activity.
The Code of Ethics for Professional Accountants, 2018 Edition, developed by the International Ethics Standards Board for Accountants (IESBA) of IFAC,, is included in the Handbook Code of Ethics for Professional Accountants, 2018 Edition, adopted by the Authority for the Public Oversight of Statutory Audit Activity and available free of charge at: https://www.codetic-standardeinternationale.ro/.
Another new ASPAAS regulation is Order No 663/18.12.2019 (https://www.aspaas.gov.ro/wp-content/uploads/2020/01/Ordin-modificare-ordin-150.pdf which increases the maximum number of trainees per mentor from 3 to 5, following expressions of interest to this effect.
These ASPAAS regulations were adopted in support of members.
Kind regards, ASPAAS
The knowledge test for access to the traineeship will take place on 12 November 2021 and will be organised by the Chamber of Financial Auditors of Romania under delegation,, in accordance with the Rules on the organisation and conduct of the knowledge test for access to the traineeship, approved by Order of the President of ASPAAS No 201/2019, as amended and supplemented, and with Order of the President of ASPAAS No 94/2021 delegating the task of organising the knowledge test for access to the traineeship.
For more details, please follow this link: https://www.cafr.ro/test-de-acces-la-stagiu-2021/.
| Results after re-marking following appeals | [view] |
The results of the knowledge test for access to the traineeship, September 2020 session, were published on the ASPAAS website on 28.09.2020 at 19:00.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 30.09.2020, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Answer key V1.1TA– knowledge test for access to the traineeship
Answer key V1.2TA– knowledge test for access to the traineeship. The score is calculated as follows: 60 MULTIPLE-CHOICE QUESTIONS x 0.15 points + 1 POINT AWARDED BY DEFAULT
The knowledge test for access to the traineeship is organised by ASPAAS on 25 September 2020 at 10:00 at Artifex University, amphitheatres 1–4, Strada Cezărescu Economu, nr. 47, Bucharest.
Candidates are allocated to amphitheatres as follows:
Room allocation of admitted candidates – Amphitheatre 1
Room allocation of admitted candidates – Amphitheatre 2
Room allocation of admitted candidates – Amphitheatre 3
Room allocation of admitted candidates – Amphitheatre 4
Important!!!
To take part in this session, candidates must comply with the measures to prevent and combat the effects of the COVID-19 pandemic, as follows:
- To ensure strict compliance with distancing rules, avoid crowding and keep access routes clear, candidates may not bring their own cars or motorcycles into the University car park;
- Only candidates are allowed into the building, from 8:30;
- Throughout their presence on campus, candidates must observe physical distancing rules, wear a face mask and use the disinfectant materials provided (disinfectant mats and automatic sensor dispensers at the entrance doors);
- After disinfection, each person’s temperature is checked with non-contact infrared digital thermometers. Persons with a temperature above 37.3 °C or showing obvious signs of a respiratory infection will not be allowed to enter;
- On entering the building, all candidates must present a declaration on own responsibility certifying that they have no symptoms of COVID-19, have not been in contact with confirmed COVID-19 cases and have complied with the quarantine/isolation measures imposed by the national authorities, where applicable. The declaration can be downloaded from the following link;
- From the entrance, candidates go to the examination rooms using the two separate sides of the central staircase, following the route marked with arrows on the walls. Contact with the chrome handrails along the stairs should be avoided as far as possible;
- On entering the room, candidates show the room supervisor their identity card or passport, which must be valid. They will be directed to specially marked seats to ensure physical distancing. Candidates must keep their distance when entering the room;
- Throughout the test, general hygiene rules must be observed (social distancing, avoiding touching the nose, eyes and mouth, sneezing into the elbow or a disposable tissue, avoiding direct contact with others);
- When leaving the room, candidates exit the building through the exit marked with “EXIT” signs;
- Remaining in the University courtyard, including for smoking, is strictly prohibited.
Follow the instructions on how the examination is conducted:
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination;
- Only a desk calculator may be used for calculations.
CANDIDATES REGISTERED FOR THE KNOWLEDGE TEST FOR ACCESS TO THE TRAINEESHIP – SEPTEMBER 2020 SESSION
Detailed information on the date, venue and arrangements for the examination under the measures to prevent and combat the effects of the COVID-19 pandemic will be published later.
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 25–27 September 2020 (the exact venue and date will be set and announced later, depending on the number of candidates), starting at 10:00, the 2020 session of the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 24 August – 4 September 2020
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit their files at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5. Given the special conditions imposed by the COVID-19 restrictions, we recommend sending the application file by post or courier wherever possible, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019. Between 24 August and 4 September 2020 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
Dear trainees,
Please be advised that the online modular courses will take place in June, as part of the theoretical training programme organised by ASPAAS for statutory audit trainees, year 2 of the traineeship, as follows:
- on 19 June at 16:00 – ISQC module course, course code C.1;
- on 26 June at 14:00 – Civil law and business law module course, course code A.6
The course links will be sent on the day of the course to the email addresses under which you are listed in the Register of trainees.
Kind regards, ASPAAS
The results of the knowledge test for access to the traineeship, September 2019 extraordinary session, were published on the ASPAAS website on 30.09.2019 at 10:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 02.10.2019, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Access to the room is permitted to candidates only.
From 9:30, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
Room allocation of admitted candidates – Small hall, CECCAR
Room allocation of admitted candidates – Amphitheatre, CECCAR
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 27 September 2019 (the exact venue will be set and announced later, depending on the number of candidates), starting at 10:00, the extraordinary session of the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
The syllabus and bibliography for the knowledge test for access to the traineeship (access test) can be accessed at this link.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 26 August – 6 September 2019
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit the application file at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
Between 26 August and 6 September 2019 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
NOTICE – Results of the knowledge test for access to the traineeship, June 2019 session, 2 July 2019
The results of the knowledge test for access to the traineeship, June 2019 session, were published on the ASPAAS website on 02.07.2019 at 15:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 04.07.2019, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
–
Results of the knowledge test for access to the traineeship – June 2019
Access to the room is permitted to candidates only.
From 14:30, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 28 June 2019 (the exact venue will be set and announced later, depending on the number of candidates), starting at 15:00, the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
The syllabus and bibliography for the knowledge test for access to the traineeship (access test) can be accessed at this link.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 20–31 May 2019
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit the application file at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
Between 20 and 31 May 2019 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
Under Article 7(1)(b) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts, ASPAAS organises and conducts the theoretical training of statutory audit trainees.
In line with the ASPAAS Rules on theoretical training and practical training in statutory audit, modular theoretical training courses for statutory audit trainees will be held online via live streaming in 2019.
Information on the course schedule is available by accessing this link (updated on 10 July 2019).
Trainees will receive information on accessing the live course before it starts.
The aptitude test for authorisation as a statutory auditor will take place at the ASPAAS headquarters on 16.12.2019 at 10:00.
The results of the professional competence examination, December 2019 session, were published on the ASPAAS website on 13.12.2019 at 14:45. The results may be appealed within the period laid down in Order of the President of ASPAAS No 135/2018, by 16.12.2019, 00:00. Appeals may be submitted to ASPAAS in person or through a representative, or sent by email to contestatii@aspaas.gov.ro or by fax to 021 3191906. Appeals sent to any other email address will not be considered.
The courses will take place in Râmnicu Vâlcea, at Constantin Brâncoveanu University, Str. Nicolae Bălcescu nr. 39.
Kind regards, ASPAAS
ASPAAS is organising at ARTIFEX University Bucharest – Str. Cezărescu Economu, Nr. 47, Sector 6, on 7 December 2019, the professional competence examination in accordance with Article 8 of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts and with Order of the President of ASPAAS No 135/20.09.2018 approving the Rules on the organisation and conduct of the professional competence examination, as amended and supplemented,, in accordance with according to the schedule attached at the following link.
From the time indicated in the schedule, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Access to the examination room is permitted to candidates only.
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided; write as clearly and legibly as possible.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
List of persons registered for the practical test under the new system
ASPAAS does not charge a fee for this session of the professional competence examination.
Statutory auditors wishing to attend the course on 14 December 2019 must complete the registration form available at this link. The topics covered have changed and are available at the following link: https://www.aspaas.gov.ro/wp-content/uploads/2019/12/valcea-tematica.pdf
The exact venue of the courses will be announced later.
Kind regards,
ASPAAS
NOTICE – Results of the professional competence examination, November 2019 session, 26 November 2019
The results of the professional competence examination, November 2019 session, were published on the ASPAAS website on 26.11.2019 at 21:20 and republished on 27.11.2019 at 10:00. The results may be appealed within the period laid down in Order of the President of ASPAAS No 135/2018, by 29.11.2019*, 00:00. Appeals must be sent by email to contestații@aspaas.gov.ro or by fax to 021.319.19.06. Appeals sent to any other email address will not be considered. Candidates who passed test I under the new system will sit test II, which will be held on 7 December 2019. Candidates declared successful under the old system (final average above 7 and individual test marks above 6) may apply for authorisation as statutory auditors in accordance with Order of the President of ASPAAS No 87/2018.
* The appeal deadline will be extended to 30.11.2019, 00:00.
Professional competence examination results, Test I – New system
Professional competence examination results, Tests I, II and III – Old system
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest, on 16 December 2019 (the venue and time of each part of the test will be announced later), the aptitude test in accordance with Article 13 of Law No 162/2017 and Order of the President of ASPAAS No 54/25.05.2018 on the authorisation in Romania of statutory auditors authorised in other Member States and of auditors authorised in third countries (Order of the President of ASPAAS No 54/2018), as follows:
A. Written multiple-choice test in Romanian, lasting 2 hours, on 16 December 2019
B. Oral test in Romanian, after the written test, on 16 December 2019
The syllabus and bibliography for the 2019 aptitude test can be accessed at the following link.
All natural persons who meet the conditions laid down in Article 13(1) of Law No 162/2017, in conjunction with Article 2 of Order of the President of ASPAAS No 54/2018, may register for the aptitude test.
Registration period for the aptitude test: 27 November – 4 December 2019
Registration hours: Monday to Friday, 9:00–13:00.
To register for the aptitude test, candidates must submit, in person or through a representative holding a simple power of attorney, at the ASPAAS office in Bucharest, Str. Sirenelor, nr. 5, Sector 5, the following documents accompanied by a Romanian translation certified by a notary public in Romania:
a) application for registration, in accordance with the annex forming an integral part of Order of the President of ASPAAS No 54/2018; b) a copy of the passport or other identity document; c) a copy of the certificate/document issued by the competent authority of the other Member State attesting authorisation or registration as a statutory auditor and showing the right to practise the profession in that State, valid in the year of registration for the aptitude test; d) a curriculum vitae, signed and dated on each page; e) 3 passport-style photographs (3/4); f) a criminal record certificate within its legal period of validity; g) proof of payment of the aptitude test registration fee. NOT APPLICABLE
ASPAAS does not charge a fee for this edition of the aptitude test.
Applications received by any other means (post, courier, etc.) will not be considered.
!NB! In accordance with the law, the aptitude test is taken in Romanian!
Statutory auditors wishing to attend the course on 7 December 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Cluj-Napoca, at Dimitrie Cantemir Christian University, Faculty of Economic Sciences Cluj-Napoca, Roman Crișan Amphitheatre (ground floor), Str. Teodor Mihali, nr. 56.
Kind regards, ASPAAS
Registration for the Audit and Code of Ethics course, Bucharest, 27 November 2019
Statutory auditors wishing to attend the course on 27 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Registration for the Audit course, Bucharest, 28 November 2019
Statutory auditors wishing to attend the course on 28 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Registration for the Audit course, Bucharest, 29 November 2019
Statutory auditors wishing to attend the course on 29 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Kind regards, ASPAAS
Registration for the Audit and Code of Ethics course, Timișoara, 23 November 2019
Statutory auditors wishing to attend the course on 23 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Timișoara, at the premises of the Regional General Directorate of Public Finance (DGRFP) Timișoara, Str. Gheorghe Lazăr, nr. 9B.
Registration for the Audit and Code of Ethics course, Cluj-Napoca, 23 November 2019
Statutory auditors wishing to attend the course on 23 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Cluj-Napoca, at Dimitrie Cantemir Christian University, Faculty of Economic Sciences Cluj-Napoca, Roman Crișan Amphitheatre (ground floor), Str. Teodor Mihali, nr. 56.
Kind regards, ASPAAS
Statutory auditors wishing to attend the course on 21 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Kind regards, ASPAAS
Registration for the Audit course, Bucharest, 19 November 2019
Statutory auditors wishing to attend the course on 19 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Registration for the Audit and Code of Ethics course, Bucharest, 20 November 2019
Statutory auditors wishing to attend the course on 20 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Str. Economu Cezărescu, Nr. 47.
Kind regards,
ASPAAS
Registration for the Audit and Code of Ethics course, Brașov, 16 November 2019
Statutory auditors wishing to attend the course on 16 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place at the Aro Palace Hotel Brașov, Europa Hall, Bld. Eroilor nr. 27
Registration for the Audit and Code of Ethics course, Constanța, 16 November 2019
Statutory auditors wishing to attend the course on 16 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place at Ovidius High School, Strada Basarabi, Nr 2, Constanța.
Registration for the Audit and Code of Ethics course, Iași, 17 November 2019
Statutory auditors wishing to attend the course on 17 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place at Alexandru Ioan Cuza University, Bld. Carol, Nr. 11, Amphitheatre B1 in the FEEA building, Building B of the University, 1st floor.
Kind regards, ASPAAS
Registration for the Audit and Code of Ethics course, Bucharest – 14 November 2019, 12 November 2019
Statutory auditors wishing to attend the course on 14 November 2019 must complete the registration form available at this link. Information on the topics covered is available on the ASPAAS website, here: https://www.aspaas.gov.ro/wp-content/uploads/2019/11/V2_calendar-cursuri-noi-dec-20191.pdf
The courses will take place in Bucharest, in the Great Hall of Artifex University, Strada Cezărescu Economu, Bucharest.
Kind regards, ASPAAS
ASPAAS is organising at ARTIFEX University Bucharest – Str. Cezărescu Economu, Nr. 47, Sector 6, on 16–17 November 2019, the professional competence examination in accordance with Article 8 of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts and with Order of the President of ASPAAS No 135/20.09.2018 approving the Rules on the organisation and conduct of the professional competence examination, as amended and supplemented,, in accordance with according to the schedule attached at the following link.
From the time indicated in the schedule, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Access to the examination room is permitted to candidates only.
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided; write as clearly and legibly as possible.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
Candidates registered for the professional competence examination held in November–December 2019
List of persons registered for the theoretical test under the new system
List of persons registered for Test I – old system
List of persons registered for Test II – old system
List of persons registered for Test III – old system
ASPAAS does not charge a fee for this session of the professional competence examination.
Dear members of the profession,
Under Article 12(2) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts: “ASPAAS organises continuing education programmes for statutory auditors„.
Accordingly, in November–December 2019 ASPAAS is organising a series of structured continuing professional education courses for statutory auditors, in line with the Rules on the continuing professional education of statutory auditors issued by ASPAAS.
Information on the course schedule is available by accessing this link.
Statutory auditors wishing to attend the courses must complete the registration form available at the links that will be accessible in the days preceding each course.
The exact venue of the courses in each centre will be announced later, when the registration forms are launched.
We look forward to seeing you at the ASPAAS courses!
Kind regards,
ASPAAS
Please be advised that, in accordance with Order of the President of ASPAAS No 135/2018, as amended and supplemented (Order of the President of ASPAAS No 573/07.10.2019 amending and supplementing it), approving the Rules on the organisation and conduct of the professional competence examination, the following requirements are amended:
1. Candidates may also send their application file by post, courier or through an authorised representative.
2. NOT required as part of the application file any longer: ¾ format photographs.
All other required documents remain unchanged.
In the interest of members of the profession, and given the need to speed up the checking of documents uploaded on the reporting platform for the issue of e-visas, the ASPAAS Registry hours from 14 to 18 October 2019 will be as follows:
- Monday to Thursday, 8:30–12:30;
- Friday, 18.10.2019, 8:30–11:30.
Thank you for your understanding.
Notice on the organisation of the professional competence examination – 2019 session, 2 October 2019
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest (the venue will be announced later), on 15–17 November, the last session of the competence examination under the old system (three tests) and the theoretical test of the professional competence examination under the new system.
The practical test of the professional competence examination under the new system will be announced after the final results of the theoretical test of the 15–17 November session are published, in accordance with Article 8 of Law No 162/2017 and Order of the President of ASPAAS No 135/20.09.2018 approving the Rules on the organisation and conduct of the professional competence examination, as follows:
I. Tests of the professional competence examination under Article 5 of Order of the President of ASPAAS No 135/2018 (applicable to candidates who have completed the traineeship and are sitting the competence examination for the first time, and to those who have sat it before but have not passed any of its tests):
the first test – theoretical knowledge test – will be held on 15–17 November; the exact date will be announced later.
A second test – test of the practical application of theoretical knowledge – the exact date will be announced later.
The syllabus and bibliography for the professional competence examination consist of the fields and regulations set out in point A and point B for both the first and the second test.
II. Tests of the professional competence examination under Article 15 of Order of the President of ASPAAS No 135/2018 (applicable to candidates who have completed the traineeship and have previously sat and passed one or two tests of the professional competence examination under the old system):
Theoretical test (I) – will be held on 15–17 November; the exact date will be announced later.
Multiple-choice test (II) – will be held on 15–17 November; the exact date will be announced later.
Practical test (III) – will be held on 15–17 November; the exact date will be announced later.
The syllabus and bibliography for the professional competence examination are as follows:
- Theoretical test (I) and the first test – theoretical knowledge test – point A.
- Multiple-choice test (II) – point B.
- Practical test (III) and the second test – test of the practical application of theoretical knowledge – point A. and point B
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 135/2018 may register for the examination.
ASPAAS does not charge a fee for this session of the professional competence examination.
Registration period for the professional competence examination: 21 October – 1 November
Registration hours: Monday to Friday, 9:00–13:00.
To register for the examination, candidates must submit the following documents in person or through a representative at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5:
a) application for registration, in accordance with the annex forming an integral part of the Rules;
b) the degree diploma, as a copy certified as a true copy of the original (the candidate will bring to the ASPAAS headquarters a notarised copy or the original diploma together with a photocopy, which the ASPAAS staff receiving the application will certify as a true copy);
c) a copy of the identity document;
d) 2 photographs (2/3 format);
e) a valid criminal record certificate;
f) the declaration of compliance with the good repute criteria, set out in the annex to the Rules on the good repute of statutory audit trainees, statutory auditors and audit firms, approved by Order of the President of the Authority for the Public Oversight of Statutory Audit Activity No 89/2018;
g) any other document requested by ASPAAS during the review.
Documents submitted in the December 2018 session file may be reused on the basis of a simple request submitted together with the new application file.
Reuse may be requested only for the following documents:
- ¾ format photographs
- Degree diploma (notarised or certified as a true copy of the original at the ASPAAS headquarters)
- Copy of the identity document, if still valid
Applications received by any other means (post, courier, email, etc.) will not be considered.
!!NOTE!! In accordance with Article 16(2) and (3) of Order of the President of ASPAAS No 135/2018, for ASPAAS to validate the application files of all persons registered for the professional competence examination (who have completed the traineeship and have not sat any of the tests / who have completed the traineeship and have sat and passed one or more tests of the professional competence examination in previous years), CAFR must send ASPAAS, within 3 working days of the request, supporting documents, as copies certified as true copies of the original.
The results of the knowledge test for access to the traineeship, September 2019 extraordinary session, were published on the ASPAAS website on 30.09.2019 at 10:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 02.10.2019, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Today, 27 September 2019, ASPAAS is closed to the public.
Thank you for your understanding!
Access to the room is permitted to candidates only.
From 9:30, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
Room allocation of admitted candidates – Small hall, CECCAR
Room allocation of admitted candidates – Amphitheatre, CECCAR
The truth is that, between 2000 and 2010, the applicable regulations PROVIDED FOR the issuing of administrative acts by the CAFR Council (approval decisions) granting membership, ON THE BASIS OF WHICH the auditor certificate for statutory auditors, or the operating licence for audit firms, was SUBSEQUENTLY issued.
The full reply can be viewed here.
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 27 September 2019 (the exact venue will be set and announced later, depending on the number of candidates), starting at 10:00, the extraordinary session of the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
The syllabus and bibliography for the knowledge test for access to the traineeship (access test) can be accessed at this link.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 26 August – 6 September 2019
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit the application file at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
Between 26 August and 6 September 2019 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
Dear members of the profession,
Please note that the reporting platform has been launched. Reporting is a legal obligation and is not carried out solely to obtain the annual visa. IMPORTANT! The application is not optimised for Microsoft Internet Explorer; other browsers may be used. Therefore, do NOT use Microsoft Internet Explorer to complete the report; it has been replaced by Microsoft Edge. All the necessary information is available at: https://www.aspaas.gov.ro/raportare/
Dear members of the profession,
The professional stamp provided for in Article 8 of the Rules on granting the annual visa for carrying out financial audit activity, approved by Order of the President of ASPAAS No 383/30.05.2019, is made by statutory auditors in the format and dimensions set out in Annex No 3a and Annex No 3b respectively to those Rules.
The PER number shown on the stamp is the unique registration number assigned by ASPAAS, as shown in the Public Electronic Register published on the website: Public Electronic Register, i.e. AF……….. or FA…………
The professional stamp is applied to financial audit reports issued after the ASPAAS Rules entered into force and exclusively to statutory audit reports, in accordance with Article 8.
NOTICE – Results of the knowledge test for access to the traineeship, June 2019 session, 2 July 2019
The results of the knowledge test for access to the traineeship, June 2019 session, were published on the ASPAAS website on 02.07.2019 at 15:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 201/2019, by 04.07.2019, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
–
Results of the knowledge test for access to the traineeship – June 2019
Access to the room is permitted to candidates only.
From 14:30, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Important!!!
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
Dear members of the profession,
Registration for the structured continuing professional education courses organised by ASPAAS in Bucharest is made via the following link: https://forms.gle/L1TYT1iEABPk
Kind regards, ASPAAS
Under Article 12(2) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts, “ASPAAS organises continuing education programmes for statutory auditors”.
In line with the Rules on the continuing professional education of statutory auditors issued by ASPAAS, a series of structured continuing professional education courses for statutory auditors is being organised in June 2019.
Information on the course schedule, the topics covered and the lecturers is available by accessing this link.
Statutory auditors wishing to attend the courses must complete the registration form available via the links that will be made available in the coming days.
The courses will take place in Bucharest, at Intrarea Pielari nr. 1 – Grigore Trancu Iași Amphitheatre.
Under Article 7(1)(b) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts, ASPAAS organises and conducts the theoretical training of statutory audit trainees.
In line with the ASPAAS Rules on theoretical training and practical training in statutory audit, modular theoretical training courses for statutory audit trainees will be held online via live streaming in 2019.
Information on the course schedule is available by accessing this link (updated on 10 July 2019).
Trainees will receive information on accessing the live course before it starts.
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest on 28 June 2019 (the exact venue will be set and announced later, depending on the number of candidates), starting at 15:00, the knowledge test for access to the traineeship, in accordance with Article 11(6)(b) of Law No 162/2017 and the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
The syllabus and bibliography for the knowledge test for access to the traineeship (access test) can be accessed at this link.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 201/04.04.2019 may register for the test.
ASPAAS does not charge a fee for this session of the knowledge test for access to the traineeship.
Registration period for the access test: 20–31 May 2019
Registration hours: Monday to Thursday, 9:00–13:00, and Friday, 9:00–12:00.
To register for the access test, candidates must submit the application file at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5, in accordance with Article 4 of the Rules on the organisation and conduct of the knowledge test for access to the traineeship approved by Order of the President of ASPAAS No 201/04.04.2019.
Between 20 and 31 May 2019 (the registration period for the access test), the ASPAAS Registry is open for other activities Monday to Thursday, 14:00–17:00, and Friday, 13:00–14:30.
ASPAAS will be closed to the public on 2–3 May 2019. We wish you a blessed Easter!
– ASPAAS analysis of the draft amendment to the CAFR Rules of Organisation and Functioning, also sent to CAFR on 8 April: Download the cover letter on the ROF analysis | Download the ROF analysis (table format)
– ASPAAS analysis of the CAFR Council’s 2018 activity report, also sent to CAFR on 8 April: Download document
– Information on the collection by ASPAAS of the CAFR contribution, a legal obligation under Article 85 of Law No 162/2017: Download document
To respond as effectively as possible to the needs and interests of members of the profession, and to relieve them of avoidable administrative burdens, we publish the List of statutory auditors registered in the Public Electronic Register (PER) as non-active statutory auditors (updated on 22.05.2019), based on the declarations on own responsibility on active/non-active classification submitted to ASPAAS in accordance with Order of the President of ASPAAS No 105 of 11 September 2018.
Dear members of the profession,
The Authority for the Public Oversight of Statutory Audit Activity is holding a competition to fill the civil service post of Inspector, senior professional grade within the Investigations, Quality Assurance and Inspections Service (3 posts).
Applications must be submitted by 27 March 2019, 17:00, at the ASPAAS headquarters, Str. Sirenelor nr. 5, sector 5, Bucharest
The conditions for participation and the bibliography are displayed at the ASPAAS headquarters and in the Competitions section of the ASPAAS website.
We look forward to welcoming you to the ASPAAS team!
Tomorrow, 19.03.2019, the ASPAAS Registry will be closed until 13:30.
Thank you for your understanding!
Dear members of the profession,
Financial audit activity, particularly statutory audit, is not evenly spread over the months of a calendar year. In view of this, ASPAAS wishes, in the interest of the profession, to work with it to identify the best solutions for optimising the professional activity of statutory auditors.
We therefore invite you to complete the following questionnaire:
https://docs.google.com/forms/
ASPAAS will take your choice into account in issuing the Rules on granting the annual visa.
Kind regards, ASPAAS
The results of the professional competence examination, January 2019 session, were published on the ASPAAS website on 29.01.2019 at 19:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 135/2018, by 01.02.2019, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Successful candidates (final average above 7 and individual test marks above 6) may apply for authorisation as statutory auditors in accordance with Order of the President of ASPAAS No 87/2018.
Professional competence examination results, Test II – New system
Professional competence examination results – New system, December 2018 – January 2019 session
Notice on the granting of the annual visa for carrying out financial audit activity, 22 January 2019
Dear members of the profession,
To clarify a topic of current interest within the profession, and wishing to clarify the legal competence for granting the annual visa for carrying out financial audit activity under the current legal provisions, given that information recently sent to you by the professional body may rather have caused confusion, we inform you of the following:
ASPAAS is preparing and will soon issue the Rules on granting the annual visa for carrying out financial audit activity. Under these Rules, reporting will take place via an online reporting platform, most probably during February 2019 (depending also on when the Rules are published). The annual activity will be reported on the platform, together with the Declaration on compliance with continuing professional education obligations under the specific ASPAAS rules and the Declaration on compliance with the good repute criteria under the specific ASPAAS rules. Through the platform, ASPAAS will also issue the annual visa for carrying out financial audit activity in electronic format (e-visa).
Financial audit activity may be carried out only on the basis of the visa issued by ASPAAS, the only visa provided for by Law No 162/2017 (including Article 86 amending GEO No 75/1999). ASPAAS is the competent authority expressly defined by Law No 162/2017 (Article 2(6)). We also note that GEO No 75/1999, republished, as amended and supplemented, does not give CAFR the power to issue a visa for carrying out financial audit activity or to restrict or limit in any way the right to practise the profession. This competence is set out in Article 44 of Law No 162/2017, in Chapter VII “Investigations and sanctions”, which refers exclusively to the powers of ASPAAS.
Thus, Article 2(6) provides:
Article 2
“6. competent authority means the Authority for the Public Oversight of Statutory Audit Activity, hereinafter ASPAAS, as the regulatory authority in the field of statutory audit and the authority for the oversight of statutory auditors and audit firms. A reference to ‘competent authority’ in any article means a reference to ASPAAS or to any other competent authority of another Member State responsible for the functions, tasks or powers referred to in that article, as appropriate;”
and Article 44 provides:
Article 44
“Contravention liability
(1) The following acts constitute contraventions:
……
c) carrying out financial audit activity without the annual visa issued by the competent authority;”
Accordingly, financial audit activity cannot be lawfully carried out without the ASPAAS visa. Currently, under the law, no other visa issued by any other entity can grant the right to carry out financial audit activity in Romania.
Should the practising visa be needed earlier in some cases, we will identify, in the interest of members of the profession, an optimal solution to cover these situations, upon direct request and submission of the documents directly to the ASPAAS Registry.
The consequences of introducing an additional practising visa (apart from the fact that it has no legal basis) are particularly burdensome for the profession, whose interest should be paramount for the professional body. By way of example, we raise a few issues that we believe should have been considered before issuing a decision whose evident sole purpose is to serve a financial interest: what will members of the profession with complex contracts do? How will they document their files separately? How will they assign different responsible engagement partners to each component?
How should the second visa be used – should individual sections of the same report be stamped separately? And above all, WHY try to impose this additional burden on members of the profession when the law clearly provides that the visa issued by ASPAAS fully covers the exercise of financial audit activity?
ASPAAS recommends that the professional body prioritise the interest of members of the profession and relieve them of redundant burdens, and will make every effort to defend this interest.
ASPAAS remains open to dialogue with the professional body to identify the best solutions for reducing red tape in the interest of members and in the public interest. For transparency, we inform you that on 18.12.2018 (before the Council meeting of 19.12.2018 at which the CAFR decision on the visa was issued) the President of ASPAAS sent the CAFR management the following position on this subject by email: “Under Law No 162/2017, the ASPAAS visa is the visa for financial audit, i.e. 360°. In these circumstances, it is evident that the CAFR visa is an additional, unnecessary burden imposed on its own members, especially as it is not provided for by law. From the ASPAAS point of view, a statutory auditor needs the ASPAAS visa to carry out audit activity, 360°.”
Kind regards, ASPAAS
ASPAAS is organising in Bucharest, at the CECCAR headquarters in Bucharest – Intrarea Pielari nr. 1, sector 4, on 19 January 2018, starting at 10:00,, the second test – test of the practical application of theoretical knowledge – of the professional competence examination in accordance with Article 8 of Law No 162/2017 and Order of the President of ASPAAS No 135/20.09.2018 approving the Rules on the organisation and conduct of the professional competence examination.
The second test of the competence examination will be conducted as follows: the examination for the subject referred to in paragraph (4)(a) of Order of the President of ASPAAS No 135/20.09.2018 lasts 3 hours, and the examination for the other two subjects referred to in paragraph (4)(b) and (c) of that Order lasts 3 hours, with a 2-hour break between the two examination periods.
Candidates may sit the second test of the competence examination, namely the test of the practical application of theoretical knowledge, only if they have passed the first test, namely the theoretical knowledge test.
Candidates may enter the examination room half an hour before the examination starts. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Access to the examination room after the break, for the second part of the test of the practical application of theoretical knowledge, is subject to Article 11(2) of Order of the President of ASPAAS No 135/20.09.2018.
ASPAAS does not charge a fee for this session of the professional competence examination.
Dear members of the profession,
As 2018 draws to a close and the holiday season begins, the whole ASPAAS team turns with gratitude to you, the members of the profession who have stood by us during a remarkable year.
We thank all those who encouraged us, trusted us and sent us good wishes, and we equally thank our constructive critics, from whom we have learned and who have helped us respond better to the needs of the profession.
2018 certainly brought new challenges for the profession, both nationally and internationally, and ASPAAS has tried and will continue to do its utmost to remain a trusted partner to its members and to stand by them in overcoming every challenge.
We wish you and your family a Merry Christmas and a holiday season that fills your home with peace and joy, continuing into the New Year!
We look forward to working and building together with you again next year!
Merry Christmas and a wonderful, healthy, productive and prosperous New Year.
With friendship and respect, on behalf of everyone at ASPAAS,
Prof. Cristiana TUDOR, PhD, CFA, PRESIDENT
NOTICE – Results of the professional competence examination, December 2018 session, 21 December 2018
The results of the professional competence examination, December 2018 session, were published on the ASPAAS website on 21.12.2018 at 19:30.
The results may be appealed within the period laid down in Order of the President of ASPAAS No 135/2018, by 24.12.2018, 00:00.
Appeals must be sent by email to contestatii@aspaas.gov.ro or by fax to 021.319.19.06.
Appeals sent to any other email address will not be considered.
Candidates who passed test I under the new system will sit test II, which will be held in January 2019.
Candidates declared successful under the old system (final average above 7 and individual test marks above 6) may apply for authorisation as statutory auditors in accordance with Order of the President of ASPAAS No 87/2018.
Multiple-choice answer key, Test I – New system
Multiple-choice answer key, Test II – Old system
Professional competence examination results, Test I – New system
Professional competence examination results, Tests I, II and III – Old system
Important!!!
Access to the examination room is permitted to candidates only.
Follow the instructions on how the examination is conducted:
- Fill in your personal details, your ID number and the number of the question version you received correctly.
- Answer the questions on the pages provided; write as clearly and legibly as possible.
- Sources of information, mobile phones, smartwatches or other electronic devices are not permitted near candidates. Any attempt at cheating will result in the candidate’s exclusion from the examination.
- Only a desk calculator may be used for calculations.
Notice on the rescheduling of the trainee theoretical training course of 14.12.2018
The trainee theoretical training course scheduled for Friday, 14.12.2018, 16:00–21:00, is rescheduled to Monday, 17.12.2018, at the same time.
Thank you for your understanding!
Cluj-Napoca
The courses scheduled for 15.12.2018 in Cluj-Napoca will be held at Dimitrie Cantemir Christian University, Faculty of Economic Sciences Cluj-Napoca, str. Teodor Mihali, nr. 56, Cluj-Napoca, Roman Crișan Amphitheatre (ground floor).
Access to the course room is on presentation of an identity card and only for candidates who pre-registered via the online form.
Timișoara
The courses scheduled for 15.12.2018 in Timișoara will be held at the Regional General Directorate of Public Finance Timișoara, strada Gheorghe Lazăr nr. 9B.
Access to the course room is on presentation of an identity card and only for candidates who pre-registered via the online form.
Iași
The courses scheduled for 17.12.2018 in Iași will be held at the Regional General Directorate of Public Finance Iași, strada Anastasie Panu, nr. 26.
Access to the course room is on presentation of an identity card and only for candidates who pre-registered via the online form.
Under Article 7(1)(b) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts, ASPAAS organises and conducts the theoretical training of statutory audit trainees.
In line with the ASPAAS rules on theoretical training and practical training in statutory audit, modular online theoretical training courses for statutory audit trainees will be held in 2018.
Information on the course schedule, topics and lecturers is available by accessing this link.
Trainees will receive their platform login details for accessing the online course at least one day before the course.
The courses scheduled for 10.12–13.12.2018 and 17.12.2018 in Bucharest take place at Str. Poenaru Bordea, nr. 20, sector 5, 8th floor, Amphitheatre Hall (Loteria Română building).
Access to the course room is on presentation of an identity card and only for candidates who pre-registered via the online form.
In response to your requests, further continuing professional education sessions will be organised where possible.
Under Article 12(2) of Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legal acts, “ASPAAS organises continuing education programmes for statutory auditors.”
In line with the ASPAAS rules on the continuing professional education of statutory auditors, a series of structured continuing professional education courses for statutory auditors will be held in December 2018.
Information on the course schedule, topics and lecturers is available via the links below.
Statutory auditors wishing to attend the courses must complete the registration form available via the relevant links.
The exact room will be announced later, depending on the number of registered participants. Registration for each course is limited to 150 places, on a first-come, first-served basis.
ASPAAS is organising courses in:
Bucharest
- click here to access the programme
- click here to access the registration form
Cluj
- click here to access the programme
- click here to access the registration form
Timișoara
- click here to access the programme
- click here to access the registration form
Iași
- click here to access the programme
- click here to access the registration form
From the time indicated in the schedule, candidates may enter the room to which they have been assigned. On entry, they must show the room supervisor their identity card or passport, which must be valid. Candidates without such a valid document will not be admitted to the examination room.
Schedule of the professional competence examination held on 15.12–16.12.2018
Candidates registered for the professional competence examination, December 2018 session
List of persons registered for the theoretical test under the new system
List of persons registered for test I (theoretical) – old system
List of persons registered for test II (multiple-choice) – old system
List of persons registered for test III (practical) – old system
Following reports received, it was noted that some links could not be accessed in the PDF format in which the original bibliography was published.
Please therefore use the .docx version of the bibliography, which contains the links concerned.
Dear statutory audit trainees,
We wish to inform you that Order of the President of ASPAAS No 150 of 4 October 2018 approving the Rules on theoretical training and practical training in statutory audit has been published in the Official Gazette, Part I, No 909 of 29 October 2018.
The Order can also be accessed on the ASPAAS website, here:
Order No 150 of 4 October 2018
Therefore, in accordance with these legal provisions, please bear in mind your obligations as a statutory audit trainee, depending on your year of traineeship.
Kind regards, ASPAAS
Dear auditors/legal representatives of audit firms,
We wish to inform you that Order of the President of ASPAAS No 150 of 4 October 2018 approving the Rules on theoretical training and practical training in statutory audit has been published in the Official Gazette, Part I, No 909 of 29 October 2018.
In accordance with the above legal provisions, if you wish to be certified as a traineeship supervisor (natural person) under Article 11(1), (3) and (4) of Order of the President of ASPAAS No 150/2018, or as an audit firm providing guidance to statutory audit trainees under paragraphs (2) and (5) of the same article,
please send ASPAAS the relevant documents in accordance with Article 11(6) or (7) of that Order.
Kind regards, ASPAAS
The Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) is organising in Bucharest (the venue will be announced later), in December 2018, the professional competence examination in accordance with Article 8 of Law No 162/2017 and Order of the President of ASPAAS No 135/20.09.2018 approving the Rules on the organisation and conduct of the professional competence examination, as follows:
I. Tests of the professional competence examination under Article 5 of Order of the President of ASPAAS No 135/2018 (applicable to candidates who have completed the traineeship and are sitting the competence examination for the first time, and to those who have sat it before but have not passed any of its tests):
the first test – theoretical knowledge test – Saturday, 15 December 2018, in Bucharest, at 10:00
Second test – test of the practical application of theoretical knowledge – will be held on a date to be announced later, only for those who pass the first test; its schedule and the list of candidates will be published after the first test has been marked.
The syllabus and bibliography for the professional competence examination consist of the fields and regulations set out in point A. and point B. for both the first and the second test.
II: Tests of the professional competence examination under Article 15 of Order of the President of ASPAAS No 135/2018 (applicable to candidates who have completed the traineeship and have previously sat and passed one or two tests of the professional competence examination):
Theoretical test (I) – on 14–17 December 2018, in Bucharest; the date and time will be set after the registration period ends, depending on the number of validated applications.
Multiple-choice test (II) – on 14–17 December 2018, in Bucharest; the date and time will be set after the registration period ends, depending on the number of validated applications.
Practical test (III) – on 14–17 December 2018, in Bucharest; the date and time will be set after the registration period ends, depending on the number of validated applications.
The syllabus and bibliography for the professional competence examination are as follows:
- Theoretical test (I) – point A.
- Multiple-choice test (II) – point B.
- Practical test (III) – point A. and point B.
The syllabus and bibliography for the professional competence examination can be accessed here.
All natural persons who meet the conditions laid down in Article 3 of Order of the President of ASPAAS No 135/2018 may register for the examination.
ASPAAS does not charge a fee for this session of the professional competence examination.
Registration period for the professional competence examination: 30 October – 9 November 2018
Registration hours: Monday to Friday, 9:00–13:00.
To register for the examination, candidates must submit the following documents in person or through a representative at the ASPAAS headquarters in Bucharest, Str. Sirenelor, nr. 5, Sector 5:
a) application for registration, in accordance with the annex forming an integral part of the Rules;
b) the degree diploma, as a copy certified as a true copy of the original (the candidate will bring to the ASPAAS headquarters the original diploma or a notarised copy, together with a photocopy, which the ASPAAS staff receiving the application will certify as a true copy);
c) a copy of the identity document;
d) 2 photographs (2/3 format);
e) a valid criminal record certificate;
f) the declaration of compliance with the good repute criteria, set out in the annex to the Rules on the good repute of statutory audit trainees, statutory auditors and audit firms, approved by Order of the President of the Authority for the Public Oversight of Statutory Audit Activity No 89/2018;
g) any other document requested by ASPAAS during the review.
Applications received by any other means (post, courier, etc.) will not be considered.
!!NOTE!! In accordance with Article 16(2) and (3) of Order of the President of ASPAAS No 135/2018, for ASPAAS to validate the application files of all persons registered for the professional competence examination (who have completed the traineeship and have not sat any of the tests / who have completed the traineeship and have sat and passed one or more tests of the professional competence examination in previous years), CAFR must send ASPAAS, within 3 working days of the request, supporting documents, as copies certified as true copies of the original.
Under Article 12 of Law No 162/2017, continuing education for statutory auditors is organised and regulated by the competent authority, ASPAAS.
In application of the law, ASPAAS issued Order of the President No 90/14.08.2018 approving the Rules on the continuing professional education of statutory auditors.
Under the ASPAAS Rules, active statutory auditors must complete at least 20 hours of continuing professional education (CPE) per year, of which at least 10 hours of structured CPE and at least 10 hours of unstructured CPE.
Over a three-year reference period, active auditors must complete a total of 120 CPE hours, of which 60 hours of structured CPE and 60 hours of unstructured CPE.
The average structured education (the only component that has to be evidenced) is therefore 20 CPE hours per year, with the possibility of completing fewer hours in one year and making up for them in subsequent years. Thus, to meet both the required number of hours for the three-year period (60) and the annual minimum (10), any of the following distributions of structured CPE hours over three years may be used: 10-10-40, 20-20-20, 10-20-30, 40-10-10, 30-10-20, etc.
Statutory auditors registered in the Public Electronic Register as non-active must complete 50% of the total number of CPE hours required of active auditors, as described above.
Structured education hours refer EXCLUSIVELY to training activities organised by ASPAAS, including in cooperation with training partners.
Unstructured education hours do NOT need to be supported by documents; each auditor confirms completion by filling in the annual declaration.
For 2018, the transitional provisions of the ASPAAS Rules removed the requirement to meet the minimum structured education obligation, i.e. the 10 CPE hours.
Thus, to obtain the annual visa issued by ASPAAS for 2019, the only obligation is to complete the declarations confirming that the unstructured continuing professional education component for 2018 has been met.
On 19 September 2018 the following was published in the Official Gazette No 801: ORDER of the President of ASPAAS No 105/11.09.2018 approving the Rules on the registration of statutory auditors and audit firms in the Public Electronic Register of statutory auditors and audit firms, in force from the date of publication.
Article 15 of the Rules lays down the obligation of all statutory auditors to submit to ASPAAS, the competent authority responsible for regulating registration and for drawing up, updating and publishing the Public Electronic Register of statutory auditors and audit firms, within 30 days of the entry into force of the Rules, the Declaration on own responsibility on classification as an active or non-active statutory auditor referred to in Article 3(2).
To comply with Article 18 of Law No 162/2017, the above Declaration is submitted in original or using a electronic signature.
Failure to meet the 30-day deadline will trigger the administrative procedure, in accordance with Law No 162/2017.
Please note that statutory auditors’ legal obligation to submit this declaration exists only towards the competent authority, ASPAAS.
Furthermore, please note that the ONLY register of statutory auditors provided for by law is the Public Electronic Register of statutory auditors and audit firms provided for in Articles 14–19 of Law No 162/2017, drawn up and published by ASPAAS.
Any other register of statutory auditors for which you are asked to make declarations or for which personal data are collected is NOT provided for by law and should NOT be published.
Declaration can be found at the following link:
https://www.aspaas.gov.ro/registrul-public-electronic/formulare-utile/
Kind regards, ASPAAS
Issues concerning CAFR Council Decision No 70/2018 amending and supplementing Decision No 35/2014 of the Council of the Chamber of Financial Auditors of Romania approving contributions and fees for members of the Chamber, natural and legal persons, and for trainee members in statutory audit
CAFR issued Decision of the CAFR Council No 70/2018 amending and supplementing Decision No 35/2014 of the Council of the Chamber of Financial Auditors of Romania approving contributions and fees for members of the Chamber of Financial Auditors of Romania, natural and legal persons, and for trainee members in statutory audit, published in the Official Gazette of Romania on 16.08.2018.
ASPAAS draws attention to the fact that Decision of the CAFR Council No 70/2018 contains a number of provisions that exceed CAFR’s competence, in breach of the applicable legal provisions, and which affect members or future members of the profession. Any provisions that contravene higher-ranking legal acts CANNOT produce legal effects.
We also point out that Article 15(5) of the CAFR Rules of Organisation and Functioning, approved by CAFR Council Decision No 2/2018, provides that decisions of the Chamber’s Council affecting the statutory audit profession are published in the Official Gazette of Romania, Part I, with the prior approval of ASPAAS, as applicable. Yet CAFR Council Decision No 70/2018, which affects the statutory audit profession, although ASPAAS approval was not requested, was published in the Official Gazette of 16.08.2018.
A. Provisions contrary to Law No 162/2017 affecting trainees in statutory audit and persons who have completed the traineeship and are about to sit the professional competence examination, including charging them fees
Law No 162/2017 provides that both the organisation and conduct of the traineeship, together with all aspects of the traineeship, and the competence examination fall within the exclusive competence of ASPAAS; CAFR may not regulate any aspect of the traineeship or examination, including fees, as only ASPAAS has this power. Moreover, CAFR may not charge fees for activities for which it has no legal powers and which it does not even carry out under delegation.
competent authority ASPAAS has not regulated fees and consequently does not charge fees for these activities.
Law No 162/2017:
Article 11(5) ASPAAS draws up the rules for conducting the practical training of trainees.
Article 11(6) Trainees in statutory audit are natural persons who meet all of the following conditions:
a) they hold a degree from a higher education institution. The diploma must be recognised/deemed equivalent by the Ministry of National Education;
b) they have passed the knowledge test for access to the traineeship;
c) they are of good repute in accordance with Article 5.
(ASPAAS note – statutory audit trainees are not members of CAFR)
ARTICLE 75
Tasks of ASPAAS
c) continuing education of statutory auditors and training of trainees in statutory audit; (ASPAAS note – CAFR may NOT carry out training activities for statutory audit trainees)
Furthermore, Law No 162/2017, in Article 86 entitled Amendment and supplementing of Government Emergency Ordinance No 75/1999 on financial audit activity provides:
Article 8 of GEO No 75 is amended to read as follows: “The Chamber has as members statutory auditors who, in terms of the right to practise, may be active or non-active, and audit firms, in accordance with the law” (ASPAAS note – statutory audit trainees are NOT members of CAFR)
and all articles of GEO No 75 regulating the traineeship repealed by Law No 162/2017. (ASPAAS note – CAFR may NOT regulate them and carries them out only when delegated by ASPAAS)
***
It is therefore clear from an analysis of the applicable legal provisions that trainees in statutory audit are NOT members of CAFR and consequently have no obligation of any kind towards the professional body.
It is equally clear that CAFR has no legal powers relating to the traineeship and trainees in statutory audit and does not carry out any activity relating to them under delegation.
Accordingly, the fees listed below, affecting trainees or persons who have completed the traineeship and are not yet registered with CAFR after authorisation by ASPAAS, provided for in Decision No 70/2018, are contrary to the law/are unfair and must not be charged, or must be refunded promptly in the worrying event that they have already been charged:
– the fixed annual contribution of RON 480 for remaining in the internal Register of statutory audit trainees – There is NO legal basis for charging this fee; trainees are not members of CAFR and consequently have no obligation towards CAFR.
–the fee of RON 480 for processing and issuing the traineeship certificate – these persons have already completed the traineeship and met all their obligations, and may sit the professional competence examination organised by ASPAAS. It is NOT fair to charge these fees, given that the competent authority, ASPAAS, which actually carries out the activities relating both to the traineeship and to the organisation and conduct of the professional competence examination, has NOT regulated or imposed any fee for these activities.
– the fee of RON 720 for attending courses organised by CAFR for statutory audit trainees – There is NO legal basis for charging this fee; CAFR has no power to organise professional training for statutory audit trainees, who are not members of CAFR and consequently have no obligation towards CAFR.
In these circumstances, and given that since 15 July 2018 ASPAAS has not delegated any activity to CAFR, we consider that Decision of the CAFR Council No 70/2018 establishes certain provisions for the purpose of obtaining an unjust financial gain for CAFR, a body led by the Chamber’s Council, by misleading trainees and those who have completed the traineeship by presenting as true a situation that goes beyond the legal provisions.
ASPAAS cannot accept the regulation and charging of fees for activities that are NOT within the remit nor are they carried out by CAFR, considers that these provisions of Decision of the CAFR Council No 70/2018 cannot produce legal effects, as they breach the applicable legal provisions and requests to the professional body the refund of the fees collected from statutory audit trainees and from persons who have completed the traineeship, and the cancellation of the effects on them.
ASPAAS will also initiate administrative and legal steps to remedy this situation.
B. Other provisions of Decision of the CAFR Council No 70/2018 relating to CAFR members’ contributions
ASPAAS appreciates and welcomes the initiative to reduce the financial burden on auditors who had no income in the past year, but recommends to the professional body extending this measure and to the other members, active and non-active statutory auditors, given that a significant part of the activities previously carried out by CAFR in the interest of members of the profession have been taken over by ASPAAS and, since 15 July 2018, when delegation by operation of law ended, are carried out by ASPAAS (these include granting the annual visa for practising the profession and the professional stamp, authorisation of statutory auditors and audit firms, suspension, withdrawal of authorisation, registration in the Public Electronic Register, maintaining, publishing and updating the Public Electronic Register, continuing professional education, organising and conducting the traineeship).
Accordingly, maintaining the previous level of contributions charged by CAFR to its members, when the professional body NO longer carries out the same activities and NO longer provides the same services to members, is not justified.
We therefore welcome this first step in this respect and look forward to it being followed by the others as quickly as possible, as is only natural.
Issues concerning the CAFR Rules of Organisation and Functioning
In March–April 2018, CAFR sent ASPAAS the proposed amendment to the Rules of Organisation and Functioning of the Chamber of Financial Auditors of Romania (CAFR ROF), to be submitted for approval under Article 5(4)(a) of GEO No 75/1999 on financial audit activity, republished, as amended and supplemented.
Article 5(4)(a) of GEO No 75/1999
The Chamber draws up:
a) the Chamber’s Rules of Organisation and Functioning, which are approved by decision of the Conference of the Chamber’s members, with the prior approval of ASPAAS;
In view of these legal provisions, ASPAAS reviewed the proposed amendments to the CAFR ROF, finding a number of non-conformities with national and European legislation on audit.
ASPAAS subsequently sent several requests to CAFR concerning the amendment of the ROF to bring it into line with the applicable legal provisions.
Taking a constructive approach in the public interest and in the interest of the profession, ASPAAS ultimately approved the draft amendment to the CAFR ROF, but with comments and proposals which were annexed to the approval.
The approval of the oversight authority, ASPAAS, is NOT merely advisory, and CAFR, which at that time was performing delegated activities, was obliged to take on board the ASPAAS recommendations also under Article 52(8)(e) of Law No 162/2017, namely:
Law No 162/2017, Article 52(8): One or more of the tasks referred to in paragraph (1) may be delegated provided that CAFR complies with at least the following conditions:
….
e) implementing the recommendations of ASPAAS;
….
The ROF presented for approval at the National Conference of 21 April 2018 and subsequently published in the Official Gazette does not include these recommendations made by ASPAAS.
ASPAAS therefore considers that this document does not meet the requirement of compliance with the applicable legal provisions and asks the professional body to rectify it, taking into account higher-ranking legal acts.
***
CAFR’s disregard of the ASPAAS recommendations, in breach of Law No 162/2017, has created a risk situation that contributed both to the impossibility of delegating tasks to the professional body and to the subsequent issue by the CAFR Council of rules which, being justified by non-compliant provisions of its own ROF, either breach Law No 162/2017 and GEO No 75 or go beyond them.
In both cases, any provisions of the CAFR ROF and of the rules issued in its application that contravene higher-ranking legal acts CANNOT produce legal effects (for example, regulating the traineeship and imposing financial burdens on trainees, imposing additional administrative and financial conditions on audit firms and statutory auditors authorised by ASPAAS in order to practise, and the conditions for carrying out inspections with negative financial and reputational consequences for members and the profession, etc.)
On the date of entry into force of Law No 162/2017, namely 15 July 2017, the tasks that may be delegated by ASPAAS to CAFR under Article 52, including carrying out quality assurance inspections of statutory auditors and audit firms in respect of statutory audit activity at entities other than public-interest entities, were delegated by operation of law under Article 95 of Law No 162/2017, under the supervision and control of ASPAAS, for a period of one year, which has now ended. ASPAAS retains ultimate responsibility for the performance of the delegated tasks.
Following its analysis of how CAFR performed the delegated tasks during the period of delegation by operation of law, ASPAAS identified certain non-conformities in the performance of the delegated activity of carrying out quality assurance inspections of statutory auditors and audit firms in respect of statutory audit activity at entities other than public-interest entities, as follows:
A. CAFR regulated outside the legal framework by issuing and applying CAFR Council Decisions No 85/25.09.2017 and 125/20.12.2017
The provisions of Law No 162/2017 in this respect are clear and no longer allow CAFR to issue any Regulations for activities within the remit of ASPAAS, as follows:
“ARTICLE 95
(1) On the date of entry into force of this Law, the tasks that may be delegated by ASPAAS to CAFR under Article 52 are delegated by operation of law, under the supervision and control of ASPAAS, for a period of one year.
(2) In order to exercise the tasks delegated under paragraph (1), CAFR shall apply the regulations existing at the time of entry into force of this Law until ASPAAS draws up its own specific regulations for the delegated activities.”
“Article 2
(6) (..) competent authority means the Authority for the Public Oversight of Statutory Audit Activity, hereinafter referred to as ASPAAS, as the regulatory authority in the field of statutory audit and the authority for the oversight of statutory auditors and audit firms.”
“Article 35 (..)
(9) ASPAAS issues inspection rules and procedures on quality assurance of statutory audit activity for the application of this Law.”
“ARTICLE 51
(1) ASPAAS is the competent authority for performing the tasks laid down in this Law.”
“ARTICLE 73 (..)
(2) ASPAAS is the competent authority in the field of public-interest oversight of statutory audit and exercises its powers in accordance with this Law.”
“ARTICLE 75
(1) The main tasks of ASPAAS as competent authority under Directive 2006/43/EC, as amended and supplemented, and this Law are as follows: (..)
d) carrying out inspections for the quality assurance of statutory audit; (..)
j) issuing its own regulations on the basis and in application of this Law.”
It is therefore clear from an analysis of these provisions that CAFR could only apply the regulations existing at the time of entry into force of Law No 162/2017. CAFR no longer had the legal power to regulate any of the activities referred to in Article 52 of Law No 162/2017, including carrying out quality assurance inspections of statutory auditors and audit firms that perform statutory audits at entities other than public-interest entities.
The analysis of the inspection objectives selected for the period under oversight shows that CAFR Council Decision No 85/25.09.2017 was applied throughout the period from its issue until 31.12.2017, and CAFR Council Decision No 125/20.12.2017 has been applied since its issue.
In addition, CAFR Council Decisions No 85/25.09.2017 and 125/20.12.2017 were never approved by the competent authority, ASPAAS.
In view of the above, it is beyond doubt that CAFR Council Decisions No 85/25.09.2017 and No 125/20.12.2017 in their entirety were issued without complying with the applicable legal provisions (and then implemented), the issuing authority no longer having regulatory powers over this activity after the entry into force of Law No 162/2017, this power being within the exclusive competence of ASPAAS.
In these circumstances, all inspections carried out by CAFR during the delegation period were carried out on the basis of regulations unlawfully approved by the CAFR Council, which, in the view of ASPAAS, entails their nullity by operation of law.
B. CAFR did not meet the applicable legal conditions on the criteria to be met by the quality assurance system
The current legal provisions, namely Regulation (EU) No 537/2017 and Law No 162/2017, impose clear experience requirements in carrying out statutory audits and in financial reporting for persons carrying out these inspections (and do not provide for this requirement to be met in any other way), namely:
- Article 35(1) and (4) of Law No 162/2017 (in force since 15 July 2017):
(1) All statutory auditors and audit firms are subject to a quality assurance system that meets at least the criteria set out in paragraph (4).
(4) The criteria to be met by the quality assurance system are as follows:
d) “persons carrying out inspections for quality assurance have at least 7 years’ experience as an active auditor in statutory audit, including at least 3 years at public-interest entities;”
- Article 26(5)(a) of European Regulation (EU) No 537/2014 (in force since 17 June 2016): “When appointing inspectors,, competent authority shall apply the following criteria: (a) inspectors shall have appropriate professional education, relevant experience in statutory audit and financial reporting and specific training on quality assurance reviews;”
By effect of Law No 162/2017, the activity of quality assurance inspections of statutory auditors and audit firms in respect of statutory audit activity at entities other than public-interest entities was delegated by operation of law to CAFR under Article 95 of Law No 162/2017. Consequently, ASPAAS tasks were delegated to CAFR for performance, while ultimate responsibility remained with ASPAAS.
An analysis of the CVs of the members of the CAFR Inspections department, who have carried out these inspections in recent years, including after the entry into force of European Regulation (EU) No 537/2014 and then of Law No 162/2017, does not show that they have experience in carrying out statutory audits, as required by the regulations mentioned above. Moreover, although ASPAAS repeatedly requested that the text of the CAFR Rules of Organisation and Functioning be brought into line with the law, including a request to state the legal criteria to be met by persons carrying out quality assurance inspections, these requests were refused by CAFR.
In view of the above, namely that the legal conditions were NOT met for carrying out these inspections, the competent authority, the one that bears ultimate responsibility for this activity, namely ASPAAS, cannot, for this reason as well, recognise the results of these inspections for the period in which they were delegated, namely 15 July 2017 – 15 July 2018.
The current situation is all the more complicated given that the results of the quality assurance inspections have also produced legal effects, through the very application of CAFR regulations which set different contribution levels depending on the rating obtained in the quality assurance inspections carried out by CAFR, as well as professional education obligations.
ASPAAS will make every effort with the professional body to remedy this situation and to cancel the effects on members of the profession of the quality assurance inspection activity carried out by CAFR.
C. Issues in the performance of other quality assurance engagements carried out by CAFR after 15 July 2018
CAFR issued Decision of the CAFR Council No 60/19.07.2018 approving the “Rules on the quality review of financial audit activity other than statutory audit and of other activities carried out by statutory auditors”, published in the Official Gazette of Romania, Part I, No 656/27.VII.2018. The draft CAFR rules on this matter were not sent to ASPAAS for approval. We also draw attention to the fact that Article 15(5) of the CAFR Rules of Organisation and Functioning, approved by CAFR Council Decision No 2/2018, provides that decisions of the Chamber’s Council affecting the statutory audit profession are published in the Official Gazette of Romania, Part I, with the prior approval of ASPAAS, as applicable.
Although ASPAAS has repeatedly asked CAFR to remedy the situation regarding the application of Article 35(4)(d) of Law No 162/2017 and Article 26(5)(a) of European Regulation (EU) No 537/2014, both of which concern the requirements for inspectors, these are not reflected in the legal act issued by CAFR.
Moreover, Decision of the CAFR Council No 60/19.07.2018 contains a number of provisions that exceed CAFR’s competence, those provisions falling within the exclusive competence of ASPAAS, in breach of Law No 162/2017, which provides that only ASPAAS, as the competent authority, may regulate the activities within its competence.
At the same time, ASPAAS cannot accept that, through an inspection system that is not in line with the law, the reputation of statutory auditors who also carry out statutory audits in particular, and of financial audit activity, including statutory audit, in general, should be damaged by ratings resulting from inspections carried out by persons who do not meet the minimum requirements laid down in both national and European legislation. This is all the more so as the inspection results also affect members’ financial obligations (contributions differentiated by rating) and their professional education obligations.
ASPAAS has initiated legal steps to remedy this situation and will also order the administrative measures required by law against those responsible.
Although members of the profession have shown that they understood the previous ASPAAS statement by offering the necessary support, we repeat that what ASPAAS is requesting (in trying to exercise its legal powers, including publishing the Public Electronic Register on its own website) is a document containing the database that makes up the Public Electronic Register and that also complies with the law – which, for clarity, means a file of the type “.csv”, “.xls”, .”xlsx”, etc., which can be imported into our own database management application. We need this application, which we are trying to develop, to publish the Public Electronic Register on the ASPAAS website.
We have not, therefore, requested “the entire record-keeping system” or “the intangible asset recorded in the Chamber’s accounts at a value of RON 174 thousand”, as was understood, or as some wished it to be understood, in certain places. Of course, we would all have appreciated CAFR making this system available with all its functionalities, “which represents a CAFR investment financed from the contributions paid by the Chamber’s members – statutory auditors and audit firms”, given that ASPAAS would have used it in the interest of the members of the profession, the rightful owners of the system.
This would have avoided ASPAAS allocating financial and human resources to build something that in fact already exists, resources that could have been focused on other activities in the interest of the profession. However, we made no such demand: ASPAAS requested only the database, never the database management application or the system.
This simple file that we are requesting, in “.csv” / “.xls” / “xlsx” format, can be extracted easily, at no cost or effort, from the database management system/application that exists at CAFR thanks to the contributions of members of the profession.
Moreover, ASPAAS is requesting the contact details of members of the profession in order to verify the accuracy of the data in the document entitled Public Electronic Register, as it cannot publish and vouch for a document that is unverifiable and unverified.
ASPAAS’s right to request any information it needs, under Article 76 of Law No 162/2017, is NOT limited to cases of delegation, but applies generally.
But this too has already been understood by members of the profession, who realise that ASPAAS is trying to carry out this activity in the interest of the profession, and whom we thank for their openness to cooperation. Together with you, we will be able to complete this work despite the existing obstacles.
“ARTICLE 76 of Law No 162/2017
ASPAAS’s right to request information
(1) In exercising its right to request information from statutory auditors, audit firms or CAFR, ASPAAS uses tools such as reports, questionnaires, interviews or other means, depending on the objective pursued.
(2) ASPAAS has the right to carry out checks on the information received from statutory auditors, audit firms or CAFR to establish whether it is accurate and lawful.
(3) ASPAAS has the right to request from any institution and/or authority with regulatory/supervisory powers over public-interest entities the information it considers necessary to perform its tasks. The institutions concerned must respond promptly to ASPAAS requests.”
We apologise for the inconvenience caused by the inability to consult the Public Electronic Register of statutory auditors and audit firms. This situation is due exclusively to the lack of cooperation from the professional body CAFR, in view of the following.
In accordance with Article 14(1) of Law No 162/2017: “ASPAAS is responsible for drawing up, updating and publishing the Public Electronic Register of statutory auditors and audit firms, hereinafter referred to as the Public Register”.
In accordance with Article 14(7) of Law No 162/2017: “The registered information on statutory auditors and audit firms is kept in the Public Electronic Register, which is accessible to the public on the ASPAAS website”.
In accordance with Article 95(1) of Law No 162/2017: “On the date of entry into force of this Law (15 July 2017), the tasks that may be delegated by ASPAAS to CAFR under Article 52 are delegated by operation of law, under the supervision and control of ASPAAS”
In accordance with Article 52(1) of Law No 162/2017: „…ASPAAS may delegate to CAFR, in whole or in part, the performance of the following tasks, under the conditions laid down in this Law:
i) the registration of statutory auditors and audit firms in the Public Electronic Register, in accordance with Article 14(2), (5) and (7);
j) updating the information contained in the Public Electronic Register, in accordance with Article 17(2);
In accordance with Article 52(6) of Law No 162/2017: “In exercising its powers, ASPAAS has the right to request from CAFR any information necessary to achieve the objectives pursued in relation to the delegated or supervised activities.”
In accordance with Article 76(2) of Law No 162/2017: “ASPAAS has the right to carry out checks on the information received from statutory auditors, audit firms or CAFR in order to establish whether it is accurate and lawful.”
The repeated requests made by ASPAAS to the professional body CAFR, to make available, in a database format, the information enabling the Electronic Register to be published on the Authority’s website, in the public interest and in compliance with the law, were refused. Thus, on 03.05.2018, a non-editable document was sent to ASPAAS, unsuitable for conversion into a database, and after ASPAAS followed up on its request, another document was sent on 15.05.2018, this time editable, but still unsuitable for easy conversion into a database, CAFR justifying this format as follows, and we quote: “since this is the form in which it is exported from the CAFR database”. CAFR therefore acknowledges that it has o database, but refuses to send it. In view of CAFR’s refusal to cooperate on this matter in the interest of the profession and in the public interest, ASPAAS was forced to allocate human and financial resources to convert the document received on 15.05.2018 into a database format for subsequent use in publishing the Public Register, although this would not have been necessary had CAFR cooperated, and these resources could have been used for other activities in the interest of the profession. After ASPAAS had completed the conversion into a database format of the document received from CAFR on 15.05.2018, the professional body CAFR on 28.06.2018 sent a file in a database format, but incomplete in relation to the legal requirements and therefore of no use for publishing the Public Register. Then, on 03.07.2008, CAFR sent another version, different from the previous ones, again in a format unsuitable for easy conversion into a database, and then, at the end of July 2018, sent yet another version again in a document format unsuitable for easy conversion into a database and each time without highlighting the changes from the previous version sent, thereby each time cancelling out the work carried out until then on verifying and converting the data into a database format by ASPAAS, at a time when CAFR already held the database through delegation, on behalf of ASPAAS.
Consequently, ASPAAS’s attempt to develop a database that CAFR already holds was systematically obstructed by the professional body. We consider that CAFR wrongly believes that the database belongs to the professional body, when in fact it belongs to the profession, namely to its members – statutory auditors and audit firms – and that sending it to ASPAAS for the publication of the Public Electronic Register would serve nothing but the interests of the profession.
At the same time, since, following its analysis of the documents sent by CAFR containing the entries in the Public Electronic Register, ASPAAS identified certain non-conformities in relation to the legal provisions and to the facts, it asked CAFR to remedy the problems. In view of this situation, in exercising its legal powers to verify the accuracy of the information and to complete it where necessary, for the purpose of publishing the Register in the public interest, ASPAAS repeatedly requested from CAFR – by letters 965/13.06.2018, 1096/04.07.2018 and 1497/7.08.2018 – the contact details, namely the email addresses, of its members in order to streamline the completion of the Electronic Register. CAFR either refused or did not respond to these requests. Without this prior verification, ASPAAS cannot publish a document drawn up by another institution during the period in which the activity was delegated by operation of law, especially since a number of non-conformities were identified and reported to CAFR in ASPAAS letter No 966/13.06.2018.
Despite these difficulties, we assure you that ASPAAS will continue to allocate resources to resolve this situation and publish the Electronic Register, while also taking the necessary legal measures in response to the disruption of the oversight authority’s activity.
On 31.07.2018 ASPAAS received CAFR document No 4268 requesting a meeting on 6–7 August or at the beginning of September. However, as ASPAAS is currently undergoing internal reorganisation and finalising its analysis of how CAFR met its obligations while it held the delegated activities by operation of law, ASPAAS replied by email to the President of CAFR on 1 August, informing him that it could not accept the proposal for a meeting on the first dates proposed, 6–7 August, for the reasons set out above. The President was also told that, in the interest of the profession and in the public interest, ASPAAS is open to any proposals it receives from CAFR until the institutional meeting is arranged. CAFR was also informed that it would be sent, in due course, a request for a meeting to establish the framework for future institutional cooperation between ASPAAS and CAFR, which ASPAAS intended to hold even before the alternative CAFR proposed in document 4268/31 July 2018, namely the first week of September.
Nevertheless, in its information email to members on this subject, which reproduced the inter-institutional correspondence in full, the CAFR team stated that “ASPAAS cannot accept this meeting”, when in fact ASPAAS could not accept a meeting on 6–7 August as proposed, but intended to request a meeting even before the second alternative proposed, as made clear in the reply. The CAFR team’s message therefore misinforms members and attempts to damage the image of the oversight authority by creating the impression that it refuses dialogue with members of the profession. In fact, ASPAAS seeks close cooperation with them, based on trust and mutual respect, which we hope will also be reflected in the final form of our draft rules.
In this regard, we would like to thank all auditors for their contributions to our drafts and for their support in this process.
Dear statutory auditors / Dear trainees,
As regards the professional competence examination, it will be held in November–December 2018; the exact date will be announced on the ASPAAS website at least 45 days in advance. The theoretical knowledge test included in the professional competence examination covers the fields set out in Article 9 of Law No 162/2017. For continuity, (at least) a large part of the examination bibliography will be kept from the previous year. Please also note ASPAAS Order No 40 of 25.04.2018 on the authorisation and registration of statutory auditors, which, among other things, removes the legal time limit for taking the competence examination, so that anyone who meets the authorisation conditions may take part.
Also, with a view to completing the Public Electronic Register under Article 15(1) of Law No 162/2017, and to help us stay in direct contact with you, please send us your email addresses and give your consent to their use in accordance with the General Data Protection Regulation (GDPR).
Thank you in advance.
Ministry of Public Finance notice No 825465/25.06.2018 on the preliminary assessment and selection procedure for appointing representatives of the Ministry of Public Finance as members of the boards of national research and development institutes.
Under the CAFR Rule on the continuing professional education of statutory auditors, in force until ASPAAS issues rules in this field, Article 14 lists a number of activities that may count as unstructured continuing professional education. We therefore consider that the text published on the CAFR website does not accurately reflect reality: ASPAAS, as it has done so far, has not prevented CAFR from carrying out activities in the interest of the profession and, in this case, has not prevented the recognition of unstructured continuing professional education activities.
Under the rules on the continuing professional education of statutory auditors approved by Decision No 6 of 21 February 2014, until ASPAAS publishes new regulations, CAFR may recognise unstructured continuing professional education activities, contrary to what was stated in the press release. In line with good practice among similar professional bodies in other countries, unstructured professional education activities are carried out outside the formal framework of the professional body – in CAFR’s case, those listed in Article 13 of the continuing professional education rules – but are recognised by it under its own regulations.
Furthermore, regulations issued by ASPAAS cannot have retroactive effect and, as ASPAAS has done so far, it has recognised the activities carried out by CAFR until new regulations are issued. Accordingly, under the rules currently in force, CAFR must recognise its members’ unstructured professional education activities, i.e. the activities they carry out outside CAFR and listed in Article 14 of the rules in force.
On 14 June the plenary meeting of the Committee of European Auditing Oversight Bodies (CEAOB) took place in Brussels, Belgium, where ASPAAS was represented by its President, Prof. Cristiana TUDOR, PhD, CFA.
The meeting was chaired by Ralf Bose, CEAOB Chair (and Director General of the German oversight body), and by Vice-Chair Nathalie de Basaldúa, Director for Investment and Company Reporting, DG FISMA.
Main topics discussed:
- A preliminary outline of the 2019 work programme was presented;
- 4 countries presented developments and changes in their oversight systems following the transposition of Directive 2006/43/EC into national law. Romania was one of them. The institution’s President presented to the plenary the changes brought by the entry into force of Law No 162/2017 and ASPAAS’s main short- and medium-term objectives.
- The Common Audit Inspection Methodology (CAIM) developed by the inspections subgroup was voted on;
- A questionnaire on the communication and performance of audit committees was adopted, to be distributed to all CEAOB members. It is useful for the Monitoring Subgroup.
- At the meeting, each CEAOB subgroup chair provided updates on ongoing activities, as follows:
- The Standards Subgroup presented its new analyses comparing the ISAs with the national legal framework of each member country.
- The Enforcement Subgroup reported on the publication of the 2017 report on its questionnaire and presented its plans for the next period.
- The International Equivalence and Adequacy Subgroup presented the results of the survey of third-country auditors and an update on the technical assessment of third countries.
- The Inspections Subgroup presented the conclusions of its recent meeting in Porto, attended by 60 participants from 30 countries, which discussed various topics relating to quality inspections and inspectors’ work.
- The Market Monitoring Subgroup presented the results of its studies on audit quality indicators and market concentration and presented a draft questionnaire on audit committees.
- Other stakeholders were also invited to the meeting, namely representatives of professional bodies from the UK and Romania, to present the Quality Assurance Network (QAN) for entities other than public-interest entities.
On 12 June the CEAOB Standards Subgroup held a conference call, chaired by the French representative, Marjolein Doblado. Romania was represented by three inspectors from the Inspections and Investigations Service: Adina Clim, senior inspector, Mihaela Satmari, senior inspector, and Alina Pancef, principal inspector. The meeting analysed the differences between the ISAs and the ARD (Audit Regulation and Directive); the chair also announced the next meeting in November and presented the dates proposed by members for the next conference calls. The chair reported that a draft 2019 work plan is to be prepared.
On 6 June the CEAOB Standards Subgroup held a conference call. Romania was represented by two inspectors from the Inspections and Investigations Service, Mihaela Satmari, senior inspector, and Alina Pancef, principal inspector. The meeting analysed the differences between the ISAs and the ARD (Audit Regulation and Directive).
On 4–5 June the 4th meeting of the CEAOB Inspections Subgroup took place in Porto, hosted by the Portuguese Comissão do Mercado de Valores Mobiliários (CMVM). It was chaired by Agathe Pignon of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). Inspectors from oversight bodies in 30 countries attended. Romania was represented by the institution’s President, Prof. Cristiana TUDOR, PhD, CFA, and by Adina Clim, senior inspector in the Inspections and Investigations Service.
The main topics discussed were:
- One of the roles of audit regulators is to communicate with the large European audit networks. To this end, CEAOB members met representatives of KPMG and Mazars to discuss the firms’ plans to improve their audit quality.
- Discussion of common findings from quality inspections
- An update of the Common Audit Inspection Methodology (CAIM)
- A presentation of member countries’ approaches to inspections
- Other topics discussed: audit committees and the delegation of inspections of auditors carrying out statutory audits at entities other than public-interest entities.
Communication to auditors – letter No 781/17.05.2018
Details on the request for information and the annex templates: FREQUENTLY ASKED QUESTIONS (FAQ)
On 21 April 2018 the National Conference of the Chamber of Financial Auditors of Romania (CAFR) took place, where the Authority for the Public Oversight of Statutory Audit Activity (ASPAAS) was represented by its President, Prof. Cristiana TUDOR, PhD, CFA, who also delivered a message from the institution.
Event published here.
On 10 April 2018, 10:00–11:30 CET (Paris time), a conference call of the CEAOB Standards Subgroup took place.
ASPAAS was represented in the teleconference by Mihaela Satmari, Senior Inspector, Inspections and Investigations Service.
The teleconference was chaired by Ms Marjolein Doblado, Chair of the CEAOB International Auditing Standards Subgroup.
The main topics discussed in the conference call were:
- Investigating differences between the ISAs and EU legislation
- Investigating differences between the ISAs and national legislation
- Issues relating to ARD implementation
- Update on IAASB and IESBA projects
The CEAOB is organised into several subgroups, and ASPAAS is a member of three of them:
- Inspections Subgroup
- Smaller Regulators Inspectors Subgroup
- International Auditing Standards Subgroup
The Standards Subgroup aims to enhance cooperation and consistency in audit oversight in the European Union regarding the adoption and use of standards on professional ethics and internal quality control of audit firms, and to contribute to the technical examination of international auditing standards, including their development processes, with a view to their adoption.
On 27 February 2018 the plenary meeting of the Committee of European Auditing Oversight Bodies (CEAOB) took place in Brussels, Belgium, where ASPAAS was represented by its President, Prof. Cristiana TUDOR, PhD, CFA.
The meeting was chaired by Ralf Bose, CEAOB Chair (and Director General of the German oversight body), and by Vice-Chair Nathalie de Basaldúa, Director for Investment and Company Reporting, DG FISMA.
The Committee of European Auditing Oversight Bodies (CEAOB) held its sixth plenary meeting in Brussels. The report summarises the CEAOB’s activities and achievements in 2017, its first full year of activity since its establishment on 12 July 2016.
CEAOB members discussed an initiative to promote the consistent application of the cap on fees for non-audit services under Article 4 of Regulation (EU) No 537/2014.
European Commission representatives presented the implications of the forthcoming Data Protection Regulation for cooperation between audit oversight bodies in Member States and those in third countries.
ESMA reported on its work on setting and enforcing common annual European priorities to be taken into account by listed companies and their auditors when preparing and auditing IFRS financial statements. ESMA also reported on potential areas of cooperation with the CEAOB in this field. Three CEAOB member authorities presented their oversight systems, focusing on recent changes and on sharing experience and good practices with the other members.
Subgroup activities
The CEAOB took note of the activities of its subgroups.
The Audit Standards Subgroup prepared a paper in support of the Monitoring Group on the reform of the audit standard-setting bodies. The paper was adopted by the CEAOB without objection by written procedure and published on its website on 8 February 2018.
The Chair of the Enforcement Subgroup reported on the workshop it held in Paris at the end of January on sharing experience and good practices in investigations and sanctions.
The Chair of the International Equivalence and Adequacy Subgroup also reported on its analysis of the current framework for cooperation with third countries and the ongoing technical assessments. The CEAOB approved a revised regulatory framework for equivalence assessments proposed by the subgroup, which takes into account the features of the 2014 EU audit reform and will be used to assess and review the equivalence of third countries’ audit legal frameworks.
The Inspections Subgroup informed the CEAOB of its current activities, including the first meeting of the IT task force set up to share issues relating to IT inspections.
The Chair of the Market Monitoring Subgroup presented progress on data collection for the next market monitoring report and the subgroup’s initiative to analyse the role of audit committees after the EU audit reform. Dialogue with relevant stakeholders (such as ecoDa) will continue.
Stakeholder involvement
As part of its stakeholder outreach, the CEAOB invited representatives of the Common Content Project to present their initiative to the plenary. The project, launched by several EU professional bodies, focuses on harmonising high-quality education and training for statutory auditors. The presentation was followed by a discussion among members.
On 5 February 2018, 10:00–11:30 CET (Paris time), a conference call of the CEAOB Standards Subgroup took place.
ASPAAS was represented at the conference by members of the Inspections and Investigations Service:
- Mihaela Satmari – Senior Inspector
- Adina Clim – Senior Inspector
- Alina Pancef – Principal Inspector
The teleconference was chaired by Ms Marjolein Doblado, Chair of the CEAOB International Auditing Standards Subgroup.
The teleconference discussed specific issues concerning:
- Investigating differences between the ISAs and national legislation
Specific issues were also discussed concerning the questionnaire designed to collect information on the application of auditing standards in each country participating in the Standards Subgroup.
According to the tables, Romania was assigned the analysis of ISA 580 – Written representations and ISA 710 – Comparative Information – Corresponding Figures and Comparative Financial Statements.
- Organisation of the next meeting with the IAASB and IESBA
Marjolein Doblado presented the dates and venue of the Standards Subgroup meeting, which, as before, will be held together with the Inspections Subgroup. The conference will take place on 26–28 November 2018 in Vienna, Austria.
