INVESTIGATIONS
In order to ensure a high level of investor and consumer confidence in the internal market by avoiding conflicts of interest, statutory auditors and audit firms are overseen by ASPAAS, the regulatory authority for statutory audit.
Alongside the preventive monitoring of auditors (namely periodic quality assurance inspections), ASPAAS is also responsible for establishing and implementing an effective system of investigations and sanctions to detect, correct and prevent the inadequate performance of statutory audit. ASPAAS exercises its investigative or sanctioning powers in accordance with Law No 162/2017 in any of the following ways:
- directly;
- in cooperation with other authorities;
- by referral to the competent judicial authorities.
ASPAAS cooperates with the competent authorities or other relevant bodies of European Union Member States or third countries with regard to quality assurance reviews and investigations of statutory auditors and audit firms, in accordance with Directive 2006/43/EC, as amended.
