The petition calling for her impeachment was handed in on Monday evening after collecting 1200 signatures.
UCD Returning Officer Stephen Devine accepted the petition and an impeachment referendum will now take place on October 25 and October 26.
Ms Ascough announced last night that she will take annual leave until the referendum has been called.
Campaigns and Communications Officer Barry Murphy who is Vice-President will be acting UCDSU President during this time.
In a public statement on the UCDSU Facebook page, Ms Ascough called for students to not let the campaign “impact the day-to-day work of the Union, and that we continue to support and represent students.”
She asks that people “allow the campaign for impeachment and indeed my own campaign against impeachment to remain outside of SU business.”
In order for the impeachment campaign to win the referendum, a minimum of 10 per cent of the registered union members must vote, which equates to between 2,000 and 3,000 students, and the majority must be in favour of the motion.
Earlier this month, Returning Officer Stephen Devine, rejected the first petition as he was concerned with its validity.
Over 1620 students signed the petition calling for UCD SU President Katie Ascough to be impeached due to her pro-life views.
Just weeks into her presidential term Ms Ascough was criticised after she withdrew information over access to abortion services in a magazine circulated to new students.