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Chamber of Financial Auditors, fined for restricting the competition

Competition Council has sanctioned Chamber of Financial Auditors of Romania (CAFR) with a fine of RON 819,322 (EUR 182,000) for restricting the competition on the financial audit services market, a press release informs on Tuesday.

According to the Competition Authority, CAFR had established a level of the average hourly honorarium and a minimum number of hours related to an audit mission, doubled by sanctions for their failure to comply. Through such intervention in the market, CAFR has induced among the members a certain level of fee, harming the beneficiaries of these services, who paid more.

“The quality of audit services is very important and therefore, the professional organization has to be involved and to check the rigorous compliance with professional ethics rules and technical quality standards, depending on the specifics and complexity of each audit project. This must be achieved, but without any reference to a certain level of prices,” Competition Council President Bogdan Chiritoiu stated.

To encourage competition both in quality and in price, the Competition Council requested CAFR to identify those minimum technical standards to ensure an appropriate level of quality.

CAFR must submit Competition Authority draft amendments to the rules, meaning those imposed, in order to check the conformity with competition rules.

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