Competition Council Wins Final Case Against Romanian Audit Chamber
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The High Court of Cassation and Justice has definitively confirmed the violation of competition law by the Chamber of Financial Auditors of Romania by imposing a certain level of fees among its members.
CAFR, a professional organization that coordinates and authorizes the financial audit activity in Romania, established a level of the average hourly fee and a minimum number of hours related to an audit mission, doubled by sanctions for non-compliance. In this way, the beneficiaries of these services paid higher fees.
As a result, the Competition Authority sanctioned this practice of CAFR, at the end of 2016, with a fine of 819,322 lei (182,000 euros).
CAFR contested the sanctioning decision, and the first instance, the Court of Appeal (CAB), dismissed the action as unfounded. Subsequently, the High Court of Cassation and Justice upheld the sentence pronounced by the CAB.
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