Auditors not allowed to assess assets any more

Auditing societies and private auditors will not be allowed to provide asset evaluation services. The Parliament modified article 6 of the Law on auditing in this respect on Thursday, April 10, Info-Prim Neo reports. Deputy Finance Minister Nina Lupan emphasized the need for the ban to solve the problems created by the differentiated interpretation of some articles of the Auditing Law and of the Evaluation Law. Thus, art. 6 of the Auditing Law stipulates that auditors can also provide other services, including evaluating the real estate. At the same time, the Evaluation Law stipulates the evaluation can be rendered on the basis of the contract concluded between the beneficiary and the licensed evaluating company. Also, Directive 8 of the European Parliament and of the EU Council does not allow one and the same auditing company to evaluate the assets and to audit the financial reports of one and the same entity. The Auditing Law entered force on January 1, this year.