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Regulatory Alert 01 - Penalties between 50,000 and 100,000 lei for failure to organize and perform internal audit activities
Law 162/2017 of 06 July 2017 sets out penalties for failure to comply with internal audit and audit committee requirements, namely for:
- Failure to organize and perform the internal audit activity by entities whose financial statements are subject to statutory audit;
- Lack of an audit committee within public-interest entities.