Financial and economic professions

This chapter covers the regulation of auditors, certified accountants, customs brokers and economists. In 2015, accounting, auditing and consulting services provided to Portuguese firms and households represented EUR 2 044 million which corresponds to 15.5% of all services provided to firms. Several barriers to competition were identified in the legislation applicable to access to, and the exercise of, the four professions in question, including: reserving certain activities for specific professions requirements for minimum academic qualifications requirements concerning partnerships, shareholding, management and multidisciplinary activities within professional firms the minimum civil liability insurance coverage necessary for practising certain professions and compulsory disclosure of operational information. Those barriers inflate costs and increase legal and regulatory uncertainty for potential and existing auditors, certified accountants, customs brokers and economists, while placing some members of these professions at a competitive disadvantage.