Price control

Cost and profitability auditors can play a vital role in controlling prices and ensuring fairness in markets. By analysing cost structures, profit margins, and financial practices, auditors can identify irregularities and prevent exploitation, ultimately ensuring fair pricing for products. Fair pricing protects consumers from overpricing, maintaining their purchasing power and affordability. It also promotes healthy competition among producers, driving improved efficiency and innovation.

However, establishing a robust auditing framework to achieve this requires significant resources and can be challenging. Producers may resist auditing practices, and the lack of enforcement mechanisms and corruption can undermine the effectiveness of auditors. To overcome these challenges, the government must establish clear policies and guidelines for cost and profitability auditing, ensuring auditor independence and educating consumers about the benefits of fair pricing.

Sajid Awan

Dubai

UAE