LAW OF THE REPUBLIC OF MOLDOVA

of December 15, 2017 No. 271

About financial records audit

The parliament adopts this organic law.

This law partially shifts the Directive 2006/43/EU of the European Parliament and Council of May 17, 2006 about carrying out statutory audit of the annual and consolidated statements making changes to Directives of Council 78/660/EEC and 83/349/EEC and canceling the Directive of Council 84/253/EEC (the document extends to European economic space) published in the Official magazine of the European Union by L 157/87 of June 9, 2006.

Chapter I. General provisions

Article 1. Regulation subject

This law establishes the legal basis of the organization of audit by subjects of audit, regulates implementation of profession of the auditor, supervision of audit, and also specific requirements to audit of subjects of public interest.

Article 2. Concepts

(1) In sense of this law the following concepts are determined:

audit – audit individual or consolidated financial statements in that measure, in which it:

a) is obligatory according to legislation provisions;

b) it is carried out at the request of shareholders (participants) of the audited subject;

the auditor – the physical person having the qualification certificate of the auditor and registered according to provisions of this law;

the qualification certificate of the auditor – the document issued in the procedure established by this law, confirming professional qualification of the auditor;

The code of ethics of professional accountants – the requirements of ethics established for professional accountants by Committee on the international ethical standards for accountants, accepted to application in the territory of the Republic of Moldova (further – the Code of ethics);

the subject of audit – the subject founded according to the civil legislation and registered according to provisions of this law;

the nonpracticing subject – any physical person which during the activities in Council for public supervision of audit (further – Council) and at least three years did not book audit before did not hold shares (shares) in the authorized capital of the subject of audit, was not the member of council, executive or supervisory authority of the subject of audit and was not employed in any subject of audit;

audit risk – risk of expression by the auditor of inadequate opinion in case of content in financial statements of essential misstatements;

audit standards – the international standards of audit published by Council for international standards of audit and guarantee of reliability which are applied to carrying out audit, accepted to application in the territory of the Republic of Moldova;

standards of quality management - the international standards of quality management published by Council for international standards of audit and guarantee of reliability, accepted to application in the territory of the Republic of Moldova;

the accompanying standards – the international standards of tasks on review, confirmation of reliability and the accompanying services established by Committee on international standards of audit and guarantee of reliability, accepted to application in the territory of the Republic of Moldova.

(2) the Concepts used in this law and which are not provided in part (1), are determined in audit standards, the Code of ethics, the Law on financial accounting and the financial reporting No. 287/2017.

Chapter II. Check of professional competence

Article 3. Training in audit

(1) the Training in audit is held for the purpose of acquisition of practical experience and development of capability to apply theoretical knowledge.

(2) the Training continues at least two years under the leadership of the auditor.

(3) as the trainee in audit the physical person, in total corresponding to the following conditions can be registered:

a) has the diploma about the higher education in economic or legal area;

b) it is employed in audit subject according to provisions of the Labor code.

(4) during the training the trainee shall:

a) observe requirements of the Code of ethics;

b) participate in audit engagements;

c) pay annual fee.

(5) the Procedure for the organization and holding training for the admission to examination on receipt of professional qualification of the auditor is established by the Regulations of professional training of trainees on audit approved by Council.

Article 4. Requirements for the admission to examination on receipt of professional qualification of the auditor

(1) physical persons which at the time of filing of application about the admission to examination conform to the following requirements are allowed To examination:

a) diploma availability about the higher education in economic or legal area;

b) availability of at least three-year working life in economic or legal area, from which at least two as the trainee in audit;

c) lack of criminal record;

d) ownership of Romanian.

(2) In departure from requirements, stipulated in Item b) parts (1) this Article and Article 3, the physical persons having at least 15-year working life in economic or legal area are allowed to examination.

(3) For the admission to examination need to be provided to the Commission on certification of auditors:

a) the statement for the admission to qualification examination;

b) summary;

c) two photos of 3x4 cm in size;

d) certificate of lack of criminal record;

e) the written recommendation of the subject of audit in which the training was held (on circumstances);

f) the diploma about the higher education recognized by the equivalent Ministry of Education, culture and researches of the Republic of Moldova (in case of training abroad);

g) the document confirming labor activity in the Republic of Moldova, certified in accordance with the established procedure or, on circumstances, the document confirming labor activity outside the Republic of Moldova, translated to Romanian and certified according to the legislation confirmatory working life at least three years or at least 15 years in economic or legal area;

h) the identity certificate or the residence permit (on circumstances) issued by authorized bodies of the Republic of Moldova;

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