It is registered
Ministry of Justice
Republic of Moldova
On May 31, 2018 No. 1328
of May 24, 2018 No. 118
About approval of Regulations about financial records audit and audit in other purposes of banks
Based on Item d) parts (1) Articles 5, parts (1) Articles 11, Item c) parts (1) Articles 27, Item and) article 44 of the Law No. 548-XIII of July 21, 1995 on National Bank of Moldova (republished in Monitorul Oficial al Republicii Moldova, 2015, Art. No. 297-300, 544), with subsequent changes and amendments, parts (2) articles 85, of articles 87-90 of the Law No. 202 of October 6, 2017 on activities of banks, with subsequent changes and amendments, DECIDES: Executive committee of National Bank of Moldova
1. Approve Regulations about financial records audit and audit in other purposes of banks, according to appendix.
2. Declare invalid the Regulations about procedure for creation and representation of results of audit approved by Administrative board of National Bank of Moldova, the protocol No. 24 of August 08, 1997 (Monitorul Oficial al Republicii Moldova, 1997, Art. No. 64-65, 104), with subsequent changes and amendments.
3. Statements and documents for receipt of approval of auditor society by National Bank of Moldova and not considered on the date of entry into force of this resolution, are considered and decide according to provisions of the regulations specified in Item 1, provided that they will be filled within 20 working days from the effective date. Statements and documents are considered within 30 working days from the date of filling of document package with bank. If the statement and documents are not completed during the specified term, they will be returned to bank.
4. The first external audit for the purpose of check and assessment of adequacy and implementation of domestic policy and procedures of bank in the field of the prevention and anti-money laundering and terrorism financing mentioned in Item 21 according to provisions of the regulations specified in Item 1, will be initiated on September 1, 2018 for the period 1.09.2017 - 1.09.2018 with submission of the report of audit no later than 3 months from the date of completion of audit of the accounting period.
Chairman of Executive committee of National Bank of Moldova
to the Resolution of Executive committee of National Bank of Moldova of May 24, 2018 No. 118
1. These regulations establish normative basis of implementation of financial records audit of bank and audit in other purposes, requirements to auditor societies, approval procedure and withdrawal of auditor society, procedure for the message and documentation between auditor society, National Bank of Moldova and bank.
2. In these regulations the concepts provided by the Law No. 202 of October 6, 2017 on activities of banks are used. The concept "bank" includes the legal entity of the Republic of Moldova and bank department of the foreign state licensed by National Bank of Moldova, and also the following concepts designate:
1) auditor society - the subject of audit according to the Law No. 271/2017 on financial records audit;
2) CISA - the certified auditor in the field of information systems, certification of audit in information systems according to the Regulations about outsourcing of types of activity and transactions of bank approved by the Resolution of Executive committee of National Bank of Moldova No. 46/2020.
3. Auditor society which shall perform audit of bank shall be approved by National Bank of Moldova to the conclusion with bank of the auditing contract.
4. Auditor society performs financial records audit of bank according to the legislation in audit area and provisions of the legal basis of activities of banks.
5. The National Bank of Moldova approves auditor society for implementation of audit of bank which in total carries out the following criteria:
1) it did not withdraw approval of National Bank of Moldova in the context of observance of the provisions relating to the legal basis of banking activity and/or in audit area of bank for the last 3 years;
At least three years of work experience in audit area of financial statements of subjects of public interest Have 2);
3) the Group of auditor society appointed for the corresponding task of audit meets the following conditions:
a) experience in audit area of financial statements according to international accounting standards has at least 1/3 groups of auditor society (further - IFRS);
b) ceased to be valid;
c) at least one auditor has the qualification certificate of the accountant issued by the international independent society;
d) at least one auditor of group of auditor society has the auditor certificate in the information systems CISA;
e) at least one member of group of auditor society has at least 3 years of experience in audit area of financial statements of subjects of public interest from which year in audit area of financial statements of banks.
6. Auditor society can deliver audit services, irrespective of the purpose of the predicted audit, in the same accounting period, at the same time in several banks of the Republic of Moldova provided that on the date of its approval by National Bank of Moldova total assets of the relevant banks do not exceed 50% of the total amount of assets of bank system.
7. The auditing contract is signed in writing and contains, at least, the following:
1) Purpose and scope of audit;
2) the Obligation of auditor society to develop the report of the auditor according to International standards of audit (further - MSA), and also the letter to management which auditor society shall provide to council of the bank and National Bank of Moldova;
3) the Accounting period for which the audit determined according to the law on financial accounting is performed;
4) the Obligation of auditor society to give bank about change information on the criteria specified in Item 5 within 5 working days from the date of change;
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