ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of August 20, 2018 No. 807

About approval of the Regulations on activities of Council for public supervision of audit

For the purpose of realization of part (1) article 36 of the Law No. 271/2017 on financial records audit (The official monitor of the Republic of Moldova, 2018, Art. No. 7-17, 48) and the state supervision of audit DECIDES: the Government

1. Reorganize by transformation Council for supervision of auditor activities under the Ministry of Finance into Council for public supervision of audit which is successor of its rights and obligations.

2. Approve Regulations on activities of Council for public supervision of audit it (is applied).

3. Establish the extreme number of staff of Council for public supervision of audit in number of 10 units.

4. To the Ministry of Finance:

1) to provide Council for public supervision of audit by service premises for a period of up to June 30, 2019;

2) to request candidates for representatives of National Bank of Moldova, Audit Chamber and the National commission on the financial market for inclusion in staff of Committee on supervision of audit.

5. This resolution becomes effective on September 1, 2018, except for the Section V of the Regulations on activities of Council for public supervision of audit which will become effective on January 1, 2021.

6. Item 1 and parts second and third Item 2 of the Order of the Government No. 1450/2007 on some measures for accomplishment of the Law No. 61/2007 on auditor activities (The official monitor of the Republic of Moldova, 2007, as Art. No. 203-206, 1493) to recognize invalid.

7. The first tender on selection of the representative of the academic circle specialized in audit area, and representatives of business environment will be organized by the Ministry of Finance according to the criteria established in Item 10 of the Regulations on activities of Council for public supervision of audit.

Approved by the Order of the Government of the Republic of Moldova of August 20, 2018 No. 807

Regulations on activities of Council for public supervision of audit

I. General provisions

This Provision shifts Articles 29, 30s and 32 Directives 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 published in the Official magazine of the European Union by L 157/87 of June 9, 2006 with the last changes made by the Directive 2014/56/EU of the European Parliament and Council of April 16, 2014 about change of the Directive 2006/43/EU on carrying out statutory audit of the annual and consolidated statements.

1. The regulations on activities of Council for public supervision of audit (further - the Provision) establish procedure for the organization of activities of Council for public supervision of audit (further - Council), its functions and obligation, procedure for appointment of members and activities of Committee on supervision of audit.

2. Council is independent public organization with the status of the legal entity responsible for public supervision of audit.

3. Council has own budget, bank accounts on single treasury account of the Ministry of Finance and performs activities on the basis of the principles of self-government.

4. The structure of Council, condition and the amount of compensation of personnel affirm Committee on supervision of audit (further - Committee) within the budget approved by the Government.

5. In the activities Council is guided by the Constitution of the Republic of Moldova, the Law No. 271/2017 on financial records audit, this Provision, and also the Code of ethics of professional accountants (further - the Code of ethics), audit standards and other regulations in audit area.

6. Governing bodies of Council are Committee and the chief executive (further - the director).

II. Committee on supervision of audit

Part 1 Structure and procedure for appointment of members of the committee. Withdrawal of membership in Committee

7. The committee consists of seven members - not practicing auditors owning knowledge in economic or legal areas and has the following structure: two representatives from the Ministry of Finance, one representative from National Bank of Moldova, one representative from Audit Chamber, one representative from the National commission on the financial market, one representative from business environment and one representative from the academic circle specialized in audit area.

8. Representatives of the Ministry of Finance, National Bank of Moldova, Audit Chamber and National commission on the financial market are appointed at the request of Council.

Representatives from business environment and from the academic circle, specialized in audit, are selected by the contest committee within Council on the basis of tender.

The contest committee is created on the basis of the order of the director from two employees of Council, including the director, and one member of the committee delegated by Committee, except for the representative of business environment and the representative of the academic circle specialized in audit.

The announcement of initiation of tender is placed on the official web page of Council. The representatives from the academic circle specialized in audit and from business environment are selected according to the requirements established in Item 10.

9. Members of council affirm the Government for a period of three years no more than two terms in a row.

10. Criteria of appointment of members is the following:

1) the higher education in economic or legal area;

2) working life at least ten years in economic, legal area or educations in the sphere of audit;

3) capability to carry out the comprehensive analysis and to apply it in decision making process;

4) ownership of Romanian;

5) capability it is accurate to express during the discussions, and also to formulate in writing notes and offers on the considered drafts of regulations and opinion on the discussed questions for the purpose of acceptance of the final decisions;

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