Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

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Ministry of Justice

Republic of Moldova

On July 5, 2022 No. 1734


of June 30, 2022 No. 138

About the criteria applied to auditor society to qualify it as the society recognized at the international level

Based on part (6) and (7) Art. 144-1 and parts (5) Art. 144-2 of the Law No. 202/2017 on activities of banks (The official monitor of the Republic of Moldova, 2017, No. 434-439, the Art. 727) the Executive committee of National Bank of Moldova DECIDES:

1. For qualification of auditor society as recognized at the international level, for accomplishment of assessment provided in part (6) Art. 144-1 and parts (5) Art. 144-2 of the Law No. 202//2017 on activities of banks, applies in total following criteria:

1) auditor society is registered in the Republic of Moldova according to provisions of the Law No. 271/2017 on financial records audit or registered by competent authority in audit area in other state and has the corresponding license for implementation of auditor activities if the license is obligatory according to the legislation of relevant jurisdiction;

2) auditor society is included (with the status of branch, member society, the partner or in the agreement of franchizing) into network of auditor societies which appear in the international classification executed at world level by the International accounting standards board (IASB - International Accounting Standard Board), according to the following criteria:

a) the size of the turnover/profit got at world level and

b) size of network, and

c) the number of the clients audited at the international level;

Auditor society executed 3) over the last 5 years at least:

a) one annual audit engagement individual or consolidated financial statements of subjects of public value, and

b) 3 tasks on securities valuation and other financial instruments of subjects of public value, including 2 tasks of banks;

4) auditor society, auditors, participants/shareholders and/or members of governing body of auditor society are not / were not for the last 3 years in conflict of interest with bank, shareholders and/or the former shareholders of bank and/or members of governing body of bank;

5) persons occupying the last 3 years quality of the auditor the participant/shareholder and/or the member of governing body of auditor society are not / were not within these years in conflict of interest with bank, shareholders and/or the former shareholders of bank and/or members of governing body of bank;

6) auditor society has the personnel owning the qualification certificate in the field of securities valuation issued by member association of the European group of association of appraisers (TEGoVA) and/or the Board of directors of the International committee on standards of assessment (IVSC) and/or the World association of the estimative organizations (WAVO), and also the quality certificate based on International Financial Reporting Standards (IFRS).

2. This resolution becomes effective on the date of publication in the Official monitor of the Republic of Moldova.

Chairman of Executive committee

Octavian to Armash


Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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