It is registered
Ministry of Justice
Republic of Moldova
On May 22, 2019 No. 1455
of May 13, 2019 No. 19/3
About approval of Regulations about audit of insurers (overcautious persons)
1. Approve Regulations about audit of insurers (overcautious persons) according to appendix.
Chairman of the National commission on the financial market
to the Resolution of the National commission on the financial market of the Republic of Moldova of May 13, 2019 No. 19/3
1. These Regulations establish normative basis for determination of requirements to auditor society, approval procedure and withdrawal of approval of auditor society, implementation of audit of the insurer (overcautious person), including financial records audit and audit for supervision, methods of documentation and exchange of information between auditor society, the insurer (overcautious person) and the National commission on the financial market (further - supervision body), and also requirements to audit reports.
3. Activities of insurers (overcautious persons) are exposed to annual audit from the auditor society conforming to requirements of the Law on financial records audit No. 271/2017, of the Insurance law No. 407/2006 and these Regulations.
4. Annual audit includes statutory audit of financial statements and, depending on circumstances, audit for supervision.
5. The auditor society performing audit of the insurer (overcautious person) shall have auditors with the qualification certificate of the auditor issued by competent authorities.
6. Auditor society performs audit of the insurer (overcautious person) with observance of audit standards, provisions of the Law on financial records audit No. 271/2017 and the regulatory base in insurance field by obtaining and documentation of sufficient, relevant and reliable conclusions for reasons for opinion of audit. The subject of audit shall study the Report/conclusion of the actuary who was part of auditor group which is integral part of audit opinion of the financial reporting. In case of disagreement with the specified report/conclusion, the subject of audit attracts one more actuary in structure of auditor group with prior consent of supervision body. In this case the audit opinion will contain the punctual argumentation of disagreement with the conclusion of originally appointed actuary.
6-1. The supervision body makes the decision on approval or variation of other actuary in structure of auditor group till 10 working days from the date of receipt of complete set of documents. In this case the statement for modification of structure of auditor group will contain the argumentation of the subject of audit concerning disagreement with the conclusion of originally appointed actuary, with appendix of its conclusion. Other actuary in structure of auditor group is attracted, complying with conditions of Item 24-1, without change of term of creation/submission of reports, stipulated in Item 43.
7. Supervision body, considering requirements of Item 8, shall choose acceptable auditor societies and provide publication of the list on the official web page at least once a year. Auditor society and the members of group of auditor society appointed for implementation of audit of the insurer (overcautious person) affirm previously supervision body to the conclusion of the auditing contract.
1) not to be affiliate of the insurer;
2) disciplinary actions in the course of implementation of audit in the last 3 years were not applied to it that is confirmed by information provided by Council for public supervision of audit;
3) to have at least 3 years of work experience in audit area of financial statements of subjects of public value or its employees - to have at least 3 years of work experience in audit area of financial statements of subjects of public value;
4) it did not withdraw approval of supervision body in the context of observance of provisions of the regulatory base relating to activities of insurers (overcautious persons) and/or to audit of the insurer (overcautious person) in the last 3 years;
5) it was not excluded from the list of the subjects of audit having the right to perform audit of the insurer (overcautious person) within the last 36 months before filing of application;
At least two auditors have 6) in the state.
1) at least one auditor of group of auditor society shall have work experience at least 3 years in audit area of financial statements according to the International Accounting Standards (IAS);
2) at least one auditor of group of auditor society shall have work experience at least 3 years in audit area of financial statements of subjects of public value;
3) at least two auditors shall have the qualification certificates issued according to the Law on financial records audit No. 271/2017;
4) at least one auditor of group of auditor society shall have the status of the actuary, for consideration of insurance activity according to the basic commonly accepted principles of actuarial calculations, and at least for one year it did not sign the contract for rendering actuarial services with the audited insurer (overcautious person) or with other affiliated society of the insurer (overcautious person);
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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