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The document ceased to be valid since January 1, 2019 according to article 49 of the Law of the Republic of Moldova of December 15, 2017 No. 271


of March 16, 2007 No. 61-XVI

About auditor activities

(as amended on 15-12-2017)

The parliament adopts this organic law.

Chapter I. General provisions

Article 1. Regulation subject

This law determines the legal basis of the organization of auditor activities by auditor societies and auditors-individual entrepreneurs, regulates implementation of professional activity of the auditor.

Article 2. Basic concepts

For the purpose of this law the following basic concepts mean:

auditor activities - the business activity consisting in provision on contractual basis of professional services for the purpose of expression of opinion on reliability of financial statements according to this law and the industry legislation;

audit - independent consideration of annual financial reports, the consolidated annual financial reports and other information of the audited subject relating to them for the purpose of expression of professional opinion of the auditor on compliance of those on all essential aspects to the requirements established to them;

the auditor - the physical person having the qualification certificate of the auditor;

auditor association - the voluntary, independent, self-governed forming formed as a result of free declaration of will of the auditors, auditor societies and auditors-individual entrepreneurs who united on the basis of community of professional interests for joint realization of the civil, economic and social rights, which is not pursuing revenue generating purposes;

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 - the code of ethics of professional accountants issued by Council for international standards of audit and guarantee of reliability;

the audited subject - the subject, including its division which annual financial reports, and also the consolidated annual financial reports and/or other information relating to them are exposed to audit;

audit opinion - the document, effectual in law, developed according to requirements of Article 8;

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

the audit client - the physical person or legal entity requesting carrying out audit;

auditor society, the auditor-individual entrepreneur - the subject of business activity registered according to the existing civil legislation and the special industry legislation;

the trainee - the physical person accepted on training according to the procedure, stipulated in Article 19, not being the auditor, but participating in task performance on audit under the leadership of the auditor;

audit standards - the international standards of quality control, audit, the overview, certification and the accompanying services published by Council for international standards of audit and guarantee of reliability.

Article 3. Fundamental principles of auditor activities

Auditor activities are based on the following principles:

a) independence;

b) integrity;

c) objectivity;

d) professional competence and care;

e) confidentiality;

f) professional behavior.

Article 4. Audit types

(1) Audit can be obligatory or requested.

(2) Statutory audit of annual financial reports, including consolidated, is carried out in subjects of public interest and in other subjects according to provisions of the current legislation.

(3) the Requested audit is booked upon the demand of shareholders (participants), management of the audited subject, investors, creditors, state bodies, degree of jurisdiction.

Chapter II. Organization of auditor activities

Article 5. Auditor society, the auditor - the individual entrepreneur

(1) Auditor society can be created in the form of limited liability company or joint-stock company. The most part of cost of deposits to the authorized capital of auditor society belongs to auditors and/or auditor societies - residents or nonresidents.

(2) Executive body of auditor society, the auditor-individual entrepreneur the auditor directs.


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