REGULATIONS OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of August 8, 1997 No. 28

About procedure for creation and representation of results of audit

I. Basis

These regulations are developed according to the powers of National Bank of Moldova provided by Articles 11, 44 and 47 (1) the Law on National Bank, Articles 34, 35 and 37 (4) the Law on financial institutions and the Law on auditor activities.

II. Requirements to independent external auditors

1. Annually the bank shall sign the contract with independent auditor society in coordination with National Bank which will fulfill requirements of Article 34 (1) the Law on financial institutions for all financial year.

2. No. 195 is excluded according to the Resolution of Administrative board of National Bank of the Republic of Moldova of 23.08.2012

3. Before the conclusion of the contract with independent auditor society according to Article 34 (1) the Law on financial institutions independent auditor society represents to bank the license (the original or the notarized copy) for implementation of auditor activities issued according to the current legislation and the qualification certificate of the auditor of financial institutions issued by National Bank.

4. Annually the bank provides to National Bank of Moldova the following information:

1) audit implementation period;

2) the name, the address, phone, the notarized copy of the license for implementation of auditor activities and the copy of the agreement for provision of services, concluded between bank and independent auditor society;

3) No. 195 Is excluded according to the Resolution of Administrative board of National Bank of the Republic of Moldova of 23.08.2012

4) minutes abstract of meeting of general meeting of shareholders of bank at which the decision of approval of auditor society was made.

5. In the contract for carrying out audit inspection signed between bank and auditing firm it shall be caused that the auditor will constitute the report and audit opinion (opinion) in compliance with article 34 part (1) Item b) the Law on financial institutions and the Law on auditor activities, as well as the letter for management, and shall provide them no later than April 30 every year to council of the bank and at the same time National Bank of Moldova. The above-stated documents are submitted in official language of the Republic of Moldova.

6. If the decision of general shareholder meeting on approval of independent auditor society and the contract with this auditor society for the current financial year was signed no later than December 31 of last year, information of the 4th Item of Chapter II shall be provided till February 1 of the current financial year.

If the decision of general shareholder meeting on approval of independent auditor society and the contract with this auditor society for the current financial year was signed in the current financial year, information of the 4th Item of Chapter II shall be provided till April 30 of the current financial year and the following conditions in addition shall be provided in the agreement signed with auditor society:

1) audit will be performed for all financial year;

2) auditor society shall fulfill requirements of Article 34 parts (1) Items and), c) and d) The law on financial institutions until the bank signs the contract with auditor society for the following financial year.

7. The help with conducting financial accounting from auditor society which carries out audit inspection of bank appears in the form of representation to management of bank of written instructions about essential shortcomings of structure or of functioning of the systems of financial accounting and internal control of bank which drew attention of the auditor to audit extent and also written recommendations for their elimination. This help cannot be directed directly to involvement of auditor society in conducting financial accounting of bank.

III. Procedure for carrying out audit

1. Annually without fail banks are exposed to the audit control exercised by independent auditor society.

2. Bank audit shall be performed according to international auditing standards and International accounting standards.

3. The letter for management according to audit standards is the document prepared by the auditor addressed to council of the bank of rather internal control and methods of work of bank considered in the course of audit. The auditor has prerogative to note any problem which, in his opinion, needs attention of council of the bank. The letter for management shall meet at least the following requirements:

1) to push comments and notes of rather accounting entries, operating systems and internal control which were considered within audit;

2) to reveal defects and problem areas in operating systems and internal control and to push recommendations about improvement of condition;

To inform 3) on the problems revealed by the auditor, during audit implementation which can significantly influence banking activities, and also about any illegal action of employees of bank;

To give 4) note council of the bank any other problems which the auditor considers adequate.

IV. About publishing of balance and the annual statement

No later than April 30 every year the bank represents to National Bank of Moldova:

1. The copy of the newspaper (newspapers) distributed on all territory of the republic where the balance and the conclusion of the external auditor were published.

2. The copy of the annual statement of bank with appendix of written assurance about free provision of copies of this report of the public.

V. Maintenance of registers

1. The bank stores originals of the auditor report, audit opinion and the letter for management in the central office and as required makes all these documents available to inspectors of National Bank of Moldova.

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