LAW OF THE REPUBLIC OF MOLDOVA

of December 5, 2008 No. 261-XVI

About Audit Chamber

Confirming commitment of the Republic of Moldova to international standards of the best practice of external public audit, based on Item r) part (3) Article 72 and article 133 of the Constitution of the Republic of Moldova

The parliament adopts this organic law.

Chapter I. General provisions

Article 1. Field of regulation

This law regulates:

a) the legal relationship arising in the course of external public audit of procedure for forming, management and use of public financial resources and management of public property;

b) tasks, term of office, the organization, functions, powers and other moments connected with activities of Audit Chamber.

Article 2. Status of Audit Chamber

(1) the Audit Chamber is the single public body of the state exercising control of forming, management and use of public financial resources and management of public property by means of external audit in the public sector as the highest auditor organization and is protected by the law from intervention from law enforcement or regulatory authorities.

(2) the Audit Chamber is legal entity of the public law, it is financed completely from the government budget and has seal with the image of the State Emblem of the Republic of Moldova.

(3) the Location of Audit Chamber - municipiums of Chisinau.

Article 3. Concepts

For the purpose of this law the following concepts are used:

audit - function of control and financial audit of the subject by means of which competent persons collect and estimate proofs for the purpose of forming of opinion on all essential aspects on degree of the compliance revealed to the established criteria;

external public audit - the independent auditor activities performed by Audit Chamber in the public sector according to own audit standards approved on the basis of international standards of audit (INTOSAI);

compliance audit - the check of financial condition of the responsible auditiruyemy subject including consideration and assessment of the financial reporting and expression of opinion according to this financial reporting; check of financial condition of management of public means in general; audit of financial systems and transactions, including assessment of conformity to the status and the applied provisions; audit of provision with internal control and internal audit functions; reflection of other situations arising in the course of audit recognized by Audit Chamber reasonable;

efficiency audit - independent assessment of activities of the auditiruyemy subject and/or the program on the basis of the principles of profitability, efficiency and effectiveness;

profitability - minimization of cost of the estimated results of activities of resources which are marked out for achievement with preserving the corresponding quality of these results;

efficiency - ratio of the received results and resources used for their achievement;

effectiveness - extent of realization of the tasks planned on each activities and ratio of planned and actual results of the related activity;

the public auditor - the employee of Audit Chamber performing specific vneshneauditorsky activities in the public sector;

the auditiruyemy subject - legal entity or physical person irrespective of type of property and form of business, responsible for the order public financial resources and/or public property, and also the program or activities subjected by Audit Chamber to external public audit;

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