ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of March 31, 2010 No. 48

About approval of Regulations of recognition of the international qualification certificates in the field of financial accounting and audit

In pursuance of Item and) parts (3) article 27 of the Law No. 61-XVI of March 16, 2007 on auditor activities (The official monitor of the Republic of Moldova, 2007, Art. No. 117-126, 530), with subsequent changes and amendments, and Item 24 of the Regulations on certification of auditors approved by the Order of the Government No. 1450 of 24.12.2007 About some measures for accomplishment of the Law on auditor activities No. 61-XVI of March 16, 2007 (The official monitor of the Republic of Moldova, 2007, to Art. No. 203-206, 1493), I ORDER:

Approve Norma recognitions of the international qualification certificates in the field of financial accounting and audit (according to appendix).

Appendix

Approved by the Order of the Minister of Finance of the Republic of Moldova of March 31, 2010 No. 48

Regulations of recognition of the international qualification certificates in the field of financial accounting and audit

1. Regulations of recognition of the international qualification certificates in the field of financial accounting and audit (further Norma) are applied to physical persons to citizens of the Republic of Moldova, foreign citizens or stateless persons - applicants for receipt of qualification of the auditor to general audit, to owners of the international qualification certificates in the field of financial accounting and audit.

2. The international qualification certificate in the field of financial accounting and audit the supporting document (the certificate, the certificate, the diploma) proceeding from the international practice which confirms passing examinations/examinations, according to the program for receipt of the corresponding qualification is recognized.

3. Regulations are applied in case of submission of the international qualification certificate in the field of financial accounting and audit (further the Certificate) the applicant to passing qualification examination for receipt of the qualification certificate of the auditor for general audit and which grants the right to release from passing one examination / some examinations in disciplines.

4. Citizens of the Republic of Moldova, foreign citizens or stateless persons who passed the examinations in certification of knowledge in the field of financial accounting and audit recognized at the international level have the right to recognition and equating of the certificates received as a result of passing these examinations to qualification examinations for receipt of the qualification certificate of the auditor for general audit.

5. Recognition is performed based on the application submitted by the applicant of the Commission on certification under the Ministry of Finance with appendix of the international qualification certificate in the field of financial accounting and audit which is represented in the original and contains apostille and copies, legalized by the notary according to the procedure, established by the legislation, with appendix of the document which confirms its action at the moment by body which issued the certificate. The supporting document shall be legalized by the notary according to the procedure, established by the legislation.

6. The list of certificates with the international recognition is established taking into account the passed examinations according to disciplines for the international certification which correspond to the disciplines established for receipt of qualification of the auditor for general audit.

7. Based on the application for recognition of the certificate submitted by the applicant, the secretary of the Commission on certification directs case of the owner of the international qualification certificate in the field of financial accounting and audit of the Commission on certification for consideration and decision making. Case shall contain the documents specified in item 15 of the Regulations on certification of auditors approved by the Order of the Government of the Republic of Moldova No. 1450 of December 24, 2007 About some measures for accomplishment of the Law on auditor activities No. 61-XVI of March 16, 2007.

8. Recognition of the certificate is reflected in the decision of the Commission on certification and is brought to the attention of the applicant the secretary of the Commission on certification in writing within 30 days from the date of filing of application. The decision shall contain surname, name of the applicant, the name of the international qualification certificate in the field of financial accounting and audit and the decision concerning recognition of the certificate, the signature of the chairman/vice-chairman of the Commission. In case of variation of the statement for recognition, the corresponding motives are represented.

9. For receipt of qualification of the auditor for general audit the applicant takes qualification examination. Examination consists of written works on the following disciplines:

a) audit which includes:

- auditor activities;

- legislative requirements and audit standards;

- professional behavior and independence;

b) financial accounting which includes:

- principles and general theory of financial accounting;

- legislative requirements for preparation of annual statements and the consolidated annual statements for accounting standards;

c) managerial accounting which includes:

- risk management and internal control;

- basic principles of financial management by the companies;

d) financial management which includes:

- financial analysis;

- business economy, general and financial economy;

- mathematics and statistics;

e) the right which includes:

- the labor law, the legislation on social and medical insurance;

- tax, civil and commercial legislation;

- legislation on commercial societies;

- insolvency law and similar procedures;

f) information technology management and computer systems (at the level of the user).

10. The citizens of the Republic of Moldova, foreign citizens and stateless persons meeting the following requirements can take qualification examination:

a) having full legal capacity, the higher education in financial and economic or legal area confirmed with the diploma about the higher education issued by higher educational institution of the Republic of Moldova or other state on condition of recognition of qualification and equivalence of this diploma by the Ministry of Public Education of the Republic of Moldova;

b) the having at least three years of working life in financial and economic or legal area, from which

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