ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of June 10, 2014 No. 74

About approval of the Code of ethics of the internal auditor and the Card of internal audit
(Standard provision on functioning of division of internal audit)

For the purpose of execution of provisions of Item b) article 29 of the Law No. 229 of September 23, 2010 on the state internal financial control (The official monitor of the Republic of Moldova, 2010, 730) I ORDER to Art. No. 231-234,:

1. Approve:

a) The code of ethics of the internal auditor according to appendix No. 1;

b) The card of internal audit (Standard provision on functioning of division of internal audit) according to appendix No. 2.

2. Repeal the Order of the Minister of Finance No. 139 of October 20, 2010 about approval of the Code of ethics of the internal auditor and the Card of internal audit (Standard provision on implementation of internal audit) (The official monitor of the Republic of Moldova, 2010, Art. No. 221-222, 782).

Appendix No. 1

to the Order of the Minister of Finance of the Republic of Moldova of June 10, 2014 No. 74

Code of ethics of the internal auditor

I. General provisions

1. The code of ethics of the internal auditor (further – the Code) represents set of the principles and rules of conduct which regulate activities of internal auditors / workers of divisions of internal audit in the field of professional ethics.

2. The code is drafted according to provisions of the Law No. 158-XVI of July 4, 2008 on the state position and the status of the government employee (The official monitor of the Republic of Moldova, 2008, Art. No. 230-232, 840), the National standards of internal audit approved by the Order of the Minister of Finance No. 113 of October 12, 2012 (The official monitor of the Republic of Moldova, 2012, Art. No. 237-241, 1378).

3. The purpose of the Code is promotion of ethical culture in activities of internal audit.

4. The code is directed to achievement of the following tasks:

a) determination of the fundamental principles necessary for implementation of activities of the internal auditor / worker of division of internal audit;

b) establishment of rules of conduct during implementation of activities of the internal auditor / worker of division of internal audit;

c) ensuring avoidance of conflict of interest between the internal auditor / worker of division of internal audit and the audited division.

5. Achievement of tasks of the Code provides accomplishment of the following main requirements:

a) performance – implementation of activities at the highest professional level for the purpose of observance of state interests in the conditions of profitability, effectiveness and efficiency;

b) professionalism – availability of the mental abilities and experience received by continuous professional training and observance of the Code of ethics of the internal auditor, general for all internal auditors / workers of divisions of internal audit;

c) quality of activities of internal audit – ensuring compliance of level of implementation of activities of internal audit according to National standards of internal audit, the current legislation and the international advanced practicians;

d) trust – promotion of good relations between internal auditors / workers of the divisions of internal audit founded on cooperative principles, mutual assistance and professional correctness;

e) adequate behavior – irreproachable conduct performed by job responsibilities;

f) plausibility – reliability and objectivity of information in reports of internal audit.

6. The internal auditor / worker of division of internal audit bears responsibility for own behavior in case of execution of job responsibilities and informs in writing the division manager of internal audit in the following cases:

a) availability of ambiguities in application or in scope of provisions of the Code;

b) emergence of the personal conflicts between the internal auditor / worker of division of internal audit and the head of auditiruyemy division;

c) coercion is inexpedient to be effective, unethically and to violate the current legislation.

7. Any violation of the Code is minor offense which is applied according to the current legislation.

8. Minor offenses will be considered by the disciplinary commission within the public subject with adoption of the relevant decision according to the established procedures of the current legislation.

II. Basic principles

9. When implementing the activities the internal auditor / worker of division of internal audit shall observe the following basic principles:

- integrity;

- independence and objectivity;

- competence;

- confidentiality.

10. Integrity

10.1. The internal auditor / worker of division of internal audit is correct, fair and is not corrupted, its integrity is support of the trust put by auditor judgment.

10.2. The principle of integrity obliges the auditor/employee of division of internal audit to follow the following rules of conduct:

a) implementation of the activities based on honesty, conscientiousness and care;

b) compliance with the law and implementation of job responsibilities according to professional requirements;

c) nonparticipation in illegal actions or acts which discredit the internal auditor / worker of division of internal audit or cause damage to the public subject.

10.3. Integrity involves correctness in implementation of activities of internal audit, honesty in accomplishment of actions and sincerity in discussions with persons of the audited division and the public subject. The relations with colleagues and employees of the audited division and the public subject are based on the same values.

10.4. Private actions of the internal auditor / worker of division of internal audit shall not influence execution of job responsibilities and not influence negatively public subject. In this context:

a) the internal auditor / worker of division of internal audit which consists in personal or family relation with colleagues or employees of the audited division informs the division manager of internal audit on conflict of interest and does not participate in holding mission of internal audit;

b) the internal auditor / worker of division of internal audit does not use the function for promotion of private interests;

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