Accounting and Audit

One of the core functions of the Ministry of Finance is the regulation of accounting and audit in the corporate sector. Thus, the Ministry of Finance is responsible for policy development in these areas, in order to establish a legal framework of single requirements of the accounting and financial reporting regulation mechanism, of the legal framework for the performance of audit work by audit firms and auditors performing activities as individual entrepreneurs and of regulations related to the performance of audit activities.

The basic rules governing accounting, financial reporting and audit are: Law No.287/2017 on Accounting and Financial Reporting and Law No.271/2017 on Audits of Financial Statements.

According to the Association Agreement between the Republic of Moldova and the European Union and the European Atomic Energy Community and their Member States, ratified by Law no. 112 of 02.07.2014 and the 2014-2016 National Action Plan for the implementation of the Moldova-EU Association Agreement, approved by Government Decision No. 808 of 07.10.2014, the Ministry of Finance has the obligation to transpose the EU Directives in the above-mentioned fields.

Thus, the provisions of the directives will be incorporated into normative acts regulating accounting, financial reporting and auditing (the laws, the National Accounting Standards, other normative acts).

The Corporate Accounting and Auditing Division is a subdivision of the central office of the Ministry of Finance, whose purpose is to elaborate, promote and achieve the objectives of normative acts in the area of accounting, financial reporting and auditing in accordance with the provisions of international standards in the field, the continuous development of accounting and audit in the corporate sector.

The Division is responsible for accepting and publishing the International Financial Reporting Standards, International Auditing Standards and the Code of Ethics, drafting, approving and publishing National Accounting Standards and other regulatory acts for accounting, financial reporting and auditing.

In order to exercise the attributions, the Division coordinates the activity and cooperates with the Consultative Council under the Ministry of Finance, acting on the basis of the Government Decision No. 128 of 08.02.2008.

Regarding to the audit of the financial statements, the Division has in its main tasks: monitoring the Internship in audit work, organizing the qualification examination for obtaining the quality of auditor for the general audit with its examination by the Certification Commission, maintaining and updating the State Register of auditors and the State Register of Auditors of Individual Entrepreneurial Auditors, the List of continuous professional training organisations, ensures the work of the  Advisory Council for financial statements audit.

Relevant documents

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