Law on audit of financial situations to enter into force in Moldova as of 1 January 2019
14:15 | 11.01.2018 Category: Economic
Chisinau, 11 January /MOLDPRES/ - The law on the audit of financial situations will be published in the 12 January issue of Moldova’s Official Journal (Monitorul Oficial).
The document establishes the legal framework on the organization of the audit by audit entities; it regulates the exercising of the profession of auditor, supervision of audit, as well as the requirements specific for the public interest entities.
Under the law, the auditors and audit’s entities are to be compulsorily recorded in the public register of auditors and public register of audit entities, owned by the audit’s public supervision board.
The audit entity can be set up as a limited company or joint stock company. Thus, over 50 per cent of the audit entity’s social capital is to belong to auditors and/or resident or non-resident audit entities. The entity is to be managed by an auditor.
According to the law, the public register of audit entities is to be managed by the board in the Romanian language, in electronic format, and is updated depending on the changes appeared. If ceasing the work, the audit entity is erased from the Register.
The regulatory body in the audit field in the corporate sector is the Finance Ministry.
The law on the audit of financial situations will enter into force on 1 January 2019.
(Reporter A. Ciobanu, editor L. Alcaza)
