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26.06.2008

Regulation on issuing the qualification certificate of the financial institutions auditor, approved by the DCA of the NBM No.46 of October 11, 1996

Note: The translation is unofficial, for information purpose only

 

Published in the Official Monitor of the Republic of Moldova no. 69 of October 24, 1996

approved by the Decision of the Council
of Administration of the National Bank of Moldova
minute no.46, of October 11, 1996

 

REGULATION ON ISSUING
THE QUALIFICATION CERTIFICATE OF THE FINANCIAL INSTITUTIONS AUDITOR

Amended by:

DCA of the NBM, no. 204 of June 30, 2005, Official Monitor of the Republic of Moldova no. 98-100 of July 22, 2005
DCA of the NBM, no. 114 of June 26, 2008, Official Monitor of the Republic of Moldova no. 120-121 of July 8, 2008

I. Applicability

This Regulation determines the way of issuing the qualification certificates, confirming the right to perform the auditor’s activity of financial institutions in the Republic of Moldova.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

II. Performing the auditor’s activity of financial institutions

The auditor’s activity of financial institutions shall be performed based on the qualification certificate of the auditor for general audit issued in accordance with the legislation in force and qualification certificate of financial institutions’ auditor issued by the National Bank in accordance with this regulation.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

III. Requirements for the application for obtaining the qualification of financial institutions’ auditor

The application for obtaining the certificate shall be submitted by persons with high economic education and that have qualification certificate of the auditor for general audit.
The application on admission to certificate shall be drawn up according to the attachment no.1 and shall be enclosed the following documents:
- copy of diploma;
- data on applicant’s professional activity for the last 3 years;
- copy of the qualification certificate of the auditor for general audit;
- copy of the identity document;
- criminal record;
- 2 photos 3x4.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

IV. Certification Committee

The attestation shall be performed by a commission, approved based on the ordinance of the Governor of the National Bank of Moldova, which meets once per quarter.
For obtaining the quality of the auditor for financial institutions’ audit, the applicant is certified by the Certification Committee in the field of the banking legislation and normative acts on prudential, foreign, accounting and cash operations regulation, activities with securities, payment system and data processing system issued by the National Bank of Moldova.
Each member of the committee shall evaluate the attestation’s results based on 10 point system.
Applicants who accumulated minimum 7 points shall have the right to perform financial institutions audit.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

V. The issuance of the qualification certificate of the financial institutions auditor

The qualification certificate, confirming the right to perform the auditor’s activity of financial institutions (see attachment no.2) shall be issued to the attested persons. The certificate shall be issued within a month from the day of attestation. Persons who received the certificate of financial institutions auditor shall practice the audit activities only in name of audit firms, holding license for performing the audit activities, issued by the Licensing Chamber. The qualification certificate of the financial institutions auditor shall be issued for an unlimited period.
(Item amended by the Decision of the NBM no. 204 of June 30, 2005)
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

VI. Withdrawal of the qualification certificate of the financial institutions auditor

The qualification certificate of the financial institutions auditor shall be withdrawn based on the Decision of the Certification Committee in cases of:
a) finding some unauthentic information submitted in order to obtain the certificate after the certificate’s issuance;
d) intentional hide of the information by the financial institutions auditor (audit firm), which exclude the possibility of performing the audit control;
e) inadequate reflection in the reports (more than twice) of the financial situation of the audited bank or its conclusions.
The correctness level on reflecting the financial situation of the audited bank in the reports or auditor conclusion shall be determined by the National Bank of Moldova.
In the event that the qualification certificate of the auditor for general audit has been withdrawn, the qualification certificate of the financial institutions auditor becomes invalid.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

VII. Terms of financial institutions auditors’ new attestation

Financial institutions auditors may apply for a new attestation not earlier than 5 years since the certificate withdrawal, whose certificate was withdrawn due of finding certain unauthentic information in order to obtain the certificate.
Financial institutions auditors may apply for a new attestation not earlier than 6 months since the certificate withdrawal, whose certificate was withdrawn due of intentional hide of the information, which exclude the possibility of performing the audit control and/or inadequate reflection in the reports (more than twice) of the financial situation of the audited bank or its conclusions.
(Item amended by the Decision of the NBM no.114 of June 26, 2008)

 

VIII. Final provisions

1. This Regulation becomes effective from the date of publication in the Official Monitor of the Republic of Moldova.

2. The temporary Regulation on audit activity within the banking system of the Republic of Moldova (minute no.1, January 11, 1995) shall be repealed when this Regulation becomes effective.

Attachment no.1

 

(Included by the Decision of the NBM no.114 of June 26, 2008)

 

 

 

 

Attachment no.2

(Item amended by the Decision of the NBM no.114 of June 26, 2008)