Moldova : Accounting and Auditing

Financial reporting and auditing practices in Moldova's corporate sector are currently in a period of transition from providing for tax calculation and statistical needs to convergence with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA). This report draws upon recent international experience in developed economies and EU accession countries as well as expected amendments to EU Directives. The review found that, except in the banking sector, the current level of compliance with financial reporting obligations is inadequate, and that the quality of the financial reporting is low. In that context, the report recommends the following actions: (i) the capacity of regulatory agencies for enforcing accounting standards and financial reporting requirements to all entities of public interest - including large state-owned enterprises - should be increased; (ii) a public registry should be set-up for all public-interest companies to file their financial statements; and (iii) an independent oversight board of auditors should be established under the soon-to-be-issued new Audit Law, with the function to qualify statutory auditors, adopt auditing standards and develop guidelines, and monitor auditors compliance with NSA and independence requirements.

Bibliographic Details

Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC) biblioteca
Language:	English en_US
Published:	Washington, DC 2004-06-28
Subjects:	ACCOUNT, ACCOUNTABILITY, ACCOUNTANT, ACCOUNTANTS, ACCOUNTING, ACCOUNTING CURRICULA, ACCOUNTING CURRICULUM, ACCOUNTING FIRM, ACCOUNTING FIRMS, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING PROCEDURES, ACCOUNTING RECORDS, ACCOUNTING RULES, ACCOUNTING STANDARD, ACCOUNTING STANDARDS, ACCOUNTS, ACTUARIES, AFFILIATES, AMORTIZATION, AUDIT COMMITTEES, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING STANDARDS, AUDITORS, AUDITS, BALANCE SHEET, BANKING INSTITUTIONS, BANKING REGULATION, BANKING SECTOR, BANKING SUPERVISION, BENEFICIARIES, BOOKKEEPING, BORROWING COSTS, BROKERAGE, BROKERAGE FIRMS, BUDGET CONSTRAINTS, BUSINESS COMBINATIONS, BUSINESS MANAGEMENT, CAPITAL MARKETS, CASH FLOW, CASH FLOW STATEMENTS, CHARTS OF ACCOUNTS, CIVIL CODE, COMMERCIAL BANKS, COMPANY LAW, COMPUTERIZED ACCOUNTING SYSTEMS, CONFLICTS OF INTEREST, CONSOLIDATED FINANCIAL STATEMENTS, CONSOLIDATION, CONTINGENT LIABILITIES, COST OF CAPITAL, CREDIT ASSESSMENT, CREDIT ASSOCIATIONS, CREDIT DECISIONS, CREDIT INSTITUTIONS, CREDITORS, CURRENCY, DEBT, DEBTORS, DEPOSITS, DEPRECIATION, DUE DILIGENCE, EARNINGS PER SHARE, ECONOMIC DEVELOPMENT, EQUIPMENT, EXCHANGE RATES, EXTERNAL AUDITORS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL RATIOS, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL REPORTS, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL SUPPORT, FINANCIAL SYSTEM, FIXED ASSET, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FUTURE CASH FLOWS, GAAP, GOVERNMENT GRANTS, GROSS DOMESTIC PRODUCT, HOLDING, HUMAN RESOURCE, HUMAN RESOURCES, INCOME TAXES, INFLATION, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE COMPANIES, INSURANCE COMPANY, INTANGIBLE, INTANGIBLE ASSETS, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INTERNATIONAL DEVELOPMENT, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVENTORIES, INVESTING, INVESTMENT DECISIONS, INVESTMENT FUNDS, INVESTMENT PORTFOLIO, INVESTMENT PROJECTS, ISSUANCE, JOINT STOCK COMPANIES, JOINT-STOCK COMPANIES, JOINT-STOCK COMPANY, LACK OF TRANSPARENCY, LAWS, LEGAL FRAMEWORK, LEGAL TRADITION, LEGAL TRADITIONS, LEGISLATION, LENDERS, LEVY, LOAN, LOAN PORTFOLIOS, LOANS TO CUSTOMERS, LOCAL STOCK MARKET, LOSS STATEMENT, MARKET CAPITALIZATION, MARKET ECONOMY, MATURITIES, MONETARY FUND, MUTUAL FUNDS, NATIONAL BANK, NATIONAL SECURITIES, NET PROFIT, NET SALES, OPEN JOINT STOCK COMPANIES, PAYROLL, PENALTIES, PENSION, PENSION FUNDS, PRESENT VALUE, PRIVATE INVESTORS, PRIVATIZATION, PUBLIC ACCOUNTING, PUBLIC DISCLOSURE, PUBLIC OFFERINGS, PUBLIC REGISTRY, QUALITY ASSURANCE, QUALITY CONTROL, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCES, REPORTING, REPORTING SYSTEMS, RESERVES, RETIREMENT, RETURN, RETURN ON ASSETS, SALES, SAVINGS, SECURITIES MARKET, SECURITIES MARKET LAW, SHAREHOLDERS, SMALL BUSINESS, SOLVENCY, STATE ENTERPRISES, STATUTORY AUDITORS, STATUTORY REQUIREMENTS, STOCK EXCHANGE, STOCK MARKET, SUBSIDIARIES, SUBSIDIARY, TAX, TAX CODE, TAX COLLECTION, TAXATION, TECHNICAL ASSISTANCE, TELECOMMUNICATIONS, THE NATIONAL BANK OF MOLDOVA, TRADING, TRANSITION ECONOMIES, TURNOVER, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2004/06/8366888/moldova-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14532
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