Publication: Moldova : Accounting and Auditing
Date
2004-06-28
ISSN
Published
2004-06-28
Author(s)
World Bank
Abstract
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.
Link to Data Set
Citation
“World Bank. 2004. Moldova : Accounting and Auditing. © Washington, DC. http://hdl.handle.net/10986/14532 License: CC BY 3.0 IGO.”