2013年-世界发展银行全球_Moldova___Reports_on_the_Observance_of_Standards_and_Codes_on_Accounting_and_Auditing_Update_71页_996kb

Summary of the Report on the Observance of Standards and Codes on Accounting and Auditing in Moldova (June 2013)

Core Content

This report, prepared by the World Bank, assesses the current state of accounting and auditing practices in Moldova as part of the Reports on the Observance of Standards and Codes (ROSC) initiative, in collaboration with the International Monetary Fund. It evaluates the institutional framework, statutory requirements, and actual practices in accounting and auditing, and identifies key challenges and policy recommendations for improving the quality of financial reporting and governance.

Main Abbreviations and Acronyms

Key Findings

• Accounting and Auditing Environment: Moldova has made progress since the 2004 ROSC in aligning its accounting and auditing framework with international standards and the EU acquis communautaire.
• Statutory Reforms: Significant reforms have been implemented, including the adoption of a new accounting law in 2008, the requirement for PIEs to prepare financial statements in accordance with IFRS from 2012, and the establishment of the Audit Oversight Council (AOC) in 2008.
• Challenges: Despite these reforms, the implementation and enforcement are hampered by limited capacity and resources. The Public Registry is overwhelmed with responsibilities but lacks the necessary human and technical resources to ensure compliance with the Accounting Law.
• Quality of Financial Reporting: Financial statements of banks are of good quality, but those of non-banks are generally incomplete. The mandatory implementation of IFRS by non-bank PIEs from 2012 poses a challenge due to limited awareness and support.
• Governance: Governance arrangements in joint-stock companies, particularly in PIEs, need improvement. Audit Committees are required for PIEs, but the current system of Censors' Committees is not aligned with EU requirements.
• State-Owned Enterprises (SOEs): Significant SOEs are not classified as PIEs and are exempt from audit and transparency requirements. They should be treated as public interest entities to ensure transparency and accountability.
• Education and Training: There is a significant gap in accounting education and professional qualifications. Most universities in Moldova do not include IFRS and ISA in their curricula, and professional associations need to enhance their role in training and quality assurance.

Main Policy Recommendations

Statutory Framework

1. Establish simplified accounting thresholds for SMEs to reduce their reporting burden.
2. Provide guidance on taxation implications for entities using IFRS.
3. Review and harmonize accounting and auditing requirements in all laws and regulations to remove inconsistencies.
4. Revisit the audit oversight system to ensure adequate funding and human resources.
5. Develop a sequenced strategy for better oversight of the audit profession in line with the EU's Statutory Audit Directive.

Professional Development

6. Collaborate between the Ministry of Finance and professional associations to revise the CPD syllabus and improve training programs.
7. Enhance the national training program for accountants and ensure that the local auditing qualification is reliable.
8. Promote international standards and encourage professional associations to engage in twinning arrangements and peer review mechanisms with international bodies.

Governance and Transparency

9. Conduct a specific analysis of SOEs governance arrangements to establish appropriate mechanisms for accountability and oversight.
10. Ensure significant SOEs are treated as PIEs and are subject to the same transparency and audit requirements.
11. Update university curricula to include IFRS, ISA, business ethics, and governance.
12. Improve awareness and perception of the accounting and auditing profession among stakeholders.

Next Steps

• The Government should update the Country Strategy and Action Plan for corporate financial reporting, differentiating between short-term and long-term actions.
• It should revise the institutional structure responsible for implementation and evaluate the need for additional resources.
• The World Bank is committed to supporting Moldova in this reform process.

Conclusion

The report emphasizes the importance of aligning Moldova's accounting and auditing practices with international standards, particularly IFRS and the EU acquis communautaire. However, it also highlights the need for capacity building, awareness raising, and institutional consolidation to ensure the successful implementation and enforcement of these reforms.