Regulatory Alerts2018-05-24
Regulation on Financial Statements and Audit for Other Purposes of Banks
The Executive Board of the National Bank of Moldova has approved a regulatory framework governing the annual audit of banks' financial statements and specialized audits for other purposes, including anti-money laundering compliance and IT risk management. The regulation mandates that audit firms obtain prior regulatory approval by demonstrating specific experience, team certifications, and independence, while establishing strict 30-day review timelines and detailed documentation requirements for bank appointments. It further outlines mandatory reporting deadlines, direct communication obligations between auditors and the central bank, and procedures for the refusal or withdrawal of audit firm approvals if compliance or ethical standards are not maintained.