LAW OF THE REPUBLIC OF MOLDOVA

of December 7, 2017 No. 260

About the organization and functioning of Audit Chamber of the Republic of Moldova

Confirming commitment of the Republic of Moldova to international standards and the best practice of public audit, based on Item p) part (3) Article 72 and article 133 of the Constitution of the Republic of Moldova

The Parliament adopts this organic law.

Chapter I. General provisions

Article 1. Sphere of regulation

This law regulates:

a) mandate, organization, functions, powers, independence guarantees, and also other important aspects of activities of Audit Chamber;

b) the legal relations arising in the course of external public audit.

Article 2. Concepts

For the purpose of this law the following concepts are used:

audit – systematic process of obtaining and objective assessment of proofs for the purpose of determination whether there correspond information or the existing conditions to the established criteria;

compliance audit – the independent activities directed to receipt of confirmation of the fact that activities, the made financial transactions on all essential aspects correspond to the applied provisions;

efficiency audit – the independent, objective and confidential assessment of procedure for realization which is carried out for the purpose of improvement of situation the politician, programs, systems and activities in the public sector according to the principles of profitability, efficiency and effectiveness;

financial audit – the independent activities directed to receipt of reasonable confirmation of the fact the that the financial reporting in general does not contain essential misstatements as a result of forgery or mistakes completed by expression of opinion on compliance of the financial reporting from all essential points of view to the applied regulatory base according to the financial reporting;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info