ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF MOLDOVA

of November 22, 2010 No. 149

About approval of Methodical instructions about procedure for insurance of audit risk

In pursuance of Item and) parts (2) article 35 of the Law on financial records audit No. 271/2017 (The official monitor of the Republic of Moldova, 2018, No. 7-17, 48) I ORDER to the Art.:

Approve Methodical instructions about procedure for insurance of audit risk (according to appendix).

Approved by the Order of the Minister of Finance of the Republic of Moldova of November 22, 2010 No. 149

Methodical instructions about procedure for insurance of audit risk

Part I. General provisions

1. Methodical instructions about procedure for insurance of audit risk (further - Methodical instructions) extend to audit subjects.

2. The purpose of these Methodical instructions consists in regulation of procedure:

a) insurance of audit risk according to provisions of article 26 of the Law on financial records audit No. 271/2017;

b) placements of the created reserves in highly liquid assets;

c) reflections in financial accounting of the costs/expenses relating to insurance of audit risk and creation of the reserves relating to audit risk.

Part II. Purpose and procedure for insurance of audit risk

3. The purpose of insurance of audit risk consists in ensuring responsibility of the subject of audit for the damage caused to the auditirovanny subject, the audit client as a result of expression by the auditor of inadequate opinion in case of content in financial statements of essential misstatements.

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