LAW OF THE REPUBLIC OF MOLDOVA

of September 23, 2010 No. 229

About the state internal financial control

The Parliament adopts this organic law.

Chapter I. General provisions

Article 1. Subject of regulation and purpose of the law

(1) This law establishes rules and the basic principles of the organization of the state internal financial control.

(2) the Purpose of the law is strengthening of managerial responsibility for optimum control of resources according to tasks of the public subject on the basis of the principles of proper management by means of implementation of system of internal managerial supervision and activities of internal audit in the public sector.

Article 2. Scope of application

Provisions of the law extend to budget bodies / organizations, independent/autonomous budget bodies, public bodies / organizations on self-government, the state/municipal companies, commercial societies with completely or mainly public capital, and also on the independent subjects / bodies responsible for regulation of one of economic and/or social spheres, except for National Bank of Moldova.

Article 3. Basic concepts

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

control actions - politicians and the procedures established for risk management and achievement of tasks of the public subject;

internal audit - the independent and objective activities for provision of guarantees and consultation directed to increase in value and improvement of activities of the public subject. Internal audit assists the public subject in achievement of its tasks by means of systematic and methodical approach, estimating and increasing process performance of management of risks, control and management;

internal audit by means of association - the activities of internal audit performed on the basis of the agreement on association signed between two or more public subjects which cooperate for ensuring activities of internal audit;

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