Audit committees to be set up in Moldova

Chisinau, March 31 /MOLDPRES/- Public interest enterprises will be obliged to establish audit committees. A draft law was approved today in the second reading by the parliament.

Thus, the audit control will take place throughout the year, unlike the usual audit missions, including those carried out by the Court of Accounts, or the controls made by the commission of censors.

According to the new law, the Audit Committee is mandatorily constituted by public interest entities and operates according to the provisions of the legislation, the company's statute and the company's audit committee's regulations. Also, the normative act contains measures to attract and motivate qualified specialists in the fields of accounting and audit activity in the composition of audit committees.

Among the companies of public interest are commercial banks, insurance companies, companies listed on the Stock Exchange, as well as some categories of companies that have state capital, depending on the share capital, number of employees and turnover.

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