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Activity of the Court of Accounts

STATUTE

The Court of Accounts is the supreme audit institution of the Republic of Moldova, which exercises control over the way of formation, administration and use of public financial resources and public patrimony by carrying out external public audit in accordance with the international standards of the supreme audit institutions.

INDEPENDENCE

The Court of Accounts has organizational, functional, operational and financial independence under the Law No. 260 from 07.12.2017.

In exercising its duties and powers, the Court of Accounts may not be directed or controlled by any natural or legal person.

The Court of Accounts is an apolitical institution.

The Court of Accounts is a legal entity governed by public law, financed entirely from the state budget, which has treasury accounts, stamp with the image of the State Emblem of the Republic of Moldova and other necessary attributes.

The Court of Accounts independently decides on the audit work program and how it is implemented.

MISSION

The Court of Accounts' mission consists of:
a) assessing legality, regularity, compliance, economy, efficiency, effectiveness of the management of public financial resources and public property;
b) promoting internationally recognized standards on transparency and accountability in public finance management;
c) ensuring transparency by informing responsible public authorities and the public about its strategic and annual plans, its findings and recommendations.

PRINCIPLES

The activity of the Court of Accounts is based on the following principles:
a) independence – to carry out its activity independent of the Government, other public organizations, legal entities of public or private law and natural persons;
b) legality – to comply with the Constitution of the Republic of Moldova, national legislation and international treaties to which the Republic of Moldova belongs to;
c) objectivity –to conduct the audit activity with impartiality, based on appropriate professional judgment;
d) professionalism – to pursue the activity with integrity and respect, competent and in the public interest;
e) responsibility – to manifest responsibility towards Parliament and society;
f) transparency – to carry out the activity transparently and openly.

RELATIONS WITH THE PARLIAMENT

The Court of Accounts shall present to the Parliament:
a) by May 1st, the annual activity report, which shall be heard in the Parliament's plenary session;
b) by June 1st, the auditor's reports on the annual reports of the Government on the execution of the state budget, the state social insurance budget and the mandatory health insurance funds, which are heard in the plenary session of the Parliament together with the respective reports of the Government;
c) by September 15th, the annual report on management and use of public financial resources and public property, to be heard in plenary session of the Parliament;
d) other reports considered necessary to be presented.

TYPES OF AUDIT

The Court of Accounts performs the following types of audit:
a) financial audit – verifies and evaluates the financial statements, financial systems and operations of the audited entity; examines the annual financial statements and the audited entity's accounts / reports in order to assess whether the reports are accurate and whether the accounts are presented truthfully and faithfully; assess compliance with financial reporting requirements; perform interim audit engagements throughout the financial year, including monitoring the implementation of previous audit recommendations and reviewing the actions undertaken on the basis of those recommendations.
b) compliance audit - determines whether the activity of audited entities is in accordance with the legislation and rules established by the authorities;
c) performance audit - assesses the economy, efficiency and effectiveness of a particular aspect of the operations carried out by an entity or a part thereof or in a program or activity.

MANDATORY AUDITS

The Court of Accounts is obliged to carry out annually financial audit of:
a) the Government's report on the execution of the state budget in the expired budget year;
b) the Government's report on the execution of the state social insurance budget in the expired budget year;
c) the Government's report on the execution of mandatory health insurance funds in the expired budget year;
d) of the ministries' reports on the execution of budgets in the expired budget year.

DUTIES

The Court of Accounts has the following duties:
a) exercises control over the way of formation, administration and use of public financial resources by conducting external public audit;
b) adopts policies and strategies in the field of external public audit;
c) approves the institution's draft budget;
d) examines and approves the auditor's reports and decides upon their remission to the specialized Parliamentary Standing Committee and to other institutions;
e) approves administrative procedures, regulations and manuals, instructions and guides, audit standards;
f) approves the annual and multiannual audit activity programs;
g) approves the Organizational chart and the staff-limit;
h) approves the reports provided in art. 6 of the Law No. 260;
i) approves the Regulation on Certification of Public Auditors;
j) exercises other duties provided by law.

TRANSPARENCY

The Court of Accounts provides public information on its activity through:
a) submission of reports to the Parliament and their subsequent publication in the Official Gazette of the Republic of Moldova, in the cases provided by the Law No. 260;
b) publication of reports on its official web site in the cases provided by Law No. 260, as well as in other sources of electronic information;
c) organization of press conferences and other forms of providing information of the public;
d) publication of press releases and any other information provided by the Court of Accounts, except for information and material containing state secret, trade secret or other secret protected by law;
e) submitting its financial statements to external audit and publishing the external audit report on its official web site.