Financial reporting and auditingpractices in Moldova's corporate sector are currentlyin a period of transition from providing for tax calculationand statistical needs to convergence with InternationalFinancial Reporting Standards (IFRS) and InternationalStandards on Auditing (ISA). This report draws upon recentinternational experience in developed economies and EUaccession countries as well as expected amendments to EUDirectives. The review found that, except in the bankingsector, the current level of compliance with financialreporting obligations is inadequate, and that the quality ofthe financial reporting is low. In that context, the reportrecommends the following actions: (i) the capacity ofregulatory agencies for enforcing accounting standards andfinancial reporting requirements to all entities of publicinterest - including large state-owned enterprises - shouldbe increased; (ii) a public registry should be set-up forall public-interest companies to file their financialstatements; and (iii) an independent oversight board ofauditors should be established under the soon-to-be-issuednew Audit Law, with the function to qualify statutoryauditors, adopt auditing standards and develop guidelines,and monitor auditors compliance with NSA and independence requirements.
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