Association of Professional Accountants & Auditors of the Republic of Moldova

The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP) supports the operation of the quality assurance (QA) review system for audits in accordance with the requirements of SMO 1. In Moldova, the Public Audit Supervisory Council is the authority responsible for public oversight of audit quality, and ACAP contributes to the QA framework through delegated responsibilities for its member audit firms.

Pursuant to Decision No. 21 of 2020, effective January 2021, ACAP is authorized to conduct external quality assurance reviews of audits performed by its members. These reviews are carried out in accordance with a quality assurance methodology approved by ACAP’s governing bodies and are subject to supervision by the Public Audit Supervisory Council. ACAP’s QA activities are designed to align with the requirements of SMO 1, including reviewer competence, review cycle, reporting, and follow-up procedures.

ACAP supports its members’ implementation of quality management requirements by developing and disseminating guidance materials, including a quality control manual for audit entities, and by organizing regular training and continuing professional development activities focused on audit quality, ISQM 1, ISQM 2, and related standards. ACAP also promotes awareness of updates to international auditing and ethical standards through seminars, conferences, and communications to members.

Through its delegated QA review responsibilities, ongoing cooperation with the Public Audit Supervisory Council, and continuous professional development initiatives, ACAP demonstrates fulfillment of its obligations under SMO 1.

Current Status: Sustain

The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP) supports the development and maintenance of education and continuing professional development requirements for its members in line with the principles of the International Education Standards. While statutory auditor education and qualification are regulated by the Public Audit Supervisory Council, ACAP plays an active role in supporting professional education for accountants who voluntarily join the Association.

ACAP has established entry requirements for membership that include completion of recognized professional qualifications, such as the Certified Accounting Practitioner (CAP) and Certified International Professional Accountant (CIPA) programs, or equivalent qualifications issued by IFAC member bodies. ACAP also requires its members to complete continuing professional development, which is structured to promote the ongoing development of professional competence.

In addition, ACAP delivers and coordinates training programs, seminars, and technical events to support initial and continuing professional development, including activities focused on updates to international standards and emerging areas relevant to the profession. ACAP collaborates with national and regional stakeholders to promote alignment of education and training practices with international best practices.

While ACAP’s education and CPD arrangements are generally informed by the International Education Standards framework, further work is required to demonstrate full alignment with the most recent IES requirements, including learning outcomes, assessment, and practical experience.

ACAP should focus on further aligning its education and continuing professional development framework with the most recent International Education Standards, including clearly articulated learning outcomes, assessment approaches, and practical experience requirements, and on documenting this alignment to demonstrate consistency with SMO 2.

Current Status: Execute

The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP) supports the adoption and implementation of international auditing and assurance standards in the Republic of Moldova. Statutory adoption of International Standards on Auditing is established under Law No. 271 of 2017 — the Law on the Audit of Financial Statements — with standards endorsed by the Ministry of Finance.

ACAP supports its members by promoting awareness of applicable International Standards on Auditing and quality management standards through guidance materials, seminars, conferences, and continuing professional development activities. ACAP also disseminates information on updates to auditing, quality management, and related standards and provides technical support to assist members in applying the standards in practice.

In addition, ACAP collaborates with the Public Audit Supervisory Council and other stakeholders to promote consistent application of international auditing standards and contributes to discussions on audit quality and standard-setting developments at the national level.

While ACAP actively supports its members in implementing international auditing standards, the most current revisions to ISA in effect at the time of this assessment have not yet been adopted for application in all mandatory audits

ACAP should continue to work with the Ministry of Finance and the Public Audit Supervisory Council to support timely adoption of the most current International Standards on Auditing and related pronouncements and to strengthen member support for implementation as new and revised standards become effective.

Current Status: Review & Improve

The Association of Professional Accountants and Auditors of the Republic of Moldova (ACAP) supports the adoption and implementation of ethical requirements for professional accountants in line with the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants. Statutory ethical requirements for auditors are established under Law No. 271 of 2017 — the Law on the Audit of Financial Statements — with the Code endorsed by the Ministry of Finance.

ACAP has adopted ethical requirements for its members that are based on the IESBA Code of Ethics and requires members to commit to compliance with the Code as a condition of membership. ACAP promotes awareness of ethical requirements and independence standards through guidance materials, training activities, and continuing professional development programs.

While ACAP supports the application of the IESBA Code and promotes ethical behavior among its members, the most recent revisions to the Code in effect at the time of this assessment have not yet been adopted for application across the profession.

ACAP should continue to support the timely adoption of the most recent revisions to the International Code of Ethics for Professional Accountants and strengthen member guidance and training to support consistent application of updated ethical and independence requirements.

Current Status: Review & Improve

The Association of Professional Accountants and Auditors of the Republic of Moldova supports the development of high-quality public sector financial reporting and promotes awareness of international best practices, including the International Public Sector Accounting Standards. Public sector accounting requirements in Moldova are established by national legislation and are based on national public sector accounting standards rather than IPSAS.

ACAP does not have a formal role in setting public sector accounting standards but contributes to the public sector accounting environment through education, training, and professional development activities. ACAP participates in conferences, seminars, and regional initiatives that promote understanding of IPSAS and public sector financial management reforms and supports dialogue with regulators and other stakeholders on developments in public sector accounting.

While ACAP promotes awareness of IPSAS and international public sector accounting practices, accrual-based IPSAS have not been adopted for application by public sector entities in Moldova.

ACAP should continue to raise awareness of International Public Sector Accounting Standards among its members and relevant stakeholders and support dialogue with public sector authorities on potential pathways toward greater alignment with IPSAS over time.

Current Status: Review & Improve

The Association of Professional Accountants and Auditors of the Republic of Moldova supports the operation of investigation and disciplinary arrangements for professional accountants in accordance with the principles of SMO 6. Statutory auditors in Moldova are subject to investigation and disciplinary procedures established under Law No. 271 of 2017, which are administered by the Public Audit Supervisory Council.

ACAP maintains investigation and disciplinary mechanisms for its members in accordance with its internal regulations and ethical requirements. These mechanisms apply to members of the Association and operate alongside the public oversight system for statutory auditors. ACAP’s arrangements include procedures for receiving complaints, investigating alleged misconduct, and applying disciplinary measures where appropriate.

While investigation and disciplinary arrangements are in place for different segments of the profession, they do not constitute a single, unified system that applies to all professional accountants in the jurisdiction.

ACAP should continue to strengthen and document its investigation and disciplinary processes in line with SMO 6 requirements and enhance coordination with the Public Audit Supervisory Council to promote consistency, transparency, and effectiveness across the investigation and discipline framework.

Current Status: Execute

The Association of Professional Accountants and Auditors of the Republic of Moldova supports the adoption and implementation of high-quality financial reporting standards in line with International Financial Reporting Standards. Financial reporting requirements in Moldova are established under Law No. 287 of 2017, which requires public interest entities to prepare financial statements in accordance with IFRS as endorsed by the Ministry of Finance.

ACAP supports its members by promoting awareness of applicable IFRS through guidance materials, seminars, conferences, and continuing professional development activities. ACAP also participates in professional and policy discussions related to financial reporting developments and supports initiatives that promote consistent application of IFRS in practice.

While IFRS are required for public interest entities, other entities may apply national accounting standards that are based on IFRS and European Union directives. As IFRS are not mandatory for all entities in the jurisdiction, ACAP’s fulfillment of SMO 7 is assessed as partially fulfilled.

ACAP should continue to support awareness and effective implementation of IFRS among its members and relevant stakeholders and engage with national authorities to promote broader alignment with IFRS where appropriate.

Current Status: Review & Improve