Professional accounting/auditing associations (PAOs) from Moldova met on March 10 to discuss how to improve cooperation and build a strong and sustainable accounting and auditing profession.

The event gathered over 35 participants, including representatives of three PAOs, namely the Association of Professional Accountants and Auditors (ACAP), the Association of Auditors and Auditing Firms of Moldova (AFAM) and the Association of Auditors and Management Consultants (EcoFin-Consult). In addition, representatives from the Ministry of Finance and academia attended the event, which was held with the support of the World Bank’s Centre for Financial Reporting Reform (CFRR) under the Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) regional program.


The workshop’s aims were threefold:

  • to share knowledge on how professional accountants and auditors can contribute to an improved business climate and in this context, for participants to understand what a PAO is and what it does;
  • to discuss and consider options on how professional bodies should be structured to perform their role effectively; and
  • to establish a platform for open discussion with representatives of PAOs and the Ministry of Finance.


Being an effective regulatory partner for the Government requires a significant focus on strengthening monitoring and quality assurance systems and resources. For a country of Moldova's size, it is not necessary, or even ideal, to maintain separate systems when resources can be consolidated with one professional accounting/auditing association. The Government should also be able to concentrate its work, as much as possible, on overseeing the delegation of authority to co-regulate the profession, rather than having to oversee multiple systems and duplicating work efforts.

Strengthening the Profession

During the workshop, the CFRR team provided an overview of what constitutes an effective PAO, as well as outlining IFAC’s Statements of Member Obligations — a set of benchmarks that are globally recognized as a framework for strong, credible and high-quality PAOs. The team also described the significant differences between a voluntary association of accountants and/or auditors and a professional PAO.

John Hodge, Senior Financial Management Specialist, CFRR provided participants with practical insights and references to good international practices regarding what a PAO is and how it can strengthen the profession. He outlined the key points on good governance of PAOs and underscored the benefits to the Government of a strong PAO in audit regulation.

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Building a strong and sustainable accounting and auditing profession in Moldova

During the opening session, participants shared their vision about the actual role of the PAOs, the main achievements and challenges and possible areas for improvement. Taking into account the existing legal framework in Moldova and the new legal provisions which are expected to be enforced once the new Auditing Law is approved, participants agreed on the following: in order to strengthen the accounting and auditing profession and reinforce its relationship with the Government, a necessary first step would be to sign a memorandum of understanding between the country’s three main PAOs, i.e. ACAP, AFAM and EcoFin-Consult.

Developing Accounting and Auditing Regulatory Frameworks

Veronica Vragaleva, Deputy Minister of Finance of the Republic of Moldova, stated that the issues discussed at the workshop were currently of great relevance, especially in the context of drafting the new Auditing Law in line with the EU acquis communautaire. Informing participants that it was time to move from constructive criticism to constructive cooperation, Ms. Vragaleva stressed that the Ministry of Finance would continue to be transparent in its activities and that it expected the profession to contribute constructively to the development of regulatory frameworks in the field of accounting and auditing.

Key Takeaways

The event helped participants understand good international practices on PAO governance and possible policy options that could consolidate and strengthen the accounting and auditing profession in Moldova.
All parties agreed to continue the dialogue through roundtables, public debates and consultations in order to facilitate building up a strong and sustainable accounting and auditing profession in Moldova.