The purpose of this one-day workshop was to disseminate the lessons learned at the regional Accounting and Auditing Education Community of Practice (EduCoP) with the local community of practice from Moldova, and to identify practical and workable solutions to strengthen education in accounting and auditing at both the university and professional levels.
The event was organized by the World Bank’s Centre for Financial Reporting Reform (CFRR) in collaboration with the Academy of Economic Studies of Moldova (ASEM) and Moldova State University (USM), whose representatives are active participants in the regional program “Strengthening Auditing and Reporting in the Countries of the Eastern Partnership” (STAREP). Participants included around 60 representatives from various universities in Moldova, the Ministry of Finance, the Commission of Certification of Auditors, the Auditing Oversight Council, professional accounting organizations and business.
Alfred Borgonovo, Senior Financial Management Specialist with the CFRR, provided the keynote address. By exploring the factors which are driving the reform agenda and which are likely to shape accounting education in the future, he set the tone for the workshop and opened the floor for further discussions.
Improving curricula through international accreditation
The State University of Moldova and the Academy of Economic Studies of Moldova shared their recent experiences in improving accounting and auditing curricula through international accreditation. Both universities have successfully completed the ACCA accreditation process for the Accounting Program, Cycle I License, and have obtained eight and seven exemptions respectively out of the nine possible exemptions. The main beneficiaries of such modernization initiatives are the graduates: as the quality of accounting and auditing education improves, they are able to obtain an internationally recognized qualification at a lower cost, and professional mobility in EU countries and beyond becomes easier. The biggest challenges highlighted by speakers related to the development of exam papers in line with required standards, the lack of textbooks in the local language, and the need to develop a platform for e-learning.
Modernizing and strengthening accounting and auditing education
The afternoon session focused on the challenges and possible areas of improvement in accounting and auditing education at both the university level and the continuing professional education level. The session also highlighted the importance of cooperation between the profession, the university sector and regulators in order to promote the modernization and strengthening of accounting education in Moldova.
As a result of this session, key stakeholders committed to:
- further enhance the transparency process;
- continue efforts to consolidate the profession so that regulators can delegate certain functions such as audit quality control of non-public interest entities; and
- continue efforts to educate accountants and auditors, which will serve the public interest and thus strengthen public trust in the accounting profession.