WITH DEFICIENCES OF VIEW
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The effective application of the audit methodology is the basis for high quality and efficient audits.
The results of the peer review confirmed the existence of a sound financial audit methodology, at the same time, it highlighted a limited number of areas in which the requirements of ISSAI standards could be addressed more explicitly by the methodological guides and guidelines approved by the Court of Accounts of the Republic of Moldova (CoARM).
We note that the peer review exercise involved assessing the institution's performance in selected areas of activity, such as independence and the legal framework, governance, financial audit and stakeholder relations.
Thus, during the meeting organized today, March 21, the CoARM’s auditors were acquainted with the additions made in the Financial Audit Manual. Respectively, at the stage of planning an audit, according to ISSAI, a communication note will be drawn up on the competencies of the members of the audit team.
At the same time, changes will be made to the assessment of materiality, showing practical examples for a better understanding. Likewise, the participants were informed about the adjustments regarding the elaboration of the synthesis regarding the results of the audit tests performed, the use of the audit evidence obtained in the previous mission, the communication of the audit results, the sampling within the audit, etc.
The discussions were interactive, with the auditors being involved in addressing the issues, which in turn will bring added value and improvements to the preparation of a financial audit report.
We note that the adjustments made within the Financial Audit Manual were developed with the support of the European expert Kevin Suttie, within the EU’s project "Technical assistance to improve the quality of regularity and performance audit conducted by the Court of Accounts of the Republic of Moldova".
