Higher University

Education in the Field of

Accounting and Audit in

Moldova

Lilia Grigoroi

Associated professor,

Head of Accounting and Audit Department, Moldovan Academy of Economic Studies

If you don't know where you are going, any road will get you there.

Lewis Carroll

Accounting and Audit Department – leading

accounting department in Moldova

3 professors (8.1%)

(3 PhDs in Economics [Doctors])

9 senior lecturers (24.3)

22 associated professors (59.5 %)

(PhDs in Economic Sciences [Candidates])

2 lecturers (5.4)

37 lecturers

(47 positions)

More than 60 years of traditions;

Highly professional academic staff;

Direct participation in all accounting and audit reforms;

Step 1. We have submitted to ACCA

Internal regulations for IEA activity Curriculum Analytical programs for each subject Examples of tests and examination question

cards Samples of diploma and diploma supplement All submitted documents were translated into English (with the World Bank’s financial support).

Curriculum Year of study I Semester I

Names of subjects Total of hours

Form of

conformity

assessment

COMPULSORY SUBJECTS

1 ECONOMIC THEORY I (MICROECONOMY) 150 E

2 ECONOMIC MATHEMATICS 150 E

3 ECONOMIC INFORMATICS 150 E

4 ACCOUNTING BASES 180 E

5 STATISTICS 150 E

6 FOREIGN LANGUAGE 1 120 E

7 PHYSICAL TRAINING I 30 V

ELECTIVE COURSES

8 BASICS OF INFORMATICS 60 E

9 ROMANIAN LANGUAGE 60 E

Semester II

COMPULSORY SUBJECTS

10 ECONOMIC THEORY I (MICROECONOMY) 150 E

11 INTERMEDIATE ACCOUNTING 180 E

12 FINANCE 120 E

13 BUSINESS LAW 120 E

14 PHILOSOPHY 120 E

15 FOREIGN LANGUAGE II 120 E

16 MONEY CIRCULATION AND CREDITING 90 E

17 PHYSICAL TRAINING II 30 V

ELECTIVE COURSES

18 DEMOGRAPHY 60 E

Curriculum Year of study II Semester III

COMPULSORY SUBJECTS

19 FINANCIAL ACCOUNTNG I 180 E

20 FINANCIAL ACCOUNTNG 120 E

21 МАРКЕТИНГ 120 E

22 ACCOUNTING IN BUDGET-FUNDED ENTITIES 120 E

23 BASICS OF ECONOMIC ANALYSIS 120 E

24 ECONOMIC DOCTRINES 120 E

OPTIONAL SUBJECTS

26 ECONOMETRICS 120 E

27 BASICS OF CAPITAL MARKET FUNCTIONING 120 E

28 PROGRAMMING 120 E

29 LABOUR MARKET 120 E

30 BUSINESS ETHICS 120 E

31 OTHER ….

ELECTIVE COURSES

32 Business foreign language 60 E

Semester IV

COMPULSORY SUBJECTS

33 MANAGEMENT ACCOUNTING 150 E

34 BANK ACCOUNTING 120 E

35 FINANCIAL STATMENTS ANALYSIS 120 E

36 FINANCIAL ACCOUNTNG 2 180 E

37 TAXES 90 E

38 BUSINESS WORKFLOW MANAGEMENT 120 E

OPTIONAL SUBJECTS

39 PRODUCTION MANAGEMENT 120 E

40 GEOECONOMICS 120 E

41 BANKING ACTIVITIES 120 E

42 SERVICE MARKETING 120 E

43 BUSINESS ECONOMICS 120 E

44 OTHER … 120 E

ELECTIVE COURSES

45 BUSINESS FOREIGN LANGUAGE 60 E

Curriculum Semester V

COMPULSORY SUBJECTS

46 TAX ACCOUNTING 120 E

47 INTERNATIONAL ACCOUNTING 90 E

48 FINANCIAL AUDITING 150 E

49 MANAGEMENT ANALYSIS 120 E

50 TRADE ACCOUNTING 120 E

51 PRACTICAL COURSE IN FINANCIAL ACCOUNTING COURSE PATPER 180 E

OPTIONAL SUBJECTS

52 INTERNATIONAL ECONOMIC RELATIONS 120 E

53 FINANCIAL RISKS INSURANCE 120 E

54 BUSINESS PLANNING 120 E

55 LOGISTICS 120 E

56 SETTLEMENT OF TRADE TECHNICS 120 E

57 MANAGEMENT INFORMATION SYSTEMS 120 E

ELECTIVE COURSES

58 BUSINESS COMMUNICATION 60 E

Semester VI

COMPULSORY SUBJECTS

59 ACCOUNTING INFORMATION SYSTEMS 120 E

60 ECONOMIC INTEGRATION AND EUROPEAN ECONOMY 90 E

61 PRACTICAL TRAINING 270 E

62 GRADUATION PRACTICAL ASSIGNMENT 180 E

OPTIONAL SUBJECTS

63 INTERNAL AUDIT 90 E

64 MANAGEMENT CONTROL 90 E

ELECTIVE COURSES

65 SOCIOECONOMIC PSYCHOLOGY 60 E

STATE EXAMS: 1. ECONOMIC THEORY, 2. ACCOUNTING 3. GRADUATION THESIS

Professional Subjects According to the curriculum

Accounting bases

Intermediate accounting

Financial accounting I

Basics of economic analysis

Accounting in budget-funded entities

Financial accounting II

Financial statements analysis

Management accounting

Bank accounting

Tax accounting

International accounting

Management analysis

Trade accounting

Financial auditing

Practical course in financial accounting

Course paper

Information systems in accounting

Internal audit / Internal control

I y

ea

r o

f

ed

uca

tio

n

II y

ea

r o

f

ed

uca

tio

n

III y

ea

r o

f

ed

uca

tio

n

F1 Business accounting

F2 Management accounting

F3 Financial accounting

F4 Corporate and business law

F5 Performance management

F6 Taxation

F7 Financial reporting

F8 Audit and insurance

F9 Financial management

ACCA ASEM, Accounting Faculty

F1 Accounting in business Accounting bases

F2 Management accounting Management accounting

F3 Financial accounting Financial accounting I under NAS

Financial accounting II under NAS

Practical course in financial accounting/Course

paper

F4 Corporate and business lаw Business law

F5 Performance Management Management control and performance

management)

F6 Taxation Taxation

Tax accounting

F7 Financial Reporting Financial accounting under IFRS

Consolidated accounting

Financial statements analysis

F8 Audit and Assurance Financial auditing

F9 Financial Management Financial management

Ambiguities … Uncertainties …

Is it advisable to continue or is it necessary to stop teaching accounting based on the industry approach (accounting in trade, construction, transport,…)?

Is the number of auditorium classes sufficient?

Is it advisable to include the IFRS and Consolidations the curriculum for the first teaching cycle?

How should control, monitoring and evaluation of students’ independent work be carried out?

Analytical programs - I stage

Accounting bases

Intermediate accounting

Management accounting

Financial accounting 1

Financial accounting 2

Business law

Internal audit,

Internal control

Taxes

Tax accounting

Financial statements analysis

Financial audit

Basics of capital market functioning

ACCA evaluation - curricula contents

should be revised.

Analytical programs, shortcomings

Level of submitted curricula comparability with АССА requirements in some subjects made less than 80%.

The most vulnerable curricula are F9 Financial Management, F6 Taxation, F5 Performance Management

Examinations methodology issues

Does not impact accreditation process

National legislation in the field of law, accounting and audit

The subject is either compulsory or optional

Duration of the course, number of hours

STEP 2. Our activities: Working visit December 2012

ASE, București

ACCA, București

CAFR, București

CECCAR, București

The activities were fully

financed under the South-

South Experience Exchange

between Practitioners

Project (SEETF) for Moldova,

financed by the World Bank

Our activities: Holding of international conference

(reciprocal visit)

September 2013 "Sustainable development in

accounting and auditing profession:

applying the best practices in upgrading

university curricula through

cooperation and partnership with

European Union member-states".

http://web.worldbank.org/WBSITE/EXTERNAL

/COUNTRIES/ECAEXT/EXTCENFINREPREF/

0,,contentMDK:23482044~pagePK:64168445~

piPK:64168309~theSitePK:4152118,00.html

The activities were fully

financed under the South-

South Experience Exchange

between Practitioners

Project (SEETF) for Moldova,

financed by the World Bank

Step 2. Our activities:

Improvement of curricula (elimination of the stage I shortcomings)

Revision of examination question cards contents

Revision of the rating scale

The way it was…

Approved: Head of Department,

Dr. Hab., Prof. V.Ţurcanu

_______________

FINAL TEST

Subject – Financial Auditing

Qualification – Accounting

cycle I, License

Variant __

1. Specify responsibilities of state institutions in regulating financial audit in the Republic of Moldova

2. Describe assessments used in the acceptance process of audit commitments of financial statements

3. Explain the condition for non-expression of the opinion with reserves (comments) or adverse if during the audit doubts emerged with regard to business activity continuity.

4. Comment on the three elements of the independent auditor's report, formulate the introductory part.

5. Auditing situation:

When planning the audit of financial statements a preliminary assessment of internal control of loans and credits received by the entity during the audited period was made. According to the obtained results the auditor established a medium level inherent risk and internal control. Therefore, when carrying out the internal control testing works, special attention was paid to internal policies and procedures for authorizing and managing the loans and credits.

It is necessary to reveal the works applied in the field at each stage of exercising financial liabilities auditing.

Note: The questions are evaluated with 20 points each.

Examiner: Univ. prof. A. Iachimovschi

Rating scale revision

SCORE 0-

10

11-

20

21-30 31–

35

36 –

50

51–

60

61–

70

71-

80

81–

90

91–

100

GRADE 1 2 3 4 5 6 7 8 9 10

SCORE 0-

14

15-

24

25-36 36–

49

50 –

54

55–

64

65–

74

75-

84

85–

94

95–

100

GRADE 1 2 3 4 5 6 7 8 9 10

Examinations

АCCA requires written examinations

ASEM prescribes certain specifics in the final

evaluation format

Test 1

15%

Test 2

15%

Independen

t work

10 %

Day-to-day

academic

performan

ce

20%

Final test

40%

Final grade

8 7 8 9 9 8,45

Step 3: Implementation

Promotion of revised changes in the educational

process

Assurance of continuous communication with

ACCA and regular updating of curricula and

educational materials according to the

requirements resulting from the latest changes

in ACCA qualification programs

Thank you!

Accounting and Audit Department

R. Moldova, Chisinău,

50 Căpriana str., office 207

Tel.: +373 22 402758

+373 22 402757