Ernst & Young is one of the world's leading international business and financial advisors counting

approximately 130,000 employees in 700 offices spread across 140 countries. Recognizing the importance
of the Republic of Moldova within the Southeast Europe region, Ernst & Young opened in 2001 an office in
Chisinau. After seven years of experience since its creation, we are counting several major foreign investors
and local companies as our clients.

History and Employees

Ernst & Young (trading as EY) is a multinational professional services firm headquartered in London,
United Kingdom. It is one of the "Big Four" audit firms and is the third largest professional services firm in
the world by aggregated revenue in 2014, after PwC and Deloitte.
The organization operates as a network of member firms which are separate legal entities in individual
countries. It has 212,000 employees in over 700 offices around 150 countries in the world. It
provides assurance(including financial audit), tax, consulting and advisory services to companies.
The firm dates back to 1849 with the founding of Harding & Pullein in England. The current firm was
formed by a merger of Ernst & Whinney and Arthur Young & Co. in 1989. It was known as Ernst & Young
until 2013, when it underwent a rebranding to EY. The acronym "EY" was already an informal name for the
firm prior to its official adoption.
As of 2015, EY was the 11th largest privately owned organization in the United States.

Ernst & Young Moldova

Ernst & Young Moldova provides a large range of services, serving as auditors, business and financial
advisors, taxation specialists, and consultants for many local companies, adding value to its clients. They
hold a leading position on the Moldovan market, working with both multi-national clients and local
companies, from a large range of industries.Ernst &Young Moldova staff consists of approximately 40
professionals directly supported by the 500 professionals of Ernst & Young Romania and other specialists of
Ernst & Young Southeast Europe.

Global structure

EY is the most globally managed of the Big Four firms. EY Global sets global standards and oversees global
policy and consistency of service, with client work performed by its member firms.
Each EY member country is organized as part of one of four areas. This is different from other professional
services networks, which are more centrally managed.
The four areas are:

EMEIA: Europe, Middle East, India and Africa

Americas

Asia-Pacific

Japan

Photo: Saudi Arabia

Each area has an identical business structure and a management team, which is led by an Area Managing
Partner who is part of the Global Executive board. The aim of this structure is to effectively cater for an
increasingly global clientele, who have multinational interests.

Services
EY has four main service lines and share of revenues in 2014.

Assurance (41%): comprises Financial Audit (core assurance), Financial Accounting Advisory
Services, Fraud Investigation & Dispute Services, and Climate Change & Sustainability Services.

Tax (26%): includes Transfer Pricing, International Tax Services, Business Tax Compliance, Human
Capital, Customs, Indirect Tax, Tax Accounting & Risk Advisory Services, Transaction Tax.

Advisory (24%): consisting of four subservice lines: Actuarial, IT Risk and Assurance, Risk, and
Performance Improvement.

Transaction Advisory Services (TAS) (9%): deals with companies' capital agenda preserving,
optimizing, investing and raising capital.

Tax avoidance
In 2014 tax arrangements negotiated by EY for The Walt Disney Company, Koch Industries, Skype, and
other multinational corporations became public in the so-called Luxembourg Leaks. The disclosure of these
and other tax arrangements led to controversial discussions about tax avoidance.

Sports sponsorship
On 8 September 2011, Rio 2016 made the announcement that EY will be an official sponsor of the XXXI
Olympic Summer Games to be held in Brazil, as the exclusive provider of professional services consulting
and auditing for Rio 2016 organizing committee.
EY has also been an Official Partner to The 2012 and the 2014 Ryder Cups.
EY also has a longstanding relationship with the 2011 Tour de France winner Cadel Evans.

General Information, legal structure, ownership and governance in Moldova

In Moldova, Ernst & Young is a limited liability company incorporated in Chisinau and is a member firm
of Ernst & Young Global Limited (EYG or Global). In this report we refer to ourselves as Ernst & Young
Moldova, the Firm or we or us.
The direct sole shareholder of Ernst & Young Moldova is a Romanian company Ernst & Young
Assurance Services SRL registered in Romania at 05 July 1999, registration number
J40/5964/30.06.1999 with its official address at Bucuresti, Sector 1, Str. Dr. Iacob Felix, Nr. 63-69, 2nd
floor, Romania.
Various individuals at Ernst & Young Moldova are charged with management functions for Ernst & Young
Moldova. These individuals are responsible for day to day management activity and for the application of
global and area level policy at the country level. Details of the formal/legal governing bodies of Ernst &
Young Moldova are available in the public registry of companies in Moldova.
Provided services
Ernst & Young Moldova provides audit of the financial statements, tax and financial advisory,
bookkeeping services and other business advisory services.
License data
The audit activity is provided based on the licence serial no. A MMII 029637 issued on 16 May 2006.
Total number of employees
As of 31 December 2012, there were 21 employees at Ernst & Young Moldova, 14 of which are in our
Audit Department.
Number of employees holding international professional accounting qualification certificates
At the moment there is one professional based in Ernst & Young Moldova holding an international
professional accounting certificate (Certified Internal Auditor (CIA)).

Used languages
In addition to the state language, the following main languages are used in our professional audit activity:
English and Russian.
Ernst & Youngs EMEIA Area comprises EYG member firms in 93 countries in Europe, Middle
East, India and Africa.
Ernst & Young (EMEIA) Limited (EMEIA Limited), an English company limited by guarantee, is the
principal governance entity for the EYG member firms in the EMEIA Area. EMEIA Limited facilitates the
coordination of these firms and cooperation between them, but it does not control them.
EMEIA Limited is a member firm of EYG.
In Europe, a holding entity, Ernst & Young Europe LLP (Ernst & Young Europe) was formed in
conjunction with the EMEIA Area. Ernst & Young Europe is a English limited
liability partnership, owned by partners of EYG member firms in Europe. It is an audit firm registered
with the ICAEW but it does not carry out audits or provide any professional services.
To the extent permitted by local legal and regulatory requirements, Ernst & Young Europe has
acquired or will acquire control of the EYG member firms in the European countries in the EMEIA
Area. Ernst & Young Europe is a member firm of both EYG and EMEIA Limited.
Ernst & Young Europe acquired control of Ernst & Young Moldova as of 30 June 2009.

Network arrangements
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide,
167,000 people in over 140 countries are united by shared values and an unwavering commitment to
quality, integrity and professional scepticism. Ernst & Young makes a difference by helping its people,
clients and wider communities achieve their potential.
In todays global market, our integrated approach is particularly important in the delivery of high quality
multinational audits, which can span multiple jurisdictions. In our report that follows, we set out core
elements of our quality
framework which support our seamless, high quality service delivery.
In this report, Ernst & Young refers collectively to the global organization of member firms of Ernst &
Young Global Limited (EYG or Global), a UK company limited by guarantee. EYG
is the central entity of the Ernst & Young network and coordinates the member firms and cooperation
among them. EYG does not provide services. Its objectives include the promotion of the provision by its
member firms of seamless, consistent, high-quality service, worldwide. Each member firm is a legally
distinct entity. The member firms obligations and responsibilities are governed by the regulations of EYG
and various other agreements.
The member firms are grouped into four geographic Areas: Americas, Asia-Pacific, EMEIA
(Europe, Middle East, India and Africa) and Japan. The Areas comprise a number of
Sub-Areas, which are composed of member firms or sections of those firms.
Ernst & Young Moldova is part of EMEIA, which comprises member firms in 93 countries. Within the
EMEIA Area, there are 12 Sub-Areas. Ernst & Young Moldova is part of the Central and South-East
Europe (CSE) Sub-Area.

Internal quality control system

Ernst & Young Moldovas reputation for providing high quality professional audit services in an
independent, objective and ethical manner is fundamental to our success
as independent auditors. We continue to invest in initiatives to promote enhanced objectivity,
independence and professional scepticism. These are fundamental attributes of a high quality audit.
At Ernst & Young Moldova, our role as auditors is to provide assurance on the fair presentation of the
financial reports of the company we audit. We bring together qualified teams to provide our services,
drawing on our expertise across industry sectors and services. We continually strive to improve our
quality and risk management processes so that the quality of our service is at a consistently high level.
We recognize that in todays environment characterized by continuing globalization and the rapid
movement of capital the quality of our audit services has never been more important. Reflecting the
strength of our commitment
to delivering quality in everything we do, Ernst & Young has continued to invest heavily in
developing the audit methodology, tools and other resources needed to support quality service
delivery. While the market and stakeholders continue to demand high-quality audits, they also
demand
increasingly efficient and effective delivery of audit services. Ernst & Young continues to seek ways to
improve the effectiveness and the efficiency of the audit methodology and processes, while maintaining
audit quality. We work to understand where our audit quality may not be up to Ernst & Youngs
expectations and those of stakeholders including external audit firm regulators. We seek to learn from
external and internal inspection activities and to identify root causes of quality occurrences for
continuous improvement in audit quality.
Effectiveness of quality control system
Ernst & Young has designed and implemented a comprehensive set of global audit quality
control policies and practices,
as described herein. These policies and practices meet the requirements of the International
Standards on Quality Control issued by the International Auditing and Assurance Standards Board
(IAASB). Ernst & Young Moldova has adopted these global policies and procedures, and has
supplemented them as necessary to comply with local laws and professional guidelines and to
address specific business needs. For the year 2012 the respective global audit quality control
policies and practices were approved by Ernst & Young Moldova through the Order no. 1/2012 of 1
January 2012. We also execute

the Ernst & Young Audit Quality Review (AQR) program and evaluate whether our system of audit
quality
control has operated effectively in a manner so as to provide reasonable assurance that Ernst &
Young Moldova and
our personnel comply with applicable professional and Ernst & Young standards and regulatory
requirements.
The results of the AQR program are evaluated and communicated within Ernst & Young to provide
the basis for continuous improvement in audit quality, consistent with the highest standards in the
profession.
The recent results of such monitoring provide Ernst & Young Moldova with a basis to conclude
that our internal control systems are designed appropriately and are operating effectively.
In this section, we describe the various components of our audit quality control system:

Instilling professional values

Performing audits

Review and consultation

Internal and external accountability

Audit quality reviews

We recognize that in todays environment the quality of our audit services has never
Garry R Collins, Head of Assurance, Moldova

General
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational professional
services firm headquartered in New York City in the United States.
Deloitte is one of the "Big Four" and the second largest professional services network in the world by
revenue and the largest by the number of professionals. Deloitte provides audit, tax, consulting,
enterprise risk and financial advisory services with more than 225,400 professionals globally. In FY
2015, earned a record $35.2 billion USD in revenues.

As per reports in 2012, Deloitte had the largest number of clients amongst FTSE 250 companies in the
UK and in 2015, Deloitte currently has the highest market share in auditing among the top 500
companies in India.
Deloitte has been ranked number one by market share in consulting by Gartner, and for the fourth
consecutive year, Kennedy Consulting Research and Advisory ranks Deloitte number one in both global
consulting and management consulting based on aggregate revenue. In 2015, Fortune magazine ranked
Deloitte as one of the 100 'most exceptional' companies and Bloomberg Business has consistently named
Deloitte as the best place to launch a career.

Global structure
For many years, the organization and its network of member firms were legally organized as a Swiss
Verein (the equivalent to an unincorporated association, like the Associated Press in the United States).
As of 31 July 2010, members of the Verein became part of Deloitte Touche Tohmatsu (DTTL), a UK
private company, limited by guarantee. Each member firm in its global network remains a separate and
independent legal entity, subject to the laws and professional regulations of the particular country or
countries in which it operates. Deloitte is registered under the NAIC code of 55112.
This structure is similar to other professional services networks which seek to limit vicarious liability for
acts of other members. As separate and legal entities, member firms and DTTL cannot obligate each
other. Professional services continue to be provided by member firms only and not DTTL. With this
structure, the members should not be liable for the negligence of other independent members. This
structure also allows them to be members of the IFAC Forum of Firms which is network of accounting
firm networks.

Services
Deloitte member firms offer services in the following functions, with country-specific variations on their
legal implementation (i. e., all operating within a single company or through separate legal entities
operating as subsidiaries of an umbrella legal entity for the country). The 2014 revenue shares are listed
in parentheses.

Audit (30%): Provides the organization's traditional accounting and audit services, as well as
internal auditing and IT control assurance.

Consulting (33%): Assists clients by providing services in the areas of enterprise applications,
technology integration, strategy & operations, human capital, and short-term outsourcing.

Financial Advisory (9%): Provides corporate finance services to clients, including dispute,
personal and commercial bankruptcy, forensics, e-discovery, document review, advisory, capital projects
consulting and valuation services.


Enterprise Risk (9%): Provides offerings in enterprise risk management, information security and
privacy, data quality and integrity, project risk and business continuity management.

Tax (19%): Helps clients increase their net asset value, undertake the transfer pricing and
international tax activities of multinational companies, minimize their tax liabilities, implement tax
computer systems, and provides advisory of tax implications of various business decisions.

Staff and offices

Deloitte offers its staff a variety of career models to choose from based on their preferences, strengths,
geographic location and business need. These career models also vary for each function and in some
cases across different member firms around the world. Traditional titles for Consulting are Analyst,
Consultant, Senior Consultant, Manager, Senior Manager, Director and Partner. In some of the more
assurance centric functions the titles Consultant and Senior Consultant are substituted for Analyst and
Senior Analyst. Many parts of Deloitte also offer an alternate career path for people that choose to
pursue deep specialization in their chosen fields but may not have Partnership aspirations. Titles for
these position differ around the world but may include Specialist Senior, Specialist Master and Specialist
Leader.

Deloitte Moldova
Deloitte & Touche LLC Moldova is a member company Deloitte network. "Network Deloitte "is
composed of member firms of Deloitte Touche Tohmatsu Limited, a UK company limited by guarantee
(hereinafter "DTTL"). DTTL does not provide professional services to customers, not managing,
controlling or does not have any direct kind of interest in any of the member firms or any of the member
firms affiliated entities. Deloitte member firms provide network services to customers, either directly or
through its affiliates (companies States or their affiliates are collectively referred to in this report
"Member Firms"). Firms States operating under the brand names Deloitte and related, including
"Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu, "and" Tohmatsu. "Member Firms
providing professional services in geographical and obey the laws, regulations and professional
requirements of the jurisdictions in which it operates. Each member firm is structured differently in
accordance with, inter alia, laws, regulations and national customary practices. Member firms are not
subsidiaries or branches of DTTL and DTTL does not act as agents or member firms. Rather, they are
entities formed by its own local property independent of DTTL that have voluntarily become members
of the Network of Deloitte, with the primary purpose of coordinate their approach with services
provided to customers, professional standards, with shared values, methodologies and quality control
systems and risk management. DTTL has adopted certain policies and protocols in each of these areas in
an effort to establish a consistently high level of quality, professional conduct and the services provided
in all Member Firms. this structure confers significant solid points, combining high quality standards
and methodologies with a deep understanding of local markets and with a sense of responsibility and

initiative among professionals who have a direct interest in the integrity and growth of their respective
practices.