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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of September 22, 2000 No. 365

About enhancement of auditor activities and increase in role of audit inspections

(The last edition from 29-10-2018)

For the purpose of implementation of the Law of the Republic of Uzbekistan "About auditor activities", increases in role and the status of audit inspections, ensuring accounting of audit opinions by tax and other Cabinet of Ministers monitoring bodies decides:

1. Determine that:

financial and economic activities of microfirms in which financial accounting and reporting preparation is performed by auditing organization are checked by tax authorities with obligatory involvement of the relevant auditing organization. At the same time responsibility for reliability of the financial reporting is born by auditing organization.

2. Approve:

Regulations on procedure for recovery of penalty from business entities for evasion from carrying out obligatory audit inspection according to appendix No. 2.

3. Assign to the Ministry of Finance of the Republic of Uzbekistan, as to specially authorized state body on licensing of auditor activities, function on:

to development and approval within the competence of the regulations regulating auditor activities, including national standards of auditor activities;

to control of observance by auditing organizations of licensed requirements and conditions;

to approval in coordination with republican public association of auditors of the training program and procedure for passing qualification examinations for receipt of the qualification certificate of auditors;

to suspension for the term of no more than ten working days, to appeal to the court about suspension for the term of more than ten working days, and also in established by the legislation cases to cancellation of the license for implementation of auditor activities, its cancellation and renewal;

to issue, cancellation and cancellation of qualification certificates of auditors according to the procedure, established by the legislation;

to maintaining the register of the auditors having the qualification certificate and accounting of the auditing organizations having licenses for implementation of auditor activities.

4. Approve Regulations on procedure for issue of licenses to auditing organizations for implementation of auditor activities according to appendix No. 3.

5. Voided

6. To the Ministry of Justice and Ministry of Finance of the Republic of Uzbekistan:

till October 1, 2001 to make in accordance with the established procedure re-registration and licensing for implementation of auditor activities of new sample to the operating auditing organizations according to requirements of this resolution;

together with the State Tax Committee to take measures for the termination in accordance with the established procedure of activities of the auditing organizations which did not pass re-registration in the specified time.

7. To provide to the Ministry of Justice of the Republic of Uzbekistan, the ministries and departments review and reduction of departmental regulating documents in compliance with this resolution.

8. Make additions and changes to some decisions of the government according to appendix No. 4.

9. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Chairman of the Cabinet of Ministers

I. Karimov

Appendix No. 2

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 No. 365

Regulations on procedure for recovery of penalty from business entities for evasion from carrying out obligatory audit inspection

1. This Provision is developed according to the Law of the Republic of Uzbekistan "About auditor activities" and establishes single procedure for recovery of penalty from business entity for evasion from carrying out obligatory audit inspection.

2. Action of this provision extends on the business entities who are subject according to the legislation to obligatory audit inspection.

3. The basis for imposing of penalty is evasion of business entity from carrying out obligatory audit inspection.

Evasion of business entity from carrying out obligatory audit inspection is recognized:

not carrying out audit inspection of the annual financial reporting till May 1 of the year following after accounting year;

lack of audit opinion.

4. The business entity who is subject to obligatory audit inspection carries out audit inspection of the annual financial reporting for previous year till May 1 of accounting year and within 15 days after the end of audit inspection represents the copy of audit opinion certified in accordance with the established procedure to the relevant tax authority.

5. In case of non-presentation of the copy of audit opinion in tax authority to fixed term, the business entity shall submit in writing in tax authority the explanation reflecting absence reason of audit opinion.

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