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Ministry of Justice

Republic of Uzbekistan

On December 17, 1998 No. 567

Approved by Board of the Central bank of the Republic of Uzbekistan of June 4, 1998 No. 405 ( the protocol No. 12/4)

Requirements to internal audit of commercial banks

1. General rules

These requirements are developed according to the Laws of the Republic of Uzbekistan "About banks and banking activity", "About the Central bank", others legislative and the regulations regulating questions of banking and auditor activity.

1.1. The service of internal audit is independent structural division of commercial bank.

1.2. The service of internal audit (further in the text Service of audit) performs audit inspections in all structural divisions and branches (departments) of Head bank, and also Head bank.

1.3. The service of audit in the activities is guided by the Laws, regulations of the Central bank of the Republic of Uzbekistan, and domestic situations and instructions of bank.

1.4. The head of Service of audit is appointed by Council of the bank. The council of the bank regularly hears quarterly reports of the head of Service of audit.

1.5. The number of Service of audit shall be sufficient for effective goal achievement and the solution of tasks of internal audit.

1.6. The service of audit is independent and directly submits to Council of the bank or its Auditing committee. The auditing committee of bank is created by Council of the bank. Members of Auditing committee are appointed from among members of council of bank. Board members or other heads of bank cannot be part of Auditing committee.

1.7. Banks of the Republic of Uzbekistan shall develop and have "Provision on service of internal audit", and also "Procedure and procedures of carrying out internal audit".

2. Purposes and tasks of internal audit.

Main objectives and tasks of internal audit are:

2.1. Implementation of internal audit of activities of bank, its compliance to the legislation, and the regulations regulating activities of commercial banks in the territory of the Republic of Uzbekistan.

2.2. Carrying out the current financial records audit (monthly, quarter, annual).

2.3. Identification of unusual and unusual situations or phenomena.

2.4. Assessment of conformity of activities of bank to the policy accepted by it, provisions and procedures.

2.5. Assessment of adequacy of systems of accounting, operational and administrative control.

2.6. Assessment of conformity of activities of bank to current laws, rules and instructions.

2.7. Preparation of activities of bank for external audit.

Besides Service of audit of commercial banks:

- participates in development of domestic situations, instructions, procedures and other documents;

- cooperates with similar services of banks of the Republic of Uzbekistan and other organizations for advanced training, experience exchange;

- gives help to external auditors by exchange of information and promotes work of external auditors;

- generalizes materials of checks and provides information on results of checks to Council and management of bank. Makes offers to Council and management of bank about taking measures for elimination of the revealed shortcomings.

3. Powers of employees of service of audit

3.1. Employees of Service of audit when implementing checks have the following powers:

- demand from management and bank employees all necessary documents connected with activities of bank;

- receive explanations from heads and bank employees;

- receive copies of documents;

- withdraw, if necessary, in the procedure (raising doubts in further safety) established by bank originals of documents;

- have access to all premises of bank for the purpose of check;

- receive at the request of other organizations necessary data and documents when checking separate banking activities and documents;

4. Responsibility of employees of Service of internal audit

4.1. Officials of Service of internal audit bear responsibility for:

- misstatement of results of checks;

- non-compliance with confidentiality of any information on deposits, accounts and about the transactions performed on them in the checked banks;

- failure to provide of safety and return of the documents received from the relevant divisions;

Employees of Service of internal audit bear responsibility according to the existing legislations of the Republic of Uzbekistan, and also provisions of the commercial banks regulating responsibility of internal auditors.

5. Requirements to employees of Service of internal audit

5.1. Employees of Service of internal audit (auditors) shall:

- Have the higher education corresponding to nature of the functions which are carried out by them and to have necessary professional skills and qualification;

- Know the bank law, and also the regulations of the Central bank regulating activities of banks in the territory of the Republic of Uzbekistan.

- It is good to know the commonly accepted international accounting standards and audit.

- To regularly improve the skills.

- Not have restrictions or limiting framework when planning audit programmes concerning time or scales of solvable tasks.

6. Main requirements to carrying out audit inspections

6.1. Audit inspection shall be made by person or persons having the corresponding preparation and qualification.

On all questions concerning the performed work, the point of view of the auditor shall remain independent.

When conducting check and creation of the report it is necessary to approach it with due professional care, attention and objectivity.

The trust of the third parties to bank depends on quality of work of the auditor. Work shall be well planned and the auditor shall have the program.

Audit programme:

- Shall contain the purposes.

- The scope of the program shall be sufficient for achievement of the auditor purposes.

- Shall include the detailed working plan and the description of necessary procedures for each considered area.

- Each program shall provide the clear and short description of required work and can cover activities of both one department, and several departments depending on specifics and complexity of transactions.

- The procedures included in the program can be changed depending on amount and complexity of the performed transactions or other factors.

- Frequency of carrying out audit inspections shall be based on the risks assessments connected with each sphere which shall be subjected to audit (among factors which the auditor shall consider in case of risk identification of transaction the nature of specific transactions, and also the connected assets and liabilities, availability corresponding policy and standards of internal control, management efficiency and internal control shall take place).


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