of December 9, 1992 No. 734-XII
About auditor activities
The legislation on auditor activities consists of this Law and other acts of the legislation.
Features of carrying out audit inspection of banks and other credit institutions are determined by the Central bank of the Republic of Uzbekistan.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about auditor activities then are applied rules of the international treaty.
Auditor activities are understood as business activity of auditing organizations on rendering auditor services.
Auditor services include audit inspections and professional services, the stipulated in Article 17 these Laws.
Implementation of auditor activities by state governing bodies is forbidden.
Auditor activities are performed on the basis of the principles of independence, objectivity, independence, professional competence and confidentiality.
Standards of auditor activities determine procedure for carrying out audit inspection, rendering professional services and the organization of quality control system of work of auditors.
National standards of auditor activities establish single requirements for implementation of auditor activities.
Auditing organizations when carrying out audit inspection according to the agreement on rendering auditor services can apply international standards of audit.
The auditor - the physical person having the qualification certificate of the auditor.
The auditor can work according to the employment contract or under the civil contract only with one auditing organization.
The auditor according to the legislation bears damage liability before auditing organization, caused as a result of the carrying out low-quality audit inspection, disclosure of trade secret and other actions which entailed losses for auditing organization.
The qualification certificate of the auditor - the document confirming qualification of the auditor and granting the right to render auditor services on behalf of auditing organization.
The procedure for issue, renewal, cancellation of the qualification certificate of the auditor, prolongation and termination of its action is determined by specially authorized state body.
The assistant auditor - the physical person which does not have the qualification certificate of the auditor and participating in audit inspection at the request of the auditor without right to sign on the audit report, audit opinion, the expert opinion of the auditor and other official document connected with carrying out audit inspection.
Working conditions of the assistant auditor are determined by the employment contract signed according to the procedure, established by the legislation.
The obligation extends to the assistant auditor not to disclose the data received by it when implementing audit inspection.
Operating time as the assistant auditor joins in the length of service necessary for receipt of the qualification certificate of the auditor according to the procedure, established by the legislation.
Auditing organization - the legal entity having the license for implementation of auditor activities.
Auditing organizations in the activities are independent.
Auditing organizations cannot be created by the ministries, the state committees, departments and other bodies of the public and economic board.
Officials of state governing bodies, and also other persons who are forbidden to be engaged in business activity according to the legislation cannot be founders of auditing organizations.
Auditing organizations can be created and perform the activities in any form of business, stipulated by the legislation, except for joint-stock company, in case of observance of the following compulsory provisions:
at least fifty one percent of the authorized capital of auditing organization shall belong to one or several regular auditors of this auditing organization (except as specified creations of auditing organization - branch or affiliated enterprise of foreign auditing organization). The auditor can be the founder (participant) only of one auditing organization in which he works;
the number of staff of auditing organization shall conform to the requirements to the minimum number of regular auditors established by the legislation with the corresponding qualification;
the auditor for whom this auditing organization is principle place of employment shall be the head of auditing organization only;
availability of the authorized capital of auditing organization, stipulated by the legislation.
Auditing organizations are subject to state registration in the Ministry of Justice of the Republic of Uzbekistan. The Ministry of Justice keeps the state register of auditing organizations. The procedure for state registration of auditing organizations and maintaining the state register of auditing organizations is established by the legislation.
Auditing organizations perform auditor activities based on the signed agreement on rendering auditor services. The agreement on rendering auditor services is signed only in the presence of the responsibility insurance policy of auditing organization.
The auditing organization cannot be the founder (participant) of other auditing organization.
The trade name of auditing organization shall contain the phrase "auditing organization" and shall not contain the designations identical or similar to extent of their mixture with trade names of other auditing organizations. The legal entity who is not meeting the requirements of this Article having no right to use in the name the phrase "auditing organization".
The auditing organization has the right:
carry out familiarity with constituent documents and documents of financial accounting and the financial reporting of business entity for decision making about carrying out audit inspection;
to independently determine forms and methods of carrying out audit inspection;
receive when carrying out audit inspection in full documentation of business entity connected with implementation of financial and economic activities by it and also check the actual availability of any property and actual state of any obligations considered in this documentation;
receive oral and written explanations from responsible persons of business entity on the questions which arose during audit inspection and the additional data necessary for audit inspection;
receive from business entity written confirmations of information from the third parties;
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