Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF UZBEKISTAN

of February 25, 2021 No. ZRU-677

About auditor activities

Accepted by Legislative house on November 10, 2020

Approved by the Senate on February 5, 2021

Chapter 1. General provisions

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of auditor activities.

Article 2. Legislation on auditor activities

The legislation on auditor activities consists of this Law and other acts of the legislation.

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.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

the auditor - the physical person having the qualification certificate of the auditor;

The register of auditors - the list of the auditors having the qualification certificate of the auditor posted on the official website of authorized state body in the field of auditor activities, except for the register created by the Central bank of the Republic of Uzbekistan;

auditing organization - the commercial organization performing auditor activities for carrying out audit inspections and rendering the accompanying services;

The register of auditing organizations - the list of auditing organizations posted on the official website of authorized state body in the field of auditor activities;

auditor activities - business activity of auditing organizations on rendering auditor services;

committee on audit - committee from among members of the supervisory board of business entity, as a rule, including at least one independent member, responsible for establishment of control of correctness of financial reporting preparation, the choice of independent auditing organization, observation of processes of carrying out audit inspection, and also obtaining and studying of results of internal and external audit inspections;

ranking - forming of ordered lists of the auditing organizations grouped in the certain indicators characterizing activities of auditing organizations;

the applicant - the physical person applying for receipt of the qualification certificate of the auditor or prolongation of term of its action.

Article 4. The basic principles in the field of auditor activities

The basic principles in the field of auditor activities are independence, objectivity and honesty, professional competence and confidentiality of information.

Article 5. Principle of independence

The auditor shall be free from bias and not allow the facts capable to compromise him.

In the presence of the circumstances interfering independence, the auditing organization shall refuse rendering auditor services.

Article 6. Principle of objectivity and honesty

The auditor shall observe priorities of public concerns, to be impartial and not to put at risk the professional judgment because of bias, conflict of interest or pressure from other persons, not to allow the circumstances which are negatively influencing reputation of auditing organization.

Article 7. Principle of professional competence

The auditor shall observe requirements of this Law, have the due level of professional competence and support professional knowledge and skills at the level sufficient for high-quality rendering auditor services as a part of auditing organization.

Article 8. Principle of confidentiality of information

Auditors and employees of auditing organization have no right to disclose and report the data which became known for it during rendering auditor services, without written consent persons to whom auditor services, except as specified, stipulated by the legislation about anti-corruption, were rendered by the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction.

Article 9. Standards of auditor activities

Standards of auditor activities are international standards of audit and international standards of quality control, international standards of survey checks, international standards of the tasks providing the confidence, international standards of the accompanying services published by Council for international standards of audit and the tasks providing confidence of the International federation of accountants.

Auditor activities are performed on the basis of the standards of auditor activities which are not contradicting the legislation of the Republic of Uzbekistan and posted on the official website of authorized state body in the field of auditor activities based on permission to their publication in the Republic of Uzbekistan from the International federation of accountants.

The procedure for recognition of international standards of audit for their application in the territory of the Republic of Uzbekistan is determined by the Cabinet of Ministers of the Republic of Uzbekistan.

Chapter 2. Regulation in the field of auditor activities

Article 10. The main directions of state policy in the field of auditor activities

The main directions of state policy in the field of auditor activities are:

creation of conditions for development of auditor activities and fair competition in the market of auditor services on the basis of the advanced international practice;

increase in role, the importance of audit inspections and responsibility of auditing organizations for quality of the rendered auditor services;

enhancement of system of professional training and advanced training of auditors;

forming of external control system of quality of work of auditing organizations;

involvement of youth in auditor profession and ensuring active cooperation of republican public associations of auditors with the relevant highest educational organizations.

Article 11. Powers of the Cabinet of Ministers of the Republic of Uzbekistan in the field of auditor activities

Cabinet of Ministers of the Republic of Uzbekistan:

provides realization of state policy in the field of auditor activities;

determines procedure for recognition of international standards of audit for application them in the territory of the Republic of Uzbekistan;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.