LAW OF THE KYRGYZ REPUBLIC

of December 3, 2021 No. 147

About auditor activities

Accepted by Jogorku Kenesh of the Kyrgyz Republic on October 20, 2021

Chapter 1. General provisions

Article 1. The legislation of the Kyrgyz Republic in the sphere of auditor activities

1. This Law governs the relations arising when implementing auditor activities in the Kyrgyz Republic, supervision of audit and external control of quality of audit, establishes the legal basis of activities of professional auditor associations and does not extend to the state and internal audit.

2. If the international treaties which came in the procedure established by the law into force which participant is the Kyrgyz Republic establish other rules and requirements, than those which contain in this Law and the legislation of the Kyrgyz Republic are applied rules and requirements of the international treaty.

3. Audit of banks and non-bank financial credit institutions is performed according to the requirements of the bank law of the Kyrgyz Republic which came in the procedure established by the law into force international treaties which participant is the Kyrgyz Republic, and also international standards of audit.

Regulations of this Law are applied to audit of banks and non-bank financial credit institutions in the part which is not contradicting the bank law of the Kyrgyz Republic.

Article 2. The concepts used in this Law

1. In this Law the following concepts are used:

1) audit - independent verification of the financial reporting and/or other financial information of the audited subject for the purpose of expression of independent opinion on their reliability;

2) the auditor - the physical person having the qualification certificate of the auditor, registered in the Unified state register of auditors, auditing organizations, professional auditor associations according to this Law;

3) auditor activities - activities for carrying out audit and accomplishment of other checks providing confidence, and also for rendering the accompanying services;

4) auditing organization - the legal entity founded according to the civil legislation of the Kyrgyz Republic and registered in the Unified state register of auditors, auditing organizations, professional auditor associations according to this Law;

5) the audited subject - the subject concerning whose financial reporting and (or) other information provided to them audit is booked or to which the accompanying services are rendered;

6) audit opinion - the document constituted by auditing organization by results of carrying out audit;

7) the report - the document constituted by auditing organization when rendering the accompanying services;

8) accreditation - the procedure of recognition of training programs of higher educational institutions and professional auditor associations by their assessment on compliance to programs of professional qualification of the auditor and life-long professional education of auditors, and also to the requirements and criteria established by the Cabinet of Ministers of the Kyrgyz Republic;

9) external control of quality - the quality check of audit and efficiency of internal control of quality of procedures for ensuring compliance with audit standards, standards of quality control and the Code of ethics of professional accountants, and also legislations of the Kyrgyz Republic in the sphere of audit performed by authorized state body;

10) the Unified state register of auditors, auditing organizations and professional auditor associations (further - the Unified state register) - the electronic systematized list of the auditors, auditing organizations, professional auditor associations and auditing organizations allowed to audit of subjects of public interest, subjects of big business which is kept by authorized state body according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic;

11) foreign auditing organization - the organization which acquired the right to implementation of auditor activities in the state which is not state member of the Eurasian Economic Union and which status is confirmed with competent authority of such state;

12) the qualification certificate of the auditor - the document certifying professional qualification of the applicant and issued according to the procedure, established by the Cabinet of Ministers of the Kyrgyz Republic;

13) the Code of ethics of professional accountants (further - the Code of ethics) - the ethical requirements imposed to professional accountants, established by Council for the international ethical standards for accountants;

14) the applicant - the physical person who showed willingness to pass examinations in the Program of professional qualification of the auditor and applying for the right of receipt of the qualification certificate of the auditor;

15) nonpracticing person - the physical person which during its activities in Council of public supervision of audit or as the consultant for carrying out external control of quality and 3 years before appointment as his member of council of public supervision of audit or the consultant for carrying out external control of quality did not book audit was not participant/founder, the member of council, executive or supervisory authority of auditing organization, did not perform activities in auditing organization and was not the employee participating in the audits booked by auditing organization;

16) audit standards - the international standards of audit published by Council for international standards of audit and the tasks providing confidence, applied when carrying out audit;

17) standards of quality control - the international standards of quality control published by Council for international standards of audit and the tasks providing confidence, applied in case of audit quality control;

18) the accompanying standards - the international reports on practice of audit, 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;

19) Council for international standards of audit and the tasks providing confidence - the independent body serving to public concerns by means of the edition of high-quality international standards of audit, tasks providing confidence, quality control and the accompanying services, also contributions to rapprochement of the international and national standards;

20) Council for international standards of education - the independent body of standardization developing the educational standards, materials used in case of implementation and methodological application guides for use by the organizations - members of the International federation of accountants and other concerned parties for the purpose of the organization of professional accounting education, in particular, universities and other educational institutions, regulators, competent state bodies, accountants and future accountants;

21) Council for the international ethical standards for accountants - independent international commission on establishment of standards of ethics for accountants;

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