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of November 20, 1998 No. 304-I

About auditor activities

(as amended on 03-07-2020)

This Law governs the relations arising between state bodies, physical persons and legal entities, auditors, auditing organizations, professional auditing organizations and professional advice on auditor activities in the course of implementation of auditor activities in the Republic of Kazakhstan.

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) accredited professional auditing organization (further - the professional organization) - the non-profit organization uniting auditors and auditing organizations;

2) accreditation - official recognition by authorized state body of competences of the professional organizations provided by this Law;

3) certification - the procedure of determination by the Qualification commission of knowledge and skills of candidates for auditors;

4) audit - check for the purpose of expression of independent opinion on the financial reporting and other information connected with the financial reporting according to the legislation of the Republic of Kazakhstan;

5) the auditor - the physical person certified by the Qualification commission on certification of candidates for auditors (further - the Qualification commission), the received certificate of competency about qualification assignment "auditor";

6) the audit report - the written official document which is result of the booked audit;

7) auditor activities - business activity on carrying out financial records audit and the other information connected with the financial reporting and provision of services according to this Law;

7-1) professional advice on auditor activities (further - professional advice) - the non-profit organization which does not have membership founded by the professional organization (the professional organizations);

8) auditing organization - the commercial organization created for implementation of auditor activities and which is the member of the professional organization;

9) the audited subject - the legal entity, branches and (or) representations of the legal entity acting from his name, the individual entrepreneur concerning whom audit, audit on taxes, audit of other information is booked;

10) the Code of ethics - the code of ethical rules of professional activity of auditors, the auditing and professional organizations published by the International federation of the accountants and applied in the Republic of Kazakhstan according to the legislation of the Republic of Kazakhstan on financial accounting and the financial reporting;

11) the doubtful audit report - the audit report constituted with violation of the law of the Republic of Kazakhstan about auditor activities, containing the false and (or) incomplete information on the financial reporting and on information provided by audit standards, misleading users;

12) audit of data on the subsoil user's expenses - audit of expenses of the subsoil user on transactions on exploration and production of minerals;

12-1) objects of external control of quality of professional advice - auditing organizations which book audit of issuers whose securities are included or are planned to inclusion in the official listing of the stock exchanges functioning in the territory of the Republic of Kazakhstan and also the financial organizations (except for the legal entities performing activities only through exchange points based on the license of National Bank of the Republic of Kazakhstan for exchange transactions with cash foreign currency and legal entities whose exclusive activities is collection of banknotes, coins and values), national managing holdings, national holdings, the national companies, subsoil users (except extracting popular minerals);

13) audit of special purpose of subjects of the quasi-public sector - audit concerning use of budgetary funds;

14) obviously doubtful audit report - the audit report constituted without carrying out audit or containing the opinion which is intentionally misleading users;

15) conflict of interest - situation in case of which interest of auditing organization can affect her opinion on reliability of the financial reporting of the audited subject;

16) audit of other information - the check performed according to the laws of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan", "About insurance activity", "About the security market", processes and information which is not connected with the financial reporting concerning assessment of risk management system and internal control including concerning the strategy and business model, assessment of corporate management system, assessment of risk management system of information technologies, efficiency evaluation of information security system, and also system effectiveness of internal control in the sphere of counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing;

17) audit opinion on audit of other information - the conclusion constituted by results of audit of other information;

17-1) nonpracticing expert - the physical person which is not the founder (participant) or the employee of auditing organization and not consisting in the civil relations with it at least one calendar year before appointment and during work in bodies of professional advice;

18) audit on taxes - audit concerning correctness of calculation and payment on all types of tax and other obligatory payments in the budget, completeness and timeliness of calculation, deduction and transfer of compulsory pension contributions, compulsory professional pension contributions, completeness and timeliness of calculation and payment of social assignments which is carried out according to the procedure, determined by authorized state body;

19) audit opinion on taxes - the conclusion constituted by results of audit on taxes;


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