Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

It is registered

Ministry of Justice

Kyrgyz Republic

On August 7, 2006 No. 87-06

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of June 28, 2006 No. 19/4

About some regulations of National Bank of the Kyrgyz Republic

(as amended on 28-09-2021)

Having considered the project of the Provision "About the Minimum Requirements to Carrying Out External Audit of the Microfinancial Organizations in the Kyrgyz Republic", and also change and amendment in some regulations of National Bank of the Kyrgyz Republic, being guided by articles 7 and 43 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", articles 10 and 37 of the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About the Minimum Requirements to Carrying Out External Audit of the Microfinancial Organizations in the Kyrgyz Republic" it (is applied).

2. Approve changes and amendments in the following regulations:

- paragraph two of Item 2 ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 09.12.2015 No. 76/9

- The provision "About Committee on Supervision of National Bank of the Kyrgyz Republic" approved by the resolution of Board of NBKR No. 6/2 of March 19, 2005 (registration number of the Ministry of Justice of the Kyrgyz Republic No. 55-05 of April 21, 2005).

3. To management of methodology of supervision and licensing together with Legal department to carry out in accordance with the established procedure state registration of this resolution in the Ministry of Justice of the Kyrgyz Republic with the subsequent official publication.

4. This resolution becomes effective from the moment of official publication after state registration in the Ministry of Justice of the Kyrgyz Republic.

5. From coming into force of this resolution to declare invalid the resolution of Board of National Bank of the Kyrgyz Republic No. 36/2 of December 27, 2003 "About Provisional regulations "About the minimum requirements to carrying out external audit of the microfinancial organizations in the Kyrgyz Republic".

6. After publication of the registered regulation to Legal department to inform the Ministry of Justice of the Kyrgyz Republic on publication source (the name of the edition, its number and date).

7. To impose control of execution of this resolution on the vice-chairman of National Bank Kyrgyz the Republics Dzhanybekova of Page E.

Chairman of the board

Alapayev M. O.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of June 28, 2006 No. 19/4

Provision "About the Minimum Requirements to Carrying Out External Audit of the Microfinancial Organizations in the Kyrgyz Republic"

This Provision "About the Minimum Requirements to Carrying Out External Audit of the Microfinancial Organizations in the Kyrgyz Republic" (further - the Provision) is developed according to the Laws of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic", "About auditor activities" and "About financial accounting" and establishes the minimum requirements to carrying out external audit of the annual financial reporting of the microfinancial organizations including which are performing transactions by the Islamic principles of banking and financing taking into account specifics of the used terminology, and having the certificate of National Bank for implementation of activities as the microfinancial organization.

1. The basic concepts used in this Provision

1.1. External audit - the independent check of activities of the microfinancial organization performed based on the contract between the microfinancial organization and the external auditor for the purpose of increase in degree of confidence of users in reliability of the financial reporting in all its essential aspects according to international accounting standards and other information, and the requirements established by the legislation of the Kyrgyz Republic.

1.2. The external auditor - person who is the individual auditor or auditing organization according to the Law of the Kyrgyz Republic "About auditor activities".

1.3. Independence of the external auditor - capability of the external auditor to be effective independently, irrespective of someone's influence on results of its conclusions, conclusions and in the conditions excluding any foreign impact on opinion expression by the external auditor.

1.4. Officials are persons who are part of governing bodies of the microfinancial organization, and also the faces given authority and bearing responsibility on financial and credit operations.

1.5. Affiliates - value is determined in Item 5 of article 1 of the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic".

2.

Voided according to the Resolution of Board of National Bank of the Kyrgyz Republic of 14.10.2015 No. 62/2

3. Rules of carrying out

3.1. The microcredit companies and the mikrocreditny agencies (further - MKK/MKA) book external audit of the activities according to the Law of the Kyrgyz Republic "About the microfinancial organizations in the Kyrgyz Republic".

MKA can book external audit of the activities.

MKK shall book external audit of the activities on annual basis with one of the following criteria:

- availability of borrowed funds from creditors, including from financial credit institutions;

- annual average value of credit portfolio makes 20 (twenty) million som and above;

- the number of borrowers makes 5 000 (five thousand) and above.

MKK which have no these criteria book external audit of the activities alternate years.

When carrying out external audit of MKK/MKA shall be guided by the requirements to auditor activities established by the legislation of the Kyrgyz Republic, international standards of audit and this Provision.

When carrying out external audit of MKK/MKA, performing transactions according to the Islamic principles of banking and financing, the Audit standards for Islamic financial institutions developed by the Organization for financial accounting and audit for Islamic financial institutions can be applied.

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.