RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of January 11, 2024 No. 5

About approval of the Procedure for the organization and holding examinations, recognitions of length of service in audit area and financial accounting, issue of the qualification certificate of the auditor and recognition of internationally acknowledged qualification certificates in the field of financial accounting and audit

For the purpose of implementation of article 20 of the Law of the Kyrgyz Republic "About auditor activities", according to articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve the Procedure for the organization and holding examinations, recognitions of length of service in audit area and financial accounting, issue of the qualification certificate of the auditor and recognition of internationally acknowledged qualification certificates in the field of financial accounting and audit according to appendix to this resolution.

2. This resolution is subject to official publication and becomes effective after fifteen days from the date of official publication.

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of January 11, 2024 No. 5

Procedure for the organization and holding examinations, recognitions of length of service in audit area and financial accounting, issue of the qualification certificate of the auditor and recognition of internationally acknowledged qualification certificates in the field of financial accounting and audit

Chapter 1. General provisions

1. The procedure for the organization and holding examinations, recognitions of length of service in audit area and financial accounting, issue of the qualification certificate of the auditor and recognition of internationally acknowledged qualification certificates in the field of financial accounting and audit (further - the Procedure) regulates procedure for the organization and holding qualification examination among physical persons, including foreign, applying for the right of receipt of the qualification certificate of the auditor.

2. This Procedure establishes requirements to the organization and holding examinations, recognition of length of service in audit area and financial accounting, to issue of the qualification certificate of the auditor and recognition of internationally acknowledged qualification certificates in the field of financial accounting and audit which conform to requirements of the International standards of education published by Council for international standards of education.

3. Examinations on the right of receipt of the qualification certificate of the auditor are held for the purpose of objective and transparent assessment of skill level of applicants.

4. The concept and terms used in this Procedure are understood and applied in that sense and value in which they are established by the Law of the Kyrgyz Republic in the field of auditor activities.

Chapter 2. Program of professional qualification of the auditor

5. For the purpose of receipt of professional qualification of the auditor, the applicant takes examinations in the Program of professional qualification (further - the personal computer Program) the auditor approved by authorized state body who conforms to requirements of the International standards of education published by Council for international standards of education.

6. The personal computer program of the auditor includes 12 examinations divided into three levels depending on the level of complexity, clarity and definiteness of the circle of business: basic (first), average (second) and advanced (third).

7. Examinations of basic (first) level of the personal computer Program of the auditor are taken in professional auditor associations (further - public joint stock company) which training programs are accredited by authorized state body on disciplines "Business management and technologies", "Financial accounting", "Managerial accounting", "Right".

8. Examinations of each discipline of basic (first) level consist of scenarios and test questions and include 3 Sections where:

- according to the first Section of 10 questions on 1 point (truly/incorrectly);

- according to the second Section of 30 questions with several possible answers on 2 points;

- according to third Section 2 (two) scenarios (on 15 points), each of which contains 5 questions with the multiple choice of answers.

9. Examinations of average (second) level of the personal computer Program of the auditor are taken in public joint stock company training programs which are accredited by authorized state body on disciplines "Financial reporting", "Enterprise performance management", "Financial management", "Taxation", "Practice of audit and ensuring confidence".

10. Examinations of each discipline of average (second) level consist of scenarios and questions and include 3 Sections where:

- according to the first Section 15 (fifteen) questions with the multiple choice of answers on 2 points;

- according to the second Section 3 (three) scenarios on 10 points, each of which contains 5 questions with the multiple choice of answers;

- according to third Section 2 (two) of the open questions requiring the complete answer on 20 points everyone.

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