Approved by Board of the Central bank of the Republic of Uzbekistan of November 17, 2006 No. 646
This document is developed according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About auditor activities", and also Regulations on audit inspection of banks in the Republic of Uzbekistan and establishes requirements of the Central bank to scales of the carried-out auditor works, registration, content and quality of audit opinion. Action of these Requirements extends only to audit inspections following the results of 2006.
1.1. Commercial banks shall undergo annual external audit.
Annual carrying out audit inspections of activities of banks provides transparency and accuracy of the information, provided to the Central bank, investors and creditors.
Audit represents independent examination and the analysis of activities of banks which purpose is:
determination of reliability of the financial reporting of banks;
determination of completeness, reality and compliance to requirements to conducting financial accounting or other financial reporting;
check of observance by banks of the bank law and regulations of the Central bank of the Republic of Uzbekistan.
1.2. The auditor by results of the audit inspection which is carried out by him issues the audit opinion according to the financial reporting of bank prepared according to these Requirements.
Audit shall be booked according to International standards of audit. These standards demand from the auditor of planning and carrying out audit inspection for the purpose of receipt of sufficient confidence that financial statements of banks do not contain essential inaccuracies.
General terms of carrying out audit inspections of banks are provided by the "Regulations on audit inspection of banks in the Republic of Uzbekistan" approved by Board of the Central bank of the Republic of Uzbekistan of June 24, 2000 for N403.
2.1. Main objective of carrying out audit of banks is the objective, reasonable conclusion of independent auditors concerning reliability of financial statements of bank and their creation according to International accounting standards, and also entering of corrections into ledgers and records of bank by implementation of the corrective postings recommended by auditors. The positive opinion of the auditor confirms reliability of financial statements of bank and by that promotes increase in trust of the population to bank and bank system in general.
The financial reporting is the balance sheet, information on financial position, financial results of activities, cash flow and changes in bank stock.
2.2. During audit inspection auditors shall take up the questions concerning capital adequacy, classification of loans, providing on loan losses, risk managements and liquidity with obligatory submission of comments concerning bank policy and procedures of bank management.
Besides, auditors during audit shall consider questions of observance by bank of the current legislation and regulations of the Central bank, condition of financial accounting and the reporting, accomplishment of the economic standard rates established by the Central bank, including qualities of management of bank.
Auditors in the course of audit shall pay attention to disclosure of the facts of fraud, counterfeit and intentional modification of analytical and synthetic accounting, the facts of intentional violation of the bank law.
On the basis of the financial opportunities and organizational structure determined in the course of audit practical recommendations for realization of priority tasks in the short-term and long term shall be provided. These recommendations shall concern, among others, massive faults of bank, including his needs for additional resources for bringing level of the capital to international standards.
The financial reporting shall be constituted in national currency - poison ivy and in addition, at the request of the customer, in any other currency.
3.1. According to the current legislation audit inspection is carried out in all commercial banks performing the activities in the territory of the Republic of Uzbekistan. Commercial banks shall organize groups for close cooperation on assistance to auditors.
3.2. The audit report and audit opinion together with the audited financial reporting shall be provided to bank in which audit inspection, no later than May 1, 2007 was carried out. Within ten days after completion of audit inspection commercial banks shall provide copies of the audit report, audit opinion together with the audited financial reporting to the Central bank, and also to publish in republican mass media the set of financial statements confirmed with audit according to "Regulations on requirements of the Central bank of the Republic of Uzbekistan to the published annual accounts of commercial banks" (N618 of November 14, 2005).
In case of creation of the bilateral agreement about carrying out external audit banks shall consider the above-stated terms. In case of non-compliance with fixed terms of provision of the audit report and audit opinion together with the audited financial reporting the Central bank can apply adequate measures according to the procedure, established by the legislation.
3.3. Auditors shall be independent of Council and Bank board, and also of bank in general. Independence means that the auditors performing check are not the faces tied with bank and also do not do any personal, financial and close business, except as as the independent professional adviser for carrying out audit inspection.
3.4. Management and other officials of bank shall:
- create conditions for timely and complete carrying out audit inspection for auditors, provide all documentation necessary for its carrying out, and also offer at the request of the auditor of explanation and explanations in oral and/or written form;
- to quickly eliminate all violations revealed by audit inspection, including on conducting financial accounting and creation of accounting records.
3.5 Banks shall reflect all adjustments, the standards N except for concerning 29, of N31 and N39 MSBU and contradicting the current legislation of the Republic of Uzbekistan. Audit adjustments shall be reflected in books of the relevant bank departments to which adjustments belong.
Banks shall apply written explanations to any audit adjustment which was not reflected in the ledger and send them to the Central bank. This document shall include:
- the list of audit adjustments including the corresponding accounts of the ledger;
- description of content and reasons of audit adjustment;
- the explanation including number and the paragraph of the corresponding instruction because of which the audit adjustment was not reflected owing to contradiction with International standards and instructions.
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