RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 4, 2007 No. PP-615

About further enhancement of activities of auditing organizations and increase in their responsibility for quality of the rendered services

Note that in the republic the necessary legislative legal base for implementation of auditor activities is created, efficient economic incentives and tax benefits and preferences for its active development are created, the system of issue of licenses is significantly simplified and liberalized.

At the same time practical measures on the organization of activities of auditing organizations take root slowly and not always qualitatively, the state of affairs in system of audit which did not become the efficient tool of real efficiency evaluation of business yet does not meet the increased requirements. Audit inspections are often carried out formally and at the low professional level, the system of audit does not enjoy due confidence in the financial market yet.

According to the Law of the Republic of Uzbekistan "About auditor activities" and for the purpose of further development of system of substantive audit, improvement of quality of auditor services, implementation of effective methods of regulation of activities of auditing organizations, strengthening of their responsibility for results and objectivity of audit inspections, increases on this basis of trust to them from entrepreneurial structures:

1. Consider unsatisfactory execution by the Ministry of Finance of the Republic of Uzbekistan of the functions assigned to it by the Resolution of the Cabinet of Ministers of September 22, 2000 No. 365, as specially authorized state body on licensing of auditor activities.

2. Approve Regulations on auditing organizations according to appendix.

To provide to the operating auditing organizations till January 1, 2008 finishing the sizes of the authorized capital and execution of mandatory requirements on the organization of activities and licensed conditions established in the Regulations on auditing organizations approved by this resolution.

3. To the Ministry of Justice and the Ministry of Finance of the Republic of Uzbekistan till January 1, 2008:

carry out in accordance with the established procedure re-registration and issue of licenses for implementation of auditor activities to the operating auditing organizations which are completely meeting the requirements and conditions of the Regulations on auditing organizations;

together with the State Tax Committee to take measures for the termination in accordance with the established procedure to activities and cancellation of licenses of the auditing organizations which are not meeting the requirements of the Regulations on auditing organizations.

4. To the Ministry of Economics, the Ministry of Finance, the Ministry of the higher and secondary vocational education of the Republic of Uzbekistan to make in the Cabinet of Ministers offers on creation in economic higher education institutions of the country of specialized groups, to expansion of the contingent and improvement of quality of training of highly qualified specialists of auditors, regular increase in their qualification in a month.

5. To the Ministry of Justice together with the Ministry of Finance of the Republic of Uzbekistan, other ministries and departments in two-month time to make in the Cabinet of Ministers of the Republic of Uzbekistan offers on increase in responsibility of auditors and auditing organizations before customers of audit inspections, business entities and other users of the financial reporting for causing damage by it owing to creation of the audit opinion containing the wrong conclusion about the financial reporting and other financial information of business entity.

6. To the Ministry of Finance of the Republic of Uzbekistan together with the interested structures to develop and approve Regulations on certification of heads of auditing organizations in a month.

7. To the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments in a month:

make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution;

provide reduction of regulations of the ministries and departments in compliance with this resolution.

8. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Appendix

to the Resolution of the President of the Republic of Uzbekistan of April 4, 2007 No. PP-615

Regulations on auditing organizations

I. General provisions

1. This Provision is developed according to the Law of the Republic of Uzbekistan "About auditor activities" and determines the status, tasks, obligations, the rights and responsibility of auditing organizations.

2. Auditing organizations in the activities are guided by the Constitution of the Republic of Uzbekistan, the laws of the Republic of Uzbekistan, resolutions of chambers of Oliy Majlis of the Republic of Uzbekistan, decrees, resolutions and orders of the President of the Republic of Uzbekistan, resolutions of the Cabinet of Ministers of the Republic of Uzbekistan, standards of auditor activities, other regulatory legal acts, and also this Provision.

3. Auditor activities are performed on the basis of the following principles:

independence of persons which are subject to audit inspection and also of any third parties;

objectivity when carrying out audit inspections;

independence in the choice of acceptances and methods of work of the auditing organizations performing audit inspections;

professional competence of persons performing audit inspections;

confidentiality of information obtained when implementing audit inspections.

4. The auditing organization is the legal entity having the license for implementation of auditor activities, seal with the name, separate balance, accounts in banks.

II. Main objectives of auditing organizations

5. The main objectives of auditing organizations are:

analysis and confirmation of reliability of the financial reporting of business entity;

real and objective efficiency evaluation of economic activity;

protection of the rights of owners, shareholders, investors, creditors and other users of the financial reporting;

development of constructive proposals on increase in efficiency of activities of business entities.

6. Auditing organizations according to the tasks assigned to them carry out audit inspections of reliability and compliance of the financial reporting and the related financial information to the legislation on financial accounting, and also render professional services.

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