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IT IS REGISTERED

Ministry of Justice

Republic of Uzbekistan

On April 12, 2007 No. 1673

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of December 29, 2006 No. 108

About approval of the National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 12) "Assessment of systems of financial accounting and internal control during audit inspection"

1. Approve the enclosed National standard of auditor activities of the Republic of Uzbekistan (NSAD N12) "Assessment of systems of financial accounting and internal control during audit inspection".

2. This order becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

 

Minister R. Azimov

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of December 29, 2006, No. 108

National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 12) "Assessment of systems of financial accounting and internal control during audit inspection"

This National standard of auditor activities (NSAD N12) (further - the Standard), according to the Law of the Republic of Uzbekistan "About auditor activities" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2000, Art. N5-6, 149) and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 N365 "About Enhancement of Auditor Activities and Increase in Role of Audit Inspections" (the joint venture of the Republic of Uzbekistan, 2000, N 9, the Art. 62), is element of system of normative auditing regulation in the Republic of Uzbekistan.

I. General provisions

1. The purpose of this Standard is determination of actions of auditing organization according to system of financial accounting and internal control system during audit inspection of business entity.

2. Tasks of this Standard are:

a) development of the main requirements imposed to assessment by the auditor (auditors) of system of financial accounting and internal control system during audit inspection of business entity;

b) the description of evaluation procedure of system of financial accounting during audit inspection of business entity;

c) the description of evaluation procedure of internal control system during audit inspection of business entity.

3. Requirements of this Standard are obligatory for all auditing organizations when implementing the audit inspection providing preparation of official audit opinion.

4. The concepts used in this standard:

a) system of financial accounting - set of tasks and records of business entity by means of which results of economic activities are processed as method of financial accounting for the purpose of identification, collection, the analysis, calculation, classification, generalization and reflection of results of economic activities and other events in the financial reporting;

b) internal control system - set of the organizational measures, techniques and procedures (means of internal control) adopted by management of business entity for the purpose of effective conducting and control of financial and economic activities, ensuring safety of assets and accounting documents, prevention and detection of the facts of fraud and mistakes, accuracy and completeness of accounting entries and timely preparation of adequate financial information.

II. The main requirements imposed to assessment of systems of financial accounting and internal control during audit inspection

5. During audit inspection the auditor(s) shall (y) check system of financial accounting which is applied on the business entity checked by it, and at the same time to study and estimate those control facilities on the basis of which will be determined essence, amount and time expenditure of expected audit procedures.

6. The internal control system shall correspond to amount and features of activities of business entity. The auditor during audit inspection shall receive sufficient conviction that the system of financial accounting authentically reflects economic activity of the checked business entity.

7. If the auditor is convinced that he can rely on appropriate means of control, it has opportunity to carry out audit procedures less in details and (or) more selectively, than it would do otherwise, and also can make changes to essence of the applied audit procedures and to expected costs of time for their implementation.

8. In case of efficiency evaluation and reliability of internal control system in general and separately the auditing organization uses the following degrees:

a) high;

b) average;

c) low.

9. The auditing organization can make the decision on application in the activities of bigger quantity of degrees in case of efficiency evaluation and reliability.

10. Studying and assessment of system of financial accounting and internal control system shall be without fail reflected in working documentation of auditing organization. At the same time it is recommended to use:

a) specially developed test procedures;

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