ORDER OF THE MINISTRY OF FINANCE OF THE KYRGYZ REPUBLIC

of August 1, 2024 No. 5

About approval of the Management on creation of the program of guarantee and improvement of quality of internal audit

According to Item 3 of article 10 of the Law of the Kyrgyz Republic "About internal audit" and the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About delegation of separate rule-making powers of the Cabinet of Ministers of the Kyrgyz Republic to state bodies and executive bodies of local self-government" of March 3, 2023 No. 115,

I ORDER:

1. Approve the Management on creation of the program of guarantee and improvement of quality of internal audit, according to appendix.

2. To management of development of financial accounting, internal audit and internal control:

1) within three working days from the date of registration to publish this order in the state and official languages in the newspaper of "Erkin-limited liability partnership", and on the official site of the Cabinet of Ministers of the Kyrgyz Republic;

To send 2) within three working days from the date of official publication to the copy of this order in duplicate in the state and official languages, on the paper and electronic medium, with indication of publication source to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic;

3) within three working days from the date of entry into force of this order to send the copy of the order in duplicate in the state and official languages to Administration of the President of the Kyrgyz Republic.

3. To provide to the press service within three working days from the date of registration of this order its official publication on the website of the Ministry of Finance of the Kyrgyz Republic.

4. Declare invalid the order of the Ministry of Finance of the Kyrgyz Republic of December 28, 2016 No. 212-P "About approval of the Management on creation of the program of guarantee and improvement of quality of internal audit".

5. To impose control of execution of this order on the Deputy Minister of Finance of the Kyrgyz Republic - the director of the Central Treasury of the Ministry of Finance of the Kyrgyz Republic Amanbayev U. M.

6. This order becomes effective after seven days from the date of official publication.

Approved by the Order of the Ministry of Finance of the Kyrgyz Republic of August 1, 2024 No. 5

Management on creation of the program of guarantee and improvement of quality of internal audit

1. General provisions

1. The present manual (further - the Management) determines the purposes and methods of assessment of activities of services of internal audit of the ministries, state committees, administrative departments, other state bodies, other executive bodies, bodies of system of the national social insurance and provision of pensions, local government bodies, their subordinated organizations, state companies by creation of the program of guarantee and improvement of quality of internal audit (further - objects of internal audit), creation of the program of guarantee and improvement of quality of internal audit, and is intended for heads of services of internal audit, internal auditors and the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance).

1. Purposes of assessment of activities of services of internal audit

2. Main objective of evaluating activities of services of internal audit (quality evaluation of internal audit) in objects of internal audit is determination of efficiency rate of their work and each auditor separately, and also activities estimates on compliance to requirements in the sphere of internal audit imposed in accordance with the established procedure.

3. Assessment of activities of service of internal audit is carried out for determination its strong and weaknesses and creates opportunity for enhancement of its activities, and also allows:

- determine efficiency of activities of service of internal audit and certain auditors;

- determine the need for advanced training of staff of service of internal audit.

4. Assessment of activities of services of internal audit is performed by carrying out:

- internal quality evaluation of internal audit;

- external quality evaluation of internal audit.

5. The internal quality evaluation of internal audit is performed by service of internal audit by means of the current monitoring and recurring inspections at the levels:

- activities of services of internal audit;

- accomplishment of the audit engagement.

6. The external quality evaluation of internal audit is performed by the Ministry of Finance in the way:

- cameral monitoring of activities of services of internal audit (first level);

- carrying out periodic (planned or unplanned) checks on quality evaluation based on system of risks assessment and results of activities of the first level (the second level).

7. When carrying out internal and external quality evaluations the system of indicators which includes quantitative indices (mainly for internal assessment - assessment, points, percent) and qualitative indexes is applied ("badly", "well", "well", "perfectly").

2. Methodology of carrying out internal quality evaluation of internal audit

8. The head of service of internal audit shall perform internal quality evaluation during all process of accomplishment of the audit engagement, for the purpose of ensuring high-quality accomplishment of the purposes of the audit engagement.

Internal estimates include:

- current monitoring of activities of internal audit;

- the periodic self-assessments which are carried out by internal auditors or the estimates which are carried out by other employees of object of internal audit having sufficient knowledge in the field of internal audit.

9. The current monitoring is integral part of the daily analysis and assessment of activities of service of internal audit.

10. Periodic quality evaluations of activities of internal auditors is based on standard procedures and politicians, and also on professional opinion of the head of service of internal audit and the head of the audit engagement, it is entrusted to them to perform the audit engagement and includes:

1) observance by internal auditors of standards of independence, honesty, objectivity, confidentiality and professional ethics;

2) compliance of procedures and techniques of internal audit and to the rules on the organization of internal audit approved in accordance with the established procedure prepared by its results of working documentation;

3) bringing to data of the head of the audit engagement and head of service of internal audit of the main results of audit inspection.

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