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LAW OF THE KYRGYZ REPUBLIC

of January 26, 2009 No. 25

About internal audit

(as amended on 26-05-2018)

Accepted by Jogorku Kenesh of the Kyrgyz Republic on December 4, 2008

This Law governs the relations connected with implementation of internal audit of state bodies and organizations and establishes the principles and bases of its creation and functioning.

Chapter 1 General provisions

Article 1. The legislation of the Kyrgyz Republic in the field of internal audit

The legislation of the Kyrgyz Republic in the field of internal audit is based on the Constitution of the Kyrgyz Republic and consists of this Law, other regulatory legal acts, and also come in accordance with the established procedure into force of international treaties which participant is the Kyrgyz Republic.

2. Voided according to the Law of the Kyrgyz Republic of 07.02.2014 No. 29

3. Voided according to the Law of the Kyrgyz Republic of 07.02.2014 No. 29

Article 2. Coverage and purposes of this Law

1. This Law extends the action to the ministries, the 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, the state companies.

This Law does not extend the action to National Bank of the Kyrgyz Republic.

2. The purposes of this Law are:

1) determination of the principles of internal audit of state bodies and organizations;

2) determination of competence of state bodies and organizations in internal audit;

3) establishment of responsibility and powers on development of standards of internal audit and methodology.

Article 3. The concepts used in this Law

In this Law the following concepts are used:

1) internal audit - the independent and objective function which is carried out in object of internal audit, including the analysis, assessment and monitoring of adequacy and system effectiveness of internal control; reliability and reliability of financial and management information; effectiveness, profitability and efficiency of activities and management; safety of assets and compliance with law of the Kyrgyz Republic;

2) management information - information concerning operating activiies of object of internal audit;

3) the internal auditor - the official of service of internal audit performing internal audit according to this Law;

4) conflict of interest - activities or the relations which are capable to limit objectivity and independence of authorized state body in the field of internal audit, services of internal audit, their employees;

5) objects of internal audit - the ministries, the 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, the state companies;

6) the head of object of internal audit - the official heading object of internal audit and responsible for creation and functioning of adequate and effective internal control system and realization and ensuring adequate functioning of internal audit, independence of internal auditors when planning, carrying out and preparation of the reporting under internal audit according to the legislation of the Kyrgyz Republic;

7) internal control system - system of the measures and procedures adopted by management of object of internal audit for achievement of productive, economic and effective management of object of audit, including financial accounting, the financial reporting, observance of regulatory legal acts, internal acts of object of audit, prevention and identification of illegal acts, ensuring safety of assets, reliability, correctness and adequacy of the financial and management reporting and information and also their preparation;

8) service of internal audit - the structural division of object of internal audit performing internal audit according to this Law;

9) the qualification certificate of the internal auditor - the document confirming the level of knowledge of the internal auditor necessary for implementation of internal audit issued by authorized state body in the field of internal audit.

Article 4. Creation of internal control system

Creation and functioning of internal control system are provided with the head of object of internal audit for the purpose of:

1) reliability and integrity of financial and management information;

2) effectiveness, profitability and efficiency of activities of object of internal audit;

3) safety of assets of object of internal audit;

4) observance of regulatory legal acts.

Chapter 2 Principles and standards of internal audit

Article 5. Role and tasks of internal audit

Role of internal audit is assistance to management of object of internal audit in observance and enhancement of internal control system by means of execution of the following main objectives:

1) overview and assessment of internal control system of object of internal audit and provision to the head of object of internal audit of reports and recommendations about improvement of its activities;

2) developments according to the carried-out risks assessment and provision for approval to the head of object of internal audit of strategic, long-term and annual plans of development, and also plans of professional training of internal auditors;

3) preparation of audit reports on each booked audit and their coordination with the head of object of internal audit;

4) provisions of the audit report and recommendations to the head of object of internal audit.

Article 6. Principles of internal audit

Internal audit is performed with obligatory respect for the following principles:

1) independence and objectivity - activities of service of internal audit shall be organizationally and are functionally independent of other structural divisions of object of internal audit and shall not be involved in management activity; the head of service of internal audit shall be accountable only to the head of object of internal audit;

2) competence (professionalism) - set of professional knowledge and skills of the employees of service of internal audit necessary for implementation of high-quality audit according to standards of internal audit;

3) confidentiality - inadmissibility of disclosure of information obtained when carrying out audit, except as specified, stipulated by the legislation the Kyrgyz Republic.

Article 7. Standards of internal audit

1. Standards of internal audit - mandatory single requirements on planning, carrying out, preparation, the reporting and monitoring of activities for internal audit.

2. Standards of internal audit affirm the Government of the Kyrgyz Republic.

Article 8. Council on internal audit

For the purpose of effective functioning of system of internal audit the Government of the Kyrgyz Republic forms Council for internal audit and approves regulations on it.

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