Ministry of Justice
Republic of Uzbekistan
On February 28, 2003 No. 1223
of January 27, 2003 No. 14
About approval of the National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 25) "Check of observance of regulatory legal acts in case of carrying out audit inspection"
Based on article 21 of the Law of the Republic of Uzbekistan "About auditor activities" and according to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 N365 "About Enhancement Auditor, Activities and Increase in Role of Audit Inspections", Regulations on the Ministry of Finance of the Republic of Uzbekistan approved by the Resolution of the President of the Republic of Uzbekistan of March 18, 2017 No. PP-2847, I order:
1. Approve the enclosed National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 25) "Check of observance of regulatory legal acts in case of carrying out 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.
M. B. Nurmuratov
Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of January 27, 2003, No. 14
This National Standard of Auditor Activities (NSAA) is developed based on article 21 of the Law of the Republic of Uzbekistan "About auditor activities" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2000, No. 5-6, of St 149), Item 3 of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of September 22, 2000 No. 365 "About enhancement of auditor activities and increase in role of audit inspections" (the joint venture of the Republic of Uzbekistan, 2000, No. 9, the St 62) and is element of normative auditing regulation in the Republic of Uzbekistan.
1. The purpose of this standard is setting standards and rules by which the auditing organization shall be guided during audit inspection when studying questions of observance by business entity of the normative legal acts regulating questions of implementation of financial and economic activities (further regulatory legal acts).
2. Requirements of this standard are obligatory for all auditing organizations when carrying out audit inspection.
3. Non-compliance with regulatory legal acts can affect reliability of the financial reporting of business entity.
4. The term "non-compliance with regulatory legal acts, used in this standard, belongs to actions of management and personnel of business entity which do not conform to requirements of regulatory legal acts and can lead to essential misstatements of the financial reporting.
5. The auditing organization reveals those cases of non-compliance with regulatory legal acts by business entity which have significant effect on financial results of activities and led to essential misstatements of the financial reporting.
6. The auditing organization when carrying out audit inspection shall study whether are observed by business entity when implementing financial economic activity regulatory legal acts.
7. Information containing in the financial reporting and other financial documentation will be reliable only when financial and economic activities of business entity are performed according to regulatory legal acts.
8. The auditing organization in case of creation of audit opinion shall be sure that all facts of non-compliance with normative legal acts by business entity which led to misstatement of the financial reporting and other financial information are found.
9. When carrying out audit inspections there is always risk of nondetection of the facts of non-compliance with regulatory legal acts by business entity. The risk arises owing to influence of the following factors:
availability of the regulations regulating separate aspects of activities of business entity which do not exert direct impact on financial accounting and financial reporting preparation;
the restrictions inherent in systems of internal accounting and control which cannot reflect all actual activities of business entity;
many evidence obtained by the auditor carries not evidential, but informative nature;
possible availability of different interpretation of regulations of regulatory legal acts;
possible availability of discrepancy in regulatory legal acts.
10. In need cases the auditing organization has the right to involve in check of lawyers in accordance with the established procedure.
11. The auditing organization after acquaintance with activities of business entity constitutes the list of the regulatory legal acts regulating activities of the appropriate business entity and during audit inspection is guided by regulations of these acts.
12. For the auditor when studying regulatory framework, the regulating activities of business entity, it is necessary:
learn from management of business entity whether there are regulatory legal acts which are directly regulating activities of business entity and industry which he treats and also to estimate knowledge of management;
receive at management of business entity of the data on the procedures applied by business entity to ensuring compliance with normative legal acts and estimate these procedures;
obtain written information at management of business entity on whether the business entity of the requirement of regulatory legal acts observes, check reliability of this information.
13. In case of detection of the facts of non-compliance with requirements of normative legal acts by business entity the auditing organization in writing notifies management of business entity about:
influence of the elicited facts of non-compliance with regulatory legal acts on reliability of the financial reporting;
possible consequences if the business entity will not take measure for elimination of the facts of non-compliance with regulatory legal acts.
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