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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of December 31, 2013 No. 721

About approval of Ethical standards of internal auditors of state bodies and organizations of the Kyrgyz Republic

For the purpose of development of internal audit, being guided by articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic", the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Ethical standards of internal auditors of state bodies and organizations of the Kyrgyz Republic.

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of the Program of creation and development of system of internal audit of state bodies and organizations of the Kyrgyz Republic for 2008 - 2013 and Standards of internal audit for state bodies and organizations of the Kyrgyz Republic" of June 27, 2008 No. 341 the following changes:

in Standards of internal audit for the state bodies and organizations of the Kyrgyz Republic approved by the above-stated resolution:

- to declare the subitem 3 of Item 3 invalid;

- declare the Section IV invalid.

3. This resolution becomes effective from the date of official publication.

Prime Minister

Zh. Satybaldiyev

Approved by the Order of the Government of the Kyrgyz Republic of December 31, 2013 No. 721

Ethical standards of internal auditors of state bodies and organizations of the Kyrgyz Republic

1. General provisions

1. These Ethical standards establish rules of conduct of internal auditors of state bodies and organizations of the Kyrgyz Republic (further - internal auditors).

2. The purpose of Ethical standards consists in creation of the basis of ethical values necessary for development of profession of the internal auditor so that the internal auditor performed job responsibilities fairly, precisely, honesty and abstained from making of actions which could cause damage to the organization.

3. Ethical standards provide achievement of the following tasks in activities of the internal auditor:

- the best results - implementation of activities for the purpose of observance of state interests in the conditions of profitability, effectiveness and efficiency;

- professionalism - availability of mental abilities, knowledge and the working experience got by professional training and advanced training and observance of ethical values of internal auditors;

- service quality - ensuring compliance of level of the provided services to Standards of internal audit for state bodies and organizations of the Kyrgyz Republic (further - Standards) according to the legislation of the Kyrgyz Republic and the international professional standards;

- trust - establishment of the relations between internal auditors based on cooperative principles, mutual assistance and professional correctness;

- reliability - truthfulness and objectivity of information in reports of internal audit.

2. Principles of ethics of the internal auditor

4. When implementing the activities the internal auditor shall observe four basic principles of ethics of the internal auditor:

- honesty;

- independence, objectivity and impartiality;

- competence;

- confidentiality.

5. For realization of the principle of honesty internal auditors shall:

- to approach fairly, honesty and responsibly accomplishment of the work;

- be effective within the legislation of the Kyrgyz Republic and open information only in cases, stipulated by the legislation the Kyrgyz Republic;

- not participate in illegal activities or in the actions discrediting profession of the internal auditor or the organization;

- make contribution to goal achievement of the organization.

6. For realization of the principles of independence, objectivity and impartiality internal auditors shall:

- give the weighed (objective) assessment to all circumstances concerning case, and in the judgments not to be subject to influence of private interests and (or) interests of other persons;

- discover all received facts which, in case of their unsolved, can distort the reporting under object of audit;

- show objectivity in case of collection, assessment and submission of information on object of audit;

- use information and conclusions provided by the organization which is subject to audit, and other parties at the same time reports of internal auditors shall not be submitted influence of the provided information and conclusions;

- submit the exact and objective audit reports based only on the obtained and collected evidence according to Standards;

- not participate in any activities or the relations which can negatively affect their impartiality or be considered as causing damage. It also belongs to actions and the relations which can contradict interests of the organization;

- not accept as a gift anything and not take any actions capable to cause damage to their professional opinion or be perceived as causing such damage.

Internal auditors shall be independent of the organization concerning which audit, and from other stakeholder groups is booked.

7. For realization of the principle of competence internal auditors shall:

- take part only in provision of those services for which accomplishment they have necessary professional knowledge, skills and experience;

- carry out activities for internal audit according to Standards;

- to regularly increase the professional level, efficiency and quality of the performed work.

8. For realization of the principle of confidentiality internal auditors shall:

- to treat responsibly the property right to information obtained by them in the course of their activities and shall not disclose information without the powers corresponding on that, except cases when disclosure of such information is stipulated by the legislation or professional obligations;

- expect consequences from use and the information security received during implementation of the obligations by them;

- not use information in private interests or otherwise, contradicting the legislation or capable to cause damage to the purposes of the organization.

3. Responsibility of the internal auditor

9. The internal auditor bears responsibility for observance of Ethical standards when implementing job responsibilities and informs in writing the head of service of internal audit (further - RSVA) and Council for internal audit about:

1) availability of ambiguities in application of Ethical standards;

2) assumption of discredit of profession of the internal auditor;

3) emergence of the personal conflicts between the internal auditor and the head of the organization, RSVA, other officials;

4) coercion cases to making of actions in violation of the law of the Kyrgyz Republic.

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