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LAW OF TURKMENISTAN

of November 8, 2014 No. 138-V

About auditor activities

(as amended on 05-06-2021)

This Law determines legal, economic and organizational bases of implementation of auditor activities in Turkmenistan and governs the relations arising in the course of implementation of auditor activities.

Chapter I. General provisions

1. Article 1. The basic concepts used in this Law

1. In this Law the following basic concepts are used:

1) audit – check of financial and economic activities of the subject of economy by the auditor, auditing organization for the purpose of determination of degree of reliability and completeness of information containing in the financial reporting and its compliance to the legislation of Turkmenistan and expression of independent opinion on the questions which are the check purpose.

The concept of the financial reporting is used in the value determined by the legislation of Turkmenistan on financial accounting and the financial reporting;

2) the auditor - the physical person having the valid competence certificate of the auditor, the license for implementation of auditor activities and registered in the State register of auditors of Turkmenistan;

3) the audited subjects - the legal entities created according to the legislation of Turkmenistan, the branches and representations of foreign legal entities registered in Turkmenistan, the physical persons who are engaged in business activity without formation of legal entity in Turkmenistan to which the simplified taxation system concerning which audit is booked or to which services in profile of auditor activities are provided does not extend.

The physical persons who are engaged in business activity without formation of legal entity - individual entrepreneurs in Turkmenistan to which the simplified taxation system extends have the right to use services in profile of auditor activities;

4) auditing organization – the entrepreneurial legal entity created for the purpose of implementation of auditor activities, having the license for implementation of auditor activities and registered in the State register of auditing organizations of Turkmenistan;

5) auditor activities – activities for implementation of audit and (or) rendering services in profile of auditor activities;

6) conflict of interest – situation in case of which interest of the auditor and (or) auditing organization can affect their opinion on audit of the audited subject.

2. In this Law other concepts are used in the values determined by civil and other legislation of Turkmenistan, and also the relevant articles of this Law.

Article 2. Legislation of Turkmenistan on auditor activities

1. The legislation of Turkmenistan on auditor activities is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan in the field of auditor activities.

2. If the international treaty of Turkmenistan establishes other rules than provided by this Law, then rules of the international treaty are applied.

3. Operation of this Law does not extend to activities of internal auditing services of credit institutes and other legal entities.

Chapter II. State regulation in the field of auditor activities

Article 3. The bodies performing state regulation in the field of auditor activities

The bodies performing state regulation in the field of auditor activities are the Cabinet of Ministers of Turkmenistan and the Ministry of Finance and Economy of Turkmenistan (further – authorized body).

Article 4. Competence of the Cabinet of Ministers of Turkmenistan

The Cabinet of Ministers of Turkmenistan in the field of auditor activities:

1) determines single state policy;

2) approves the state program of development of auditor activities;

3) publishes regulatory legal acts;

4) makes the decision on carrying out audit and on rendering services in profile of auditor activities on certain subjects of economy of Turkmenistan by foreign auditing organizations;

5) performs other functions within its competence.

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