ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF KAZAKHSTAN

of March 30, 2015 No. 231

About approval of the minimum requirements to auditing organizations which book statutory audit

According to subitem 1-2) of article 7 of the Law of the Republic of Kazakhstan "About auditor activities" PRIKAZYVAYU:

1. Approve the enclosed minimum requirements to auditing organizations which book statutory audit.

2. To department of methodology of financial accounting and audit of the Ministry of Finance of the Republic of Kazakhstan (Bekturova A. T.) in the procedure established by the legislation to provide:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days after state registration in the Ministry of Justice of the Republic of Kazakhstan its direction on official publication in periodical printing editions and information system of law of Ad_let;

3) placement of this order on Internet resource of the Ministry of Finance of the Republic of Kazakhstan.

3. This order becomes effective after ten calendar days after day of its first official publication.

Approved by the Order of the Minister of Finance of the Republic of Kazakhstan of March 30, 2015 No. 231

The minimum requirements to auditing organizations which book statutory audit

1. These minimum requirements to auditing organizations which book statutory audit (further - the Minimum requirements) are developed according to subitem 1-2) of article 7 of the Law of the Republic of Kazakhstan "About auditor activities" (further - the Law) and establish the minimum requirements to auditing organizations which are allowed to carrying out statutory audit of the organizations.

2. For carrying out statutory audit of the organizations, the auditing organization having the license for implementation of auditor activities conforms to the following Minimum requirements:

1) availability of the conclusion of professional advice and (or) the conclusion of accredited professional auditing organization which member is the auditing organization, confirming observance of requirements of international standards of audit by auditing organization and the Code of ethics by results of the carried-out external control of quality;

2) absence, within the last 1 (one) year before date of the conclusion of the contract for rendering auditor services of the administrative punishments imposed for violations of the law about auditor activities according to article 247 of the Code of the Republic of Kazakhstan "About administrative offenses", except for one administrative punishment imposed for untimely provision or failure to provide the reporting by auditing organizations in authorized body according to qualification requirements and (or) information on insurance of the civil responsibility during the accounting period;

3) availability of the insurance contract of civil responsibility of auditing organization;

4) is subject to rotation in case of implementation of audit of one organization, including the financial organization it is continuous for 7 (seven) years.

3. For carrying out statutory audit of national managing holdings, national holdings, national companies, subsoil users in cases, the stipulated in Article 5 Laws in addition to compliance to the minimum requirements, the stipulated in Item 2 presents of the Minimum requirements, the auditing organization in addition conforms to the following Minimum requirements:

1) occupation term auditor activities of the head of auditing organization at least 5 (five) years;

2) availability of audit reports on at least 10 (ten) to the audited subjects on compliance to international accounting standards;

3) it is excluded according to the Order of the Deputy prime minister - the Minister of Finance of the Republic of Kazakhstan of 28.08.2023 No. 905

4. For carrying out statutory audit of the financial organizations in cases, the stipulated in Article 5 Law and Development Bank of Kazakhstan joint-stock company in addition to compliance to the minimum requirements provided by Items 2 and 3 of these Minimum requirements, auditing organization:

Has 1) as a part of the specialist who is the head of group, Certified Public Accountant (CPA) having one of complete qualifications, The Association of Chartered Certified Accountants (ACCA), The Chartered Institute of Management Accountants (CIMA), The Institute of Chartered Accountants in England and Wales (ICAEW), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), Institute of Internal Auditors (IIA), Certified Financial Services Auditor (CFSA) in the field of financial accounting and audit or the certificate of competency "auditor" with work experience in audit area of the relevant organizations within 3 (three) years from the last five;

Has 2) as a part of at least 2 (two) specialists having one of complete qualifications of Certified Public Accountant (CPA), The Association of Chartered Certified Accountants (ACCA), The Chartered Institute of Management Accountants (CIMA), The Institute of Chartered Accountants in England and Wales (ICAEW), "Certified Management Accountant (CMA), Certified Internal Auditor (CIA), Institute of Internal Auditors (IIA), Certified Financial Services Auditor (CFSA)" in the field of financial accounting and audit or qualification "auditor" with work experience in audit area of the relevant organizations within 2 (two) years from the last five;

3) has no outstanding debt to the audited financial organization during audit and (or) provision of other services according to the Law;

Has 4) as a part of the auditor and (or) the head of group who do not have debt to the audited financial organization for the agreement of bank loan, and (or) for the agreement of the microcredit during audit and (or) provision of other services according to the Law.

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