Document from CIS Legislation database © 2003-2024 SojuzPravoInform LLC

The document ceased to be valid since  June 7, 2022 according to part 3 of article 29 of the Law of the Kyrgyz Republic of December 3, 2021 No. 147


of July 30, 2002 No. 134

About auditor activities

(as amended on 18-03-2019)

Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 28, 2002

This Law governs the relations arising when implementing auditor activities in the Kyrgyz Republic.

Chapter I. General provisions

Article 1. Auditor activities

Auditor activities (auditor services) represent business activity on independent verification (audit) of the financial reporting of the organizations and individual entrepreneurs (further - the audited faces) and to rendering the accompanying services.

The purpose of audit is increase in degree of confidence of users in reliability of the financial reporting in all its essential aspects according to applicable bases of accounts presentation.

The basis of accounts presentation is understood as International accounting standards and (or) other accounting standards according to which the financial reporting is prepared.

Materiality is understood as such degree of accuracy of data of the financial reporting which allows the user of this reporting to draw on its basis the correct conclusions about financial and property status, and also about results of economic activity of the audited faces and to make the reasoned decisions which are based on these conclusions.

Are understood as the services accompanying audit:

- overview of the financial reporting;

- accomplishment of obligations according to the approved procedures;

- collection and processing of financial information.

Auditing organizations and individual auditors are forbidden to be engaged in any other business activity, except carrying out audit and rendering the services provided by this Article.

Auditing organizations and individual auditors along with auditor services can render the services connected with auditor activities including:

- statement, recovery and financial accounting, creation of accounting (financial) records, accounting consultation;

- tax consultation, including statement, recovery and conducting tax accounting, creation of tax calculations and declarations;

- analysis of financial and economic organization activity and individual entrepreneurs, economic and financial consultation;

- the managerial consultation including connected with reorganization of the organizations or their privatization;

- audit of information systems;

- estimative activities according to requirements of the International accounting standard and the International standard of audit;

- the services connected with internal audit;

- training in the areas connected with auditor activities and also to financial accounting, economy and finance.

Auditor activities are the licensed type of business activity. Licensing of auditor activities is performed according to regulatory legal acts of the Kyrgyz Republic about licensing.

Auditor activities are performed by the auditors registered according to the legislation of the Kyrgyz Republic as the individual entrepreneur (the individual auditor) and (or) auditing organizations.

If other is not established by the law, foreign legal entities and citizens, and also persons without citizenship have the right to perform auditor activities in the territory of the Kyrgyz Republic in accordance with general practice.

Article 1-1. Audit of banks

Audit of banks and non-bank financial credit institutions (further - bank) is performed according to requirements of the bank law of the Kyrgyz Republic and international standards of audit.

Regulations of this Law are applied to audit of banks in the part which is not contradicting the bank law of the Kyrgyz Republic.

Article 2. Audit standards

Audit standards are understood as single requirements to procedure for carrying out and registration of results of audit and the services accompanying audit, tasks providing confidence and audit quality control.

Audit standards affirm the Government of the Kyrgyz Republic.

The part three of Article 2 voided according to the Law of the Kyrgyz Republic of 16.12.2016 No. 207

When implementing auditor activities auditors follow requirements of the Code of ethics approved by the Government of the Kyrgyz Republic.

Article 3. Statutory and initiative audit

Audit can be obligatory and initiative.

Are subject to annual statutory audit:

- the banks and other organizations licensed by Bank of Kyrgyzstan;

- insurance companies;

- the public companies which performed public offer of securities;

- investment funds;

- non-state pension funds;

- other persons in the cases provided by regulatory legal acts of the Kyrgyz Republic.

The audited faces which are subject to statutory audit shall sign the contract for carrying out statutory audit with auditing organization, render assistance in timely and complete carrying out audit, submit all documentation necessary for audit implementation, give on oral or to the written request exhaustive explanations and confirmations.

Initiative audit can be booked according to the decision of the individual entrepreneur or competent authority of management of the organization, and in the cases provided by the laws of the Kyrgyz Republic, also upon the demand of other customers of carrying out audit.

By results of the booked statutory audit the audited faces shall:

- publish the financial reporting complete with audit opinion (report) in mass media;

- notify the authorized state body regulating auditor activities on carrying out statutory audit and the publication of the financial reporting complete with audit opinion (report) in mass media.

Article 4. Auditor

Auditor is the physical person which is meeting the qualification requirements established by authorized body, and having the qualification certificate of the auditor.

Auditors during implementation of the professional activity have no right to be in public service and to be engaged in other paid activities, except scientific, pedagogical and other creative activities. Also auditors can be members of council of directors/committee on audit of banks, financial credit institutes and societies.

At the same time the auditor cannot:

- be the member of council of directors/committee on audit of bank if he carried out audit inspection of this bank within the last five years;

- carry out audit inspection of bank where it is the member of council of directors / Committee on audit or earlier was the member of council of directors/committee on audit within five years from the moment of its dismissal or voluntary retirement from post;

- carry out audit inspection of other competing banks if is the member of council of directors/committee on audit in any other bank.

The auditor performs the activities for the employment contract or the agreement (contract) as the auditor as a part of only one auditing organization.


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