ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of November 9, 2016 No. 85

About approval of the National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 70) "The audit report and audit opinion on the financial reporting"

According to the Law of the Republic of Uzbekistan "About auditor activities" I order:

1. Approve the National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 70) "The audit report and audit opinion on the financial reporting", according to appendix.

2. This order becomes effective after three months from the date of its official publication.

Appendix

to the Order of the Minister of Finance of the Republic of Uzbekistan of November 9, 2016 No. 85

National standard of auditor activities of the Republic of Uzbekistan (NSAD No. 70) "The audit report and audit opinion on the financial reporting"

This National standard of auditor activities of the Republic of Uzbekistan (further - the Standard) according to the Law of the Republic of Uzbekistan "About auditor activities" establishes single procedure for creation of the audit report and audit opinion by results of the carried-out audit inspection.

Chapter 1. General provisions

1. In this Standard the following basic concepts are applied:

the audit report - the document addressed to the head, the owner, general meeting of participants (shareholders) of business entity, containing detailed data on the course of audit inspection, the revealed variations from established procedure of financial accounting, violations in the financial reporting and also other information obtained as a result of carrying out audit inspection;

audit opinion - the document containing the opinion of auditing organization on reliability of the financial reporting and compliance of procedure for financial accounting to the established requirements of the legislation expressed in writing available to users of the financial reporting of business entity;

the positive opinion is the opinion of auditing organization expressed in audit opinion when the financial reporting authentically reflects financial position, financial results of business entity and also conforms to requirements of the legislation on financial accounting;

the modified opinion is the opinion of auditing organization expressed in audit opinion in one of the following forms: negative opinion, opinion with clause, refusal of opinion expression;

the financial reporting - the reporting, stipulated by the legislation about financial accounting.

2. Requirements of this Standard are obligatory for all auditing organizations and auditors during the carrying out audit inspection and representation to the customer of audit inspection of the audit report and audit opinion.

3. Auditing organizations when carrying out audit inspection according to the contract for rendering auditor services can apply international standards of audit.

Chapter 2. Audit report

§1. Structure of the audit report

4. The structure of the audit report consists of the following parts:

name ("Audit report" or "Report of auditing organization": both names are equivalent);

prolog;

analytical part;

final part.

5. In coordination with the customer of audit inspection the audit report may contain additional parts.

6. The audit report shall be numbered, signed page by page the auditor (auditors) performing audit inspection and the head of auditing organization.

7. The audit report is submitted to the customer of audit inspection with indication of the customer's details.

§2. Prolog of the audit report

8. Shall contain in the prolog of the audit report:

details of auditing organization, including number, date of the license for implementation of auditor activities;

information about auditors (surname, name, middle name, date and number of the qualification certificate of the auditor) and other persons participating in audit inspection;

basis for carrying out audit inspection and form of audit inspection (obligatory or initiative);

the reference to regulatory legal acts according to which the audit report is prepared;

responsibility of auditors for creation of the audit report and business entity for the provided financial reporting for audit inspection;

the reference to the financial reporting (with indication of forms and the period of the financial reporting) and the related financial information concerning which audit inspection is carried out;

general characteristic of activities of business entity.

§3. Analytical part of the audit report

9. Analytical part of the audit report shall include the description of the works performed by the auditor (auditors) and the audit procedures directed to receipt of auditor proofs, and also results of check:

the applied accounting policy;

internal control systems of business entity;

systems of financial accounting and financial reporting preparation;

compliances with law about financial accounting when implementing financial and economic activities;

correctness of calculation and tax payment and other obligatory payments;

ensuring safety of assets;

calculation of financial ratios and their analysis.

10. The choice of audit procedures is subject of judgement of the auditor (auditors) which is based on risk assessment of essential misstatements in the financial reporting.

11. Check of accounting policy shall include:

information on compliance of the accepted accounting policy to requirements of the legislation on financial accounting and justification of the accepted accounting policy;

the description of the discrepancies of application of accounting policy revealed during audit inspection in the course of activities of business entity.

12. Check of internal control system shall include:

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