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ORDER OF THE MINISTRY OF FINANCE OF THE KYRGYZ REPUBLIC

of December 28, 2016 No. 212

About approval of the Management on creation of the program of guarantee and improvement of quality of internal audit

According to Item 3 of article 10 of the Law of the Kyrgyz Republic "About internal audit" and Item 2 of the order of the Government of the Kyrgyz Republic "About approval of Standards of internal audit in the Kyrgyz Republic" of June 3, 2014 296, I order to No.:

1. Approve the enclosed Management on creation of the program of guarantee and improvement of quality of internal audit.

2. To services of internal audit of the ministries, state committees, administrative departments, other state bodies, other executive bodies, bodies of system of the national social insurance and provision of pensions, local government bodies, their subordinated organizations, state companies to apply when implementing the functional obligations the Management on creation of the program of guarantee and improvement of quality of internal audit.

3. To management of methodology of internal audit and financial accounting:

- within three working days from the date of registration to publish this order in the state and official languages in the newspaper of "Erkin-limited liability partnership" and on the official website of the Government of the Kyrgyz Republic;

- within three working days from the date of official publication to send this order to the Ministry of Justice of the Kyrgyz Republic for state registration;

- within three working days from the date of entry into force to send this order to Government office of the Kyrgyz Republic.

4. For public relations within three working days from the date of registration of this order to provide to the sector its official publication on the website of the Ministry of Finance of the Kyrgyz Republic.

5. This order becomes effective after ten days from the date of official publication.

6. To impose control of execution of this order on the secretary of state of the Ministry of Finance of the Kyrgyz Republic Bayamanova Z. E.

Minister

A. Kasymaliyev

Approved by the Order of the Ministry of Finance of the Kyrgyz Republic on December 28, 2016 No. 212-P

Management on creation of the program of guarantee and improvement of quality of internal audit

1. General provisions

1. The management determines the purposes and methods of assessment of activities of services of internal audit of the ministries, state committees, administrative departments, other state bodies, other executive bodies, bodies of system of the national social insurance and provision of pensions, local government bodies, their subordinated organizations, state companies (further - objects of internal audit), creation of the program of guarantee and improvement of quality of internal audit, and is intended for heads of services of internal audit, internal auditors and the Ministry of Finance of the Kyrgyz Republic (further - the Ministry of Finance).

Chapter 1. Purposes of assessment of activities of services of internal audit

2. Main objective of evaluating activities of services of internal audit (quality evaluation of internal audit) in objects of internal audit is determination of efficiency rate of their work and each auditor separately, and also estimates of as far as its activities conform to requirements in the sphere of internal audit imposed in accordance with the established procedure.

3. Assessment of activities of service of internal audit is carried out for determination its strong and weaknesses and creates opportunity for enhancement of its activities, and also allows:

- determine efficiency of activities of service of internal audit and certain auditors;

- determine the need for advanced training of staff of service of internal audit.

4. Assessment of activities of services of internal audit is performed by carrying out:

- internal quality evaluation of internal audit;

- external quality evaluation of internal audit.

5. The internal quality evaluation of internal audit is performed by service of internal audit by means of the current monitoring and recurring inspections at the levels:

- activities of services of internal audit;

- accomplishment of the audit engagement.

6. The external quality evaluation of internal audit is performed by the Ministry of Finance in the way:

- cameral monitoring of activities of services of internal audit (first level);

- carrying out periodic (planned or unplanned) checks on quality evaluation based on system of risks assessment and results of activities of the first level (the second level).

7. When carrying out internal and external quality evaluations the system of indicators which includes quantitative indices (mainly for internal assessment - assessment, points, percent) and qualitative indexes is applied ("badly", "well", "well", "perfectly").

Chapter 2. Methodology of carrying out internal quality evaluation of internal audit

8. The head of service of internal audit shall perform internal quality evaluation during all process of accomplishment of the audit engagement to provide high-quality accomplishment of the purposes of the audit engagement.

Internal estimates include:

- current monitoring of activities of internal audit;

- the periodic self-assessments which are carried out by internal auditors or the estimates which are carried out by other employees of object of internal audit having sufficient knowledge in the field of internal audit.

9. The current monitoring is integral part of the daily analysis and assessment of activities of service of internal audit.

10. Periodic quality evaluations of activities of internal auditors is based on standard procedures and politicians, and also on professional opinion of the head of service of internal audit and the head of the audit engagement, it is entrusted to them to perform the audit engagement and includes:

1) observance by internal auditors of standards of independence, honesty, objectivity, confidentiality and professional ethics;

2) compliance of procedures and techniques of internal audit and to the rules on the organization of internal audit approved in accordance with the established procedure prepared by its results of working documentation;

3) bringing to data of the head of the audit engagement and head of service of internal audit of the main results of audit inspection.

11. The system of quality evaluation of work of internal auditors, also promotes receipt of internal audit of necessary information by the head of service for further planning of professional training of internal auditors, for the purpose of improvement of quality of work and for more effective use of professional qualities of internal auditors during the planning and accomplishment of audit engagements.

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