Ashgabat, Turkmenistan, Nov.20
By Huseyn Hasanov- Trend:
Turkmen President Gurbanguly Berdimuhammadov signed a law on auditing, which will come into force as of January 2015.
This law defines the legal, economic and organizational framework for the implementation of audit activity in Turkmenistan and regulates relations arising in the process of auditing.
The document said that Audit Chamber in the form of social organization, founded by the auditors and audit organizations can be created in order to implement the functions on public regulation of audit activities in Turkmenistan.
It is also reported that the individual auditors and audit firms during an audit implementation and the preparation of the audit report are independent from government agencies and the audited entity.
Legislative changes were made due to the objectives of further diversification of the national economy and active integration of Turkmenistan into the modern global economic system.
Turkmenistan announced the transition from the planned economy model to the market relations in the Amended Constitution. At this stage, the regulatory framework is being created, currency exchange and labor exchange have already been created, and conditions for a free wholesale trade are being created.
The goal of establishing of other institutions of market infrastructure, commodity market, stock market, securities market, information, advisory and audit centers in the country has been set as well. A monetary reform (denomination of national currency) has been implemented in the country, following the unification of the exchange rate.
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