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Turkmenistan makes additions to auditing law

Business Materials 5 August 2011 17:35 (UTC +04:00)
Turkmen parliament of the fourth convocation approved a draft law "On amendments and additions to the Law "On audit activity".
Turkmenistan makes additions to auditing law

Turkmenistan, Ashgabat, Aug.5 / Trend, H. Hasanov /

Turkmen parliament of the fourth convocation approved a draft law "On amendments and additions to the Law "On audit activity".

The relevant commentaries say that "the successful implementation of all planned reform programs in the economic sphere depends on improving auditing system by accelerating the transition to international financial reporting standards."

Amendments are due to further diversification of national economy and Turkmenistan's active integration to modern system of world economy relations.

Provisions on audit activity licensing were approved in 2009. Turkmen President Gurbanguly Berdimuhammadov signed the corresponding decree.

In its revised constitution Turkmenistan announced transition from a planned economy model to a market economy.

The country has set goals to establish other institutions of market infrastructure, commodity market, stock market, securities market, information, advisory and audit points. The country carried out monetary reform (denomination of national currency). Prior to this exchange rate was unified.

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