Baku, Azerbaijan, Sept. 21
Trend:
The rules of the game in the market of audit services in Uzbekistan are changing since January 1, 2019, "Podrobno.uz" reported referring to the presidential decree.
From that date, a new procedure will be introduced which will provide for the following:
- The commercial organization, information about which is not included in the register of audit organizations licensed to carry out audit activities, shall not be entitled to use the word "audit organization" in its name within three months from the date of entering information about it into the Unified state register of business entities;
- the license for audit activity gives to the licensee the right to carry out all types of audits;
- the authorized capital of the audit organization consists of the property, including the cash funds, directly used in the implementation of the activities of the audit organization;
- the minimum number of auditors for whom the audit organization is the main place of work shall not be less than four full-time auditors;
- the audit of the same business entity shall be carried out no more than seven years in a row;
- The Ministry of Finance together with the country’s public associations of auditors shall conduct external quality control of activity of audit organizations at least once in three years;
- audit organizations shall publish on their own websites or the websites of public associations of auditors the information on the completed mandatory audits with the identification data of the business entity and the audit report.
Mirziyoyev instructed to ensure until January 1, 2019 the issuance of licenses for the implementation of audit activities of the new model to the existing audit organizations.
In addition, the Ministry of Finance together with the Ministry for the Development of Information Technologies and Communications in the period up to April 1, 2019 should ensure the development of the "Audit" software package, designed for electronic interaction with audit organizations, as well as national public associations of accountants and auditors.