ASHGABAT, Turkmenistan, March 1. President Serdar Berdimuhamedov has approved a proposal to improve the annual audit of financial reporting of the country’s banks following international standards, Trend reports via the country's Cabinet of Ministers.
The head of state emphasized the importance of conducting thorough inspections of banking institutions and instructed Deputy Prime Minister Hojamurat Geldimuradov to organize the necessary work in this regard.
Deputy Prime Minister Geldimyradov presented a report on the work being carried out in his area of responsibility.
According to the report, the relevant audits are stipulated by the Laws of Turkmenistan “On Credit Organizations and Banking Activity” and “On Auditing Activity”, as well as by the Decree of the President of Turkmenistan “On the Program of Reforming Accounting and Auditing in Turkmenistan”.
This initiative aims to enhance the transparency of the country's financial system and align banking reporting with global standards. Regular audits based on international norms will help strengthen confidence in Turkmenistan’s banking sector, which is a crucial factor in attracting foreign investment and fostering international financial cooperation.