Changes in the market of audit services of the Republic of Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- In order to create an effective organizational and legal mechanism for audit activity, to unify and systematize the rules and regulations of governing audit activity in a single regulatory legal document, the Law of the Republic of Uzbekistan "On audit activity" № LRU-677 was adopted on 25 December 2021.

From 1 January 2021, the procedure for licensing audit activities was abolished.

To introduce a modern certification system for auditors, to ensure the transparency of qualification examinations for the audit qualification, to increase the number of certified specialists in auditing organizations with International Financial Reporting Standards (IFRS) and International Standards of Audit (ISA), the decree of President of the Republic of Uzbekistan № PD-5210 "On additional measures to improve the system of certification of auditors" was adopted on August 4, 2021, which provides for the transfer to public associations.

A number of benefits have been created for audit organizations and auditors through above legislation, and their number is growing. At the end of 2021, the number of audit organizations reached at 96, and 651 auditors are working in these audit organizations.

Today, they have been included to the registry of audit organizations by the Ministry of Finance in accordance with the requirements of the Law № LRU-677, you can regularly get acquainted with the LIST of auditing organizations that carry out audit activities and changes through the following link on the official website of the Ministry of Finance: https://www.mf.uz/ru/auditorskaya-deyatelnost.html#openModal-about5.