Tashkent, Uzbekistan (UzDaily.com) -- A modern audit is a special type of entrepreneurial activity aimed at satisfying public interests by providing investors and other users of financial statements with reliable information.

In this regard, in order to further improve the audit activity in the republic, taking into account the best practices of foreign countries, a new version of the Law of the Republic of Uzbekistan "On Auditing" has been developed.

The initiator and main developer of the bill is the Ministry of Finance of the Republic of Uzbekistan.

To date, the bill is being considered by the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan.

When considering the bill on the part of the deputies, proposals were made to clarify, reduce and expand certain norms of the bill, and to revise some of the norms based on international practice.

In order to improve the bill, taking into account the proposals of the deputies, the Ministry of Finance held a “round table” on-line on 10 June 2020 with the participation of auditors, international audit organizations, professional associations of auditors and other audit professionals.

At the meeting, Deputy Minister of Finance Dilshod Sultanov focused on the following issues: mandatory membership of auditors in a professional public association of auditors, improving the procedure for conducting qualification exams, increasing requirements for audit organizations and improving the activities of republican public associations of auditors, as well as an exchange of views of participants on these issues .

In addition, the conference participants comprehensively discussed issues related to the abolition of licensing of auditing activities, conducting auditing activities on the basis of international audit standards, conducting external quality control of the work of audit organizations, observing the ethical rules of professional work of auditors and activating the activities of republican public associations of auditors to introduce the best international experience application of international audit standards.

Given that audit activity has great potential for further development as a key factor in improving the business climate, the conference participants noted the importance of improving the bill as the main document regulating audit activity based on the best practices of foreign countries and emphasized the need to adhere to the principles of professional ethics.