Tashkent, Uzbekistan (UzDaily.com) -- Auditing activities are based on the principles of independence, impartiality, honesty, professionalism and confidentiality. The current Law "On Auditing Activity" was adopted in 2000, and some of its provisions are not directly applicable. In other words, the audit activity is regulated by a number of regulations. This leads to confusion and complexity in the regulation of the sphere on a legal basis.

The draft law "On audit activity" in the new edition, discussed by the deputies in the second reading at the meeting of the Legislative Chamber of the Oliy Majlis on 26 August 2020, is important because it is a direct document that takes into account the best practices and practices in this area.

As the deputies emphasized, the main goal of the bill is to create an effective organizational and legal mechanism for regulating audit based on international principles and best practices, simplify the procedure for providing public services for licensing audit activities and abolish the issuance of a paper-based license for auditing.

“During the first reading of the draft law in the lower house of parliament, the deputies made a number of proposals for its improvement,” said Maksud Kurbanbaev, a member of the Committee on Budget and Economic Reforms. - In the process of finalizing the draft law, the Committee carefully analyzed all the proposals of the factions of political parties that were included in the draft law. In addition, the rights and obligations of audit organizations are described in detail, their responsibility is clarified.

According to the deputies, the adoption of the bill will become an important legal basis for regulating audit activities, introducing the practice of conducting independent audits based on international audit standards, improving the quality and competitiveness of audit organizations.

During the discussion, the deputies asked a number of questions on individual articles of the bill. In particular, the changes made by the working group during the finalization of the bill for the second reading became the subject of disputes among the deputies. In this regard, the draft law was returned to the committee to concretize the issues raised by the people’s representatives.