The roundtable was co-hosted by USAID Development of Accounting and CIPA Programme Project in partnership with joint Public Finance Reform in Uzbekistan Project of the United Nations Development Programme and Ministry of Finance of Uzbekistan.

Liberalization of the national economy requires thorough accounting and audit practices, transparency and access to financial information for further development of the real sector and promotion of foreign investments. In turn, this requires development of appropriate legal framework for effective regulation as well as timely disclosure of complete and reliable financial information in line with the requirements of the market economy and the universally recognized accounting and audit standards.

Relevance of this roundtable is due to the need to discuss with all stakeholders the issues related to removal of existing shortcomings in accounting and audit practices including improvement of system regulation, and improvement of financial reporting principles.

The officials of Ministry of Finance, Ministry of Justice, entrepreneurs, auditors, accountants, representatives of professional associations, international organizations and development institutions, accounting and audit faculty and practicing accountants and auditors attended the roundtable.

International experience of transition to International Audit Standards, quality control over performance of auditors and accountants, implementation of relevant best experiences in the countries – members of the Eurasian Council of Certified Accountants and Auditors, issues of auditor evidence at the final stage of audit of financial reporting and accounting of earmarked cash flows were among major issues discussed at the event. Furthermore, audit techniques of accounting policies of businesses and particular features of accounting of leasing operations in accordance with the Tax Code were discussed in the course of the roundtable. The participants were offered presentations by experts and discussed the proposals for further improvement of regulatory framework of accounting and audit.

Implementation of new National Accounting and Audit Standards developed in the framework of the UNDP Public Finance Reform in Uzbekistan Project were also discussed at the roundtable. Proposals and recommendations geared to improve company audits, maintain records of earmarked cash flows, and financial lease were presented. Also the need for more in-depth analysis of existing legal framework for assessment of the prospects and implications of adoption of the International Audit Standards in Uzbekistan was noted.

Unfolding active discussions contributed to identification of new areas for improvement of accounting and audit practices in Uzbekistan. Concurrently, specific recommendations to make changes and amendments to the National Accounting Standards and National Audit Standards were developed at the roundtable.

This roundtable is one of many projects implemented in Uzbekistan by the United States Agency for International Development (USAID) on behalf of the American people. Since 1992 USAID has provided technical assistance to Uzbekistan for total amount in excess of USD 300 million.