Tashkent, Uzbekistan (UzDaily.com) - Another issue on the agenda of the twelfth plenary session of the upper house of parliament - the Law "On Auditing" was considered.

It was noted that the current Law was adopted in 2000. The changes taking place in recent years in connection with the reforms in the audit market have led to a decrease in the quality of its direct action and to a state that does not fully meet the requirements of today.

The new Law is undoubtedly important in deepening institutional changes while liberalizing the economy.

This Law was developed in order to create an effective organizational and legal mechanism for regulating audit activities based on international principles and best foreign experience.

This document envisages the organization of an audit service that meets the requirements of a market economy, improving the quality of work and the prestige of the auditor profession.

Another important aspect of the Law is the consolidation of the rule on the exclusion of auditing from licensed activities.

The law determines that audit activities are carried out only on the basis of international auditing standards. A list of socially significant organizations that are subject to mandatory audit is also being formed.

In general, the consolidation in a separate normative legal document of the rules and norms governing audit activity is systematized.

In order to create convenience and benefits for audit organizations, it is also envisaged to abolish the requirement for the size of their authorized capital and establish at least four auditors as their minimum number in audit organizations.

Based on international practice, it is allowed to conduct an audit of the same business entity for seven consecutive years.

Based on the "risk analysis", it is envisaged to carry out external quality control of the work of audit organizations and publish its results on the official website of the authorized state body and republican public associations of auditors.

Senators approved the law.