Tashkent, Uzbekistan (UzDaily.com) -- The agenda of the 12th plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan on 5 February 2021 includes the law "On Audit Activities".

The draft law, which will be considered at the plenary session, is designed to create an effective organizational and legal mechanism for regulating audit activities based on international principles and the best foreign experience.

The draft law is aimed at revising the outdated and oral norms of the current legislation and introducing new directly applicable norms, which provide for the introduction of a number of norms aimed at the freedom of audit activity. In particular, it provides for the simplification of procedures that give the right to carry out audit activities only on the basis of international standards on auditing and to conduct an audit.

The bill will generally lead to the improvement of the normative-legal acts in the field of regulation of audit activities, enhancing the quality of audit services, to ensure compliance with national auditing modern tendencies of development of audit at the international level, to increase the prestige of the profession of an auditor, the formation of a directly applicable law.