Article 49. Audit of Micro-credit Organization
Micro-credit organizations’ operations shall be audited annually by external auditors
possessing the appropriate license to conduct this form of audit.
Micro-credit organizations shall have the right to choose an audit company.
Micro-credit organizations shall be required to submit to the Central Bank one
original or a copy of n external auditor report without changes (management
report and
financial reports) within ten days after receiving the report from the external auditors.
The annual external audit includes:
• Identification of the availability of the appropriate amount of chartered capital and
the financial sustainability of the micro-credit organization;
•
Verification of timeliness, integrity, and accuracy of transactions in recordkeeping
and
reporting;
• Verification of the compliance of transactions with general regulations as well as
conformity of the procedure for transactions with the internal policies of the
micro-credit organization.
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External auditor shall provide audit findings and his opinion
in the report shall be
submitted to the micro-credit organization.
Article 50. Resolution of Disputes
Disputes related to issuance of micro-credits shall be resolved according to the
procedures established in legislation.
Article 51. Liability for Violation of Legislation on Micro-credit and Micro-
credit Organizations
Persons responsible for violation the legislation on micro-crediting and micro-credit
organizations shall be prosecuted according to established procedures.
Article 52. Entry of the Law Into Force
This Law shall enter into force on the day of its official publication.
All active organizations involved in microfinancing activities in the territory of the
Republic of Uzbekistan (except commercial banks and other financial organizations) shall be
obliged to bring their activities into compliance with the requirements of this Law within 6
months of the date of its adoption.
President
of the Republic of Uzbekistan
