Organization of audits in non-governmental non-commercial organizations

The auditor's report must be numbered, signed page by page by the auditor (auditors), who performed the audit, and the head of the audit organization and accompanied by the attached financial statements on which the opinion of the audit organization is expressed.

The form and content of the auditor's report are determined by the standards of auditin

Article 40. Deliberately false auditor's report

• Article 40. Deliberately false auditor's report
• An auditor’s report drawn up without conducting an audit or drawn up based on the results of an audit, but do not correspond to the content of the documents of an economic entity received and reviewed by the auditor (auditors) during the audit, shall be recognized as deliberately false.
• The auditor's report is recognized as deliberately false by a court decision that has entered into legal force.
• Drawing up a deliberately false auditor’s report entails the exclusion of the audit organization from the Register of audit organizations, termination of the certificate of the head of the audit organization and the certificates of auditors who took part in the audit, as well as bringing the perpetrators to justice in the manner prescribed by law.

“LAW OF THE REPUBLIC OF UZBEKISTAN
ON AUDIT ACTIVITY”
Adopted by the Legislative Chamber on November 10, 2020 Approved by the Senate on February 5, 2021

Advantages of Organized Audit in Non-Governmental and Non-Profit Organizations:

• 1. Enhances financial due diligence, accuracy and trustworthiness as donors/contributors to the organization will have confidence in the financial operations and management of these organizations.
• 2. Accounts are audited appropriately which helps in accurate maintenance of records required for evidence during tax filing or other legal purposes that come up.
• 3. Ensures proper allocation of funds to prevent misuse or mishandling of limited resources by the organization.
• 4. It also helps identify any potential issues that may otherwise be overlooked and further can be used to help improve financial decisions within the organization.
• 5. An audit with a third party can provide an independent view on the performance, transparency and governance status of a non-governmental/non-profit organization .