The Law of the Republic of Uzbekistan "On Accounting" and its importance Introduction

D. Reporting and disclosure requirements
In order to ensure the accuracy and reliability of financial information, the Law of the Republic of 
Uzbekistan "On Accounting" establishes various auditing and oversight mechanisms. These mechanisms 
include the requirement for companies to conduct regular audits by qualified auditors who are independent 
from the organization being audited (Article 32). Additionally, the law provides for the establishment 
of a Public Oversight Board, which is responsible for overseeing the auditing profession and ensuring 
compliance with professional standards (Article 43). These auditing and oversight mechanisms are crucial 
in maintaining the integrity of financial reporting and enhancing investor confidence in the Uzbekistan 
business environment.

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E. Auditing and oversight mechanisms
Paragraph 15: With the implementation of the Law of the Republic of Uzbekistan "On Accounting," the 
importance of accounting practices within the country's legal framework has been recognized (Source 
1). This legislation establishes the regulatory framework for accounting standards and practices (Source 
2). By adhering to these standardized principles, businesses can ensure accurate financial reporting and 
transparency (Source 3). Moreover, this law aims to promote fair competition, protect stakeholders' 
interests, and contribute to economic stability (Source 4).
Another important aspect of the Law of the Republic of Uzbekistan "On Accounting" is its contribution 
to ensuring the financial stability and reliability of organizations. According to Article 33 of the law, the 
financial statements prepared in accordance with the established accounting rules and principles provide 
accurate and reliable information on the financial position, performance, and cash flow of organizations 
(Law of the Republic of Uzbekistan "On Accounting," Art. 33). This is crucial for decision-making 
processes and assessing the overall financial health of organizations, enabling stakeholders to make 
informed decisions based on reliable financial information.