World Bank Document

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
 
Executive Summary - i - 
REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) 
The Republic of Uzbekistan 
 
ACCOUNTING AND AUDITING
 
December, 2008 
 
Table of Contents 
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Executive Summary………………………………………………………………... ii 
I 
Introduction…………………………………………………………………. 3 
II 
The Institutional Framework for Accounting and Auditing……………….. 5 
A The Statutory Framework for Financial Reporting, Accounting
and Auditing………………….……………………………………. 
5 
A.1 The Statutory Framework for Accounting
and Financial Reporting………………………………………….........6 
A.2 The Statutory Framework for Auditing..………………….......10 
B The Accounting and Auditing Professions…………………………… 12 
C Professional Education and Training…………………………................15 
D Setting Accounting and Auditing Standards………………….………… 16 
E Enforcing Accounting and Auditing standards……………………........16
III 
Accounting Standards as Designed and as Practiced..……………..............17 
IV 
Auditing Standards as Designed and as Practiced……………………... 
19
V 
Perceptions on the Quality of Financial Reporting……………………… 19 
VI 
Policy Recommendations……………………………………………......... 20
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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
 
Executive Summary - ii -