World Bank Document

number of companies in each category:

Farms – 226,019 

Joint-stock companies – 1,781 

Private companies – 100,472 

State-owned enterprises – 33,968 

Companies with foreign investment – 4,379 

Other ownership forms – 117,102
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This report outlines the legal principles applicable to accounting, auditing and financial reporting and does not 
attempt to give anything more than an introduction to the issues. This report is not meant to be an exhaustive 
rendition of the law nor is it legal advice to those reading it. 
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Source: http://www.llrx.com/features/uzbekistan.htm#market.

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
- 6 - 
 
In addition to these companies, there are 26 microfinance organizations, 34 pawnbrokers and 78 
credit unions. According to the data available, the state-owned sector contributed about 20.4% to 
Uzbekistan’s GDP in 2008.
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13. According to the Law on Accounting (LOA), a company’s CEO or the board of 
directors is responsible for “complete and true” accounting records and the preparation of 
financial statements. The legislation further imposes on the CEO the responsibility for “internal” 
accounting and reporting, internal controls, maintaining up-to-date accounting documents, and 
financial and tax reporting. Financial statements are prepared using prescribed forms and must be 
signed by a company’s CEO and a second person nominated by the CEO, usually the chief 
accountant. 
14. According to Uzbek banking laws, each bank should have, in addition to a 
management board, a non-executive supervisory board comprising at least five members, as 
well as an audit committee. The members of the supervisory board may be shareholders and/or 
financial experts. The supervisory board is responsible for supervising operations, appointing and 
dismissing management, maintaining sufficient capital, formulating the bank’s policies and 
ensuring compliance with legislation. Banks are subject to a mandatory annual audit, to be 
performed by auditors licensed by the central bank (in addition to having a general audit license). 
Currently, there are five such licensed audit firms (two local firms in addition to three out of the 
Big 4). The supervisory board selects the external auditors, who are then confirmed at a 
shareholders’ meeting.
15. Insurance is governed by provisions of the Civil Code and by the Law on Insurance 
Activity. Insurance companies are not required to operate as joint-stock companies. 
16. An annual audit is mandatory for both open (shares are issued to the public) and