World Bank Document

and CPD, none of them administers or aspires to administer a professional certification 
program. The only accounting certification schemes available in the Republic of Uzbekistan 
are CAP/CIPA and ACCA. NAAA and CoA have, however, maintained a working relationship 
with the MoF’s licensing unit. These three bodies should work together in requiring accountants 
and auditors to become members of a recognized professional body. The MoF could then 
consider establishing a public oversight mechanism for those professional bodies, for example by 
delegating oversight responsibilities to the MoF licensing unit (which might be asked to further 
delegate certification and CPD responsibilities in the future to the professional bodies 
themselves). This, however, is unlikely to be achieved, given the limited resources in the 
Republic of Uzbekistan, unless the MoF, NAAA, ATBFD, CoA and other stakeholders work 
together and unite resources to get this done. 
44. Many individuals are involved in accounting functions, some of whom were trained 
under the previous Soviet regime. Educating the accountants who work at the majority of 
Uzbek companies is key to improving the practical application of NAS and principles-based 
accounting. While relatively newly qualified accountants might have a better understanding of 
modern accounting concepts than current accounting practitioners do, established accountants 
15
IFAC SMOs are designed to provide clear benchmarks to current and potential IFAC member organizations to 
assist them in ensuring high-quality performance by accountants worldwide. SMOs cover quality assurance, 
education standards, auditing standards, ethics, investigation and discipline, etc. For additional information, refer 
to 
http://www.ifac.org/Compliance/index.php
.
16
In May 2009 NAAA has submitted an application for full IFAC membership. 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
- 14 - 
 
should also be given an opportunity to improve their theoretical and practical skills. Again, to 
accomplish this objective, it is important that all stakeholders be involved in the process.