The Audit Profession
45. The audit profession is regulated by the MoF’s Licensing Authority. This Licensing
Authority is responsible for maintaining an up-to-date registry of auditors and for enforcing audit
rules, regulations and requirements such as:
compliance with LOAA and NSA;
the executive of an audit firm must be an auditor;
valid liability insurance;
restriction on other activities when engaged in auditing activities;
compliance with confidentiality requirement;
timely and quality performance of contracted audit services; and,
auditors can perform audit activities for only one audit firm at a time.
The licensing authority employs seven staff to perform inspections to ensure compliance with the
requirements. The inspectors visit each audit firm at least once in three years. Where
transgression is suspected, the licensing authority forwards the case to the court. The court may
order the suspension or withdrawal of a firm’s audit license of firms, and revoked licenses can
never be retrieved. If individual auditors breach the laws and regulations applying to them, the
court can also suspend or withdraw their certificates. An auditor is permitted, however, to
reapply for the revoked certificate after three years. The law also establishes the extent of
information to be included in the registry of auditors.
46. The NAAA, ATBFD and CoA have developed their own Codes of Ethics even though
none of them has a disciplinary function as the MoF’s licensing authority holds this
responsibility. The codes, based on the IFAC code, address, inter alia, the following:
orderly conduct of business and objectivity;
resolution of ethical conflicts;
professional competence;
confidentiality;
tax practices;
independence;
commission and contractual fees;
relationship with other auditors; and,
advertising, conflict of interest, supervision, publishing of information, etc.
47. The legislation of Uzbekistan is silent on the recognition of foreign qualifications.
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