World Bank Document

of formal training each year.
18
In 2004, the MoF and CoA approved CPD syllabi, which they 
said consisted of updating the professional examination subjects. It is not clear, however, how 
often these courses are updated. The CPD content reviewed for this report does not cover either 
IFRS or ISA. The audit firms submit reports to the MoF on a semiannual basis, summarizing the 
participation of their auditors in CPD courses and attaching copies of the certificates attesting to 
that. The professional bodies also release this information to the public and the MoF verifies 
whether certified auditors have complied with CPD requirements. CPD compliance is also 
reviewed when auditors wish to extend the validity of their audit certificates (an audit certificate 
is subject to renewal after five years). 
D. 
Setting Accounting and Auditing Standards 
58. Under the current legislation, the MoF has the responsibility for setting Uzbek 
accounting and auditing standards. The Law on Accounting (LoA) and the Law on Auditing 
Activity (LoAA) refer to “standards,” and that reference is interpreted as NAS and NSA. 
18
MoF Regulation 977on audit certificates (2000). 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
- 17 - 
 
59. MoF periodically reviews NAS and NSA to identify whether changes in IFRS and ISA 
should be reflected in national equivalents. The unofficial Russian translation of the 2001 
edition of IAS is the inspiration for most NAS, and ISA 2001 is the inspiration for NSA. The 
positive fact is that the gradualist approach to reforms did not result in the massive gap between 
standards and practice experienced in other peer countries. This resulted in standards that may be 
appropriate for many entities (SMEs) but not entirely suitable for others (PIEs).