World Bank Document

S
UMMARY OF 
P
OLICY 
R
ECOMMENDATIONS
 
Action 
Responsibility 
Timing 
Short-term 
(less than 1 
year) 
Medium-
term 
(1 to 3 years) 
Long-term 
(3 to 5 
years) 
Statutory / legislation 
1. 
Design plans and revise timeline for IFRS implementation 
to accommodate the proposed three-tier financial reporting 
scheme. 
MoF 
X 
2. 
Create a function to review all financial statements 
(including auditors’ reports) of PIEs.
CBU,
CCCFSM,
MoF insurance 
department 
X 
3. 
Enhance public disclosure of company financial 
information. 
MoF,
CBU,
CCCFSM,
MoF insurance 
department 
X 
4. 
Establish a registry to collect the financial statements of all 
Uzbek companies and to make them available to the public. 
MoF 
X 
5. 
Develop mechanisms for adopting latest translations of 
IFRS and ISAs. 
MoF 
X 
 
 
 
Accounting 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
- viii -
1. MoF should work together with regulators to further improve 
the quality of financial reporting (share results of financial 
statements reviews, coordination on publication of financial 
statements, participation in auditing public oversight 
function, etc).
MoF, 
CBU,
CCCFSM,
MoF insurance 
department 
X 
2. Professional organizations should cooperate with universities 
to promote the development of the accountancy profession 
MoF, professional 
associations and 
universities 
X 
Auditing 
1. Licensing Authority should review the existing certification 
program for compliance with IFAC IES, and evaluate 
international professional qualifications (e.g., CAP/CIPA, 
ACCA, etc.) to assess whether full or partial exemptions 
should be granted to those holding them from the audit 
certification examination. 
MoF 
X 
2. Modify statutory audit requirements so that only PIEs and 
companies above a certain size threshold would be covered.
MoF 
X 
3. MoF should design an infrastructure and methodology for a 
system of audit quality control and consider requiring all 
licensed auditors to be a member of a professional 
organization that meets certain criteria based on IFAC SMOs. 
MoF 
X 
4. MoF, with the participation of professional associations, 
should consider incorporating the IFAC Code of Ethics into 
legislation or creating and enacting a domestic code of ethics.
MoF, professional 
associations 
X 
X