World Bank Document

Monitoring and Enforcement 
1. Regulators should increase and implement penalties for non-
compliance with requirements for public disclosure of 
financial statements. 
MoF, CBU,
CCCFSM,
MoF insurance 
department 
X 
X 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
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2. Make audit license/certificate validity contingent upon 
compliance with CPD, indemnity insurance, etc. 
MoF 
X 
3. Further develop the audit quality control and oversight 
functions. 
MoF 
X 
4. Enhance capacity of MoF and other regulators via training, 
recruitment, secondment and twinning. 
MoF and other regulators 
X 
Institutional Capacity Building 
1. Each institution with responsibilities for regulating corporate 
financial reporting to develop a long-term business plan 
MoF, regulators, and 
professional associations 
X 
2. MoF should work to create a plan to acquire, train and retain 
employees with the skills to carry out audit quality control 
reviews. 
MoF 
X 
3. MoF should work to raise capacity (through training, 
twinning, secondment) to adequately perform the audit 
quality control function.
MoF 
X 
4. Implementation of institutions’ long-term business plans 
MoF and professional 
associations 
X 
Training and Education
 
1. Undertake a major program to re-tool accounting educators at 
tertiary level. 
MoF, Ministry of 
Education, and 
universities 
X 
2. Promote training for chief accountants and other preparers 
and users of financial statements; alternatively, promote the 
introduction of local accounting certification program. 
MoF, professional 
associations 
X 
3. University syllabi in accounting should be standardized and 
enhanced and faculties should be appropriately resourced and 
staffed. 
MoF, Ministry of 
Education, and 
universities 
X 
4. Professional organizations should encourage universities to 
prepare students for CAP/CIPA qualification. 
Professional associations 
and universities 
X 

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The Republic of Uzbekistan – Accounting and Auditing ROSC 
 
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