Auditing activities are being improved in connection with the introduction of amendments and additions to the law "On Auditing Activities"

 In recent years, as a result of the improvement of legislation in the field of auditing, positive changes have been taking place in the audit services market in the republic. Thus, as of December 31, 2022, the number of audit organizations increased by 30 (31%) compared to December 31, 2021 to 126, and the number of auditors increased by 230 (35%), respectively, to 881. Of these, 27 domestic audit organizations are members of large international networks and associations, 4 are subsidiaries of international audit companies (Big-4).

 In accordance with the Decree of the President of the Republic of Uzbekistan dated August 4, 2021 No. PP-5210 “on additional measures to improve the system of certification of auditors”, certification of auditors is carried out by republican public associations of auditors. To date, public associations have issued certificates of qualification of auditors to a total of 458 applicants.

 The Law of the Republic of Uzbekistan dated January 20, 2023 No. UP-815 “On amendments and additions to certain Legislative Acts of the Republic of Uzbekistan” amended and supplemented the law “On Auditing activities”, legislatively defined the functions of the authorized state body transferred to Republican public associations of Auditors.

 In addition, since the general list of organizations subject to mandatory audit is contained in the law “On Auditing Activities”, organizations subject to mandatory audit are excluded from the law “On Limited Liability and Additional Liability Companies”.

 At the same time, the Law of the Republic of Uzbekistan No. UP-815 dated January 20, 2023 established the exclusion of an audit organization from the Register of Audit Organizations if the audit organization does not comply with the mandatory conditions established by the Law “On Auditing Activities”.

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Ministry of Economy and Finance