IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

National Association of Accountants and Auditors of Uzbekistan

Introduction

The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

Part 1:	Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
Part 2:	Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

Setting auditing, accounting, ethics, public sector and education standards; and
Regulating the accountancy profession.

Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

Questions or comments may be sent to complianceassessment@ifac.org.

Section 3 -- Member Body General Information

1. Country:

Uzbekistan

2. Name of member body:

Or please specify name:
National Association of Accountants and Auditors

3. Individual responsible for preparation:

Prof. Dr. Minovar Tulakhodjaeva,

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

/ 2002

Questions 5 - 22 are for internal use only

Section 3G -- Affiliations

23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):

ICCAA International Council of Certified Accountants and Auditors

Section 4 -- Statutory Framework

Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

Section 4A -- The Companies Act or Commercial Code

The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

24. What is the full name of:

a). the Act or the Code:		Accounting requirements are specified in the Uzbekistan Law on Accounting. Auditing requirements are specified in the Uzbekistan Law on Auditing. With regard to financial reporting and auditing there are no specific individual laws or regulations applying solely in respect of listed companies. Listed companies are covered by the Law on Auditing Activity.
b). the Enacting body:		Uzbekistan Law about Auditing activity: Parliament, December 9, 1992, last updated May 26, 2000. Uzbekistan Law about Accounting: Parliament, August 30, 1996.
c). date the Act or Code came into force:		/

25. How can IFAC obtain a copy of the Act or Code?

The official version of Uzbekistan law is contained in the �Government bulletin�. However, access to Uzbekistan legislation can be obtained via the Internet: www.mf.uz

26. Is the Act or Code available in English?

Yes

27. What are the types of entities covered by the Act or the Code?

Please check all that apply.

	Listed entities					Other (please specify): See response to question 44.
	Private companies					Other (please specify):
	Governmental					Other (please specify):
	Not-for-profit					Other (please specify):

28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			The National Accounting Standards issued by Ministry of Finance (MOF) provide recommendations on how to apply the accounting principles of the Uzbekistan Book keeping law . The standard issued by the MOF should be applied not only by listed, but by all companies which are required to prepare consolidated financial statements.
Private companies			See above for listed entities
Governmental			See above for listed entities
Not-for-profit			There are no explicit rules for civil partnerships and other not-for �profit entities other than general accountability requirements.
Other (please describe)			See above for listed entities
Other (please describe)

29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:

Please check all that apply.

	No	Yes	(If YES, please describe)
Listed entities			Uzbekistan Auditing Standards conform with ISA and are general practice in Uzbekistan. According to the Uzbekistan Auditing Law auditing requirements are for the listed companies: joint- stock and insurance companies, banks and other credit organizations, charity and other public funds.
Private companies			See above for listed entities
Governmental			See above for listed entities
Not-for-profit			See above for listed entities
Other (please describe)			See above for listed entities
Other (please describe)

30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

31. Who appoints the statutory auditors?

Please check all that apply.

	Shareholders					Management
	Board of directors					Other (please specify): Not applicalbe for government owned businesses where government auditors are employees of an independent govt organization.
	Audit committee					Other (please specify):
	Government agency					Other (please specify):

32. Does the Act or Code require joint auditors for the statutory audit?

Yes

If yes, please describe the requirement:

33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?

Yes

If yes, please describe the requirement:

Section 4B -- Securities Market Regulations

Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:

the major items of Legal authority for such requirements

With regard to financial reporting and auditing there are no specific individual laws or regulations applying solely in respect of listed companies. Listed companies are covered by the Auditing Law and Codes described in our answers to section 4A, depending on their legal form and on the section of industry to which they belong.
the Enacting body(ies)

Parliament - See answer to question 24 b)
the latest amendment date?

Parliament - See answer to question 24 b)

35. How can IFAC obtain a copy of the Legal authority?

The official version of Uzbekistan law is contained in the �Government bulletin�. However, access to Uzbekistan legislation can be obtained via the Internet: www.mf.uz

36. Is the Legal authority available in English?

Yes

37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?

Yes

If YES, please describe the requirement:

38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?

Yes

If YES, please describe the requirement:

39. Who appoints the statutory auditors of listed entities?

Please check all that apply.

	Shareholders			Management
	Board of directors			Other (please specify):
	Audit committee			Other (please specify):
	Government agency			Other (please specify):

40. Are auditors who perform audits of listed entities appointed for a specified period?

Yes

If YES, please indicate the term of appointment:

1 Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

If YES, please describe the requirement:

Section 5 -- Auditing Standards

Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 5A -- Statutory Framework

43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:

Type of entity	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting audit and other assurance standards
Listed entity	Uzbekistan Law about Auditing Activity	Parliament, December 9, 1992, last updated May 26,2000	Department of Accounting and Auditing of Ministry of Finance
Other (please describe) Non-listed entity	Uzbekistan Law about Auditing Activity	Parliament, December 9, 1992, last updated May 26,2000	Department of Accounting and Auditing of Ministry of Finance
Other (please describe) Listed and Non-listed entitise			National Association of Accountants and Auditors (NAAA) and Chamber of Auditors
Other (please describe)

Contact the NAAA

Yes

Section 5B -- Standard-Setting (Department of Accounting and Auditing of Ministry of Finance)

44. For Department of Accounting and Auditing of Ministry of Finance, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Parliament(Oliyi Majlis � uzbek name) establishes legislation for example the Law about Auditing Activity. The Department of accounting and auditing of Ministry of finance (MOF)is the government executing body responsible for setting auditing standards.

The independent private organizations established by the profession, National Association of Accountants and Auditors (NAAA) and Chamber of Auditors (CA), are involved in the standard-setting process. Note: NAAA is an IFAC associate.

The standards must be approved by the Ministry of Finance.

Auditing standards, rules and instructions.

Note:
In Uzbekistan there are two sources for auditing requirements with respect to both listed and other entities: legislation and auditing standards.

The general requirements in the Uzbekistan Law about Auditing Activity provide the basis for auditing standards; in addition, there are some other laws with industry � specific requirements respectively, depending on the legal form and size of entity. These laws form the auditing framework in respect of statutory audits only.

While these laws do not regulate details of the planning and conduct of audits and reporting, the Ministry of Finance as a governmental official auditing standards setter promulgates detailed auditing and other assurance standards, practice statements and other matters.

45. How many voting members does the standard-setting body have?

Ministry of Finance � 3, Uzbek public auditors � 4, Academics � 2.

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		Voluntary- from independent private organizations, Employed- from governmental body

47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

� Technical knowledge and auditing experience
� Publication of official material in the relevant area
� Adequate representation of small, medium, large sized audit firms

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Government - Ministry of Finance

49. What is the term of appointment for members?

Year(s)

50. For how many years has the standard-setting body been in existence?

12 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

52. To what entity is the standard-setting body accountable?

Government of Uzbekistan

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Drafts of new standards initiated by Ministry of Finance, NAAA or CA published within the profession. A comment period (usually 3-4 months) is provided
accessibility of meetings (i.e., public or private)

Public and Private
approval process for final standards (i.e., majority required to approve final standards)

A simple majority vote is required to approve final standards
other relevant due process activities

Public hearings concerning draft standards for those who have sent comment letters and other relevant parties.

Please note that technical drafting activities are carried out by working parties and subgroups on a voluntary basis with support from the technical department of the NAAA and CA. Thus, the above figure does not reflect this input.

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

8 Day(s)

Section 5B -- Standard-Setting (National Association of Accountants and Auditors (NAAA) and Chamber of Auditors)

44. For National Association of Accountants and Auditors (NAAA) and Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Independent private organizations established by the profession

Involved in the process of developing laws, standards, rules and instructions

45. How many voting members does the standard-setting body have?

Ministry of Finance � 3, Uzbek public auditors � 4, Academics � 2.

46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		Voluntary- from independent private organizations, Employed- from governmental body

� Technical knowledge and auditing experience
� Publication of official material in the relevant area
� Adequate representation of small, medium, large sized audit firms

48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Governemnt - Ministry of Finance

49. What is the term of appointment for members?

Year(s)

50. For how many years has the standard-setting body been in existence?

12 Year(s)

51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

52. To what entity is the standard-setting body accountable?

Government of Uzbekistan

53. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Drafts of new standards initiated by Ministry of Finance, NAAA or CA published within the profession. A comment period (usually 3-4 months) is provided
accessibility of meetings (i.e., public or private)

Public and Private
approval process for final standards (i.e., majority required to approve final standards)

A simple majority vote is required to approve final standards
other relevant due process activities

Public hearings concerning draft standards for those who have sent comment letters and other relevant parties.

Please note that technical drafting activities are carried out by working parties and subgroups on a voluntary basis with support from the technical department of the NAAA and CA. Thus, the above figure does not reflect this input.

54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

8 Day(s)

Section 6 -- Ethics

Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

Section 6A -- Statutory Framework

55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.

Type of professional covered	Name of applicable legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting ethics standards
Professional Accountants in Public Practice	For licensed auditor, legislation set by Parliament - Law on Audit Activity, Standards on Auditing Activity	December 1992,	National Association of Accountants and Auditors (NAAA) and Chamber of Auditors
Professional Accountants in Business	For Certified Accountants		National Association of Accountants and Auditors (NAAA)
Professional Accountants in the Public Sector
Other (please describe) Professional Accountants in the Bank activity	Parliament	April 1996 with amendments in 2000 and 2003	Central Bank

The official version of Uzbekistan law is contained in the "Government bulletin". However, access to Uzbekistan legislation can be obtained via the Internet: http://www.mf.uz

We are not aware of any official translations of the ethics standards. Several of these acts have been translated on several occasions by varying authors. We are neither able to endorse such translations nor to provide a recommendation as to suitability for IFAC purposes.

Yes

Section 6B -- Standard-Setting (National Association of Accountants and Auditors (NAAA) and Chamber of Auditors)

56. For National Association of Accountants and Auditors (NAAA) and Chamber of Auditors, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Regulatory body

Code of Ethics

57. How many voting members does the standard-setting body have?

Advisory Board of NAAA - 17 voting members; Advisory Board of CA has 12 voting members.

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Members of the Advisory Board are elected by the respective General Assembly of all members of NAAA and CA. When appointing members to the Advisory Board it is ensured that regional representation and representation of small and medium-sized firms as well as major firms is guaranteed. When appointing members to Committees and Sub-Committees technical skills and experience are considered.

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

They are elected in ballots by the respective General Assembly of all members of NAAA and CA.

61. What is the term of appointment for members?

2 Year(s)

62. For how many years has the standard-setting body been in existence?

12 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

64. To what entity is the standard-setting body accountable?

The Advisory Board is accountable to the General Assembly of NAAA and CA. In addition all committees and bodies within NAAA and CA are accountable to and supervised by the Ministry of Justice.

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Draft standards are not subject to public exposure or hearings. Final standards are published in the Republic News papers.
accessibility of meetings (i.e., public or private)

Meetings of the Advisory Board are not public. However, Government body members can participate as observers with the right to speak and comment decisions.
approval process for final standards (i.e., majority required to approve final standards)

A simple majority and a quorum is required to approve final standards.
other relevant due process activities

Final standards have to be approved by the Ministry of Finance and registered by Ministry of Justice and are published in the Republic News papers.

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

2 Day(s)

Section 6B -- Standard-Setting (National Association of Accountants and Auditors (NAAA))

56. For National Association of Accountants and Auditors (NAAA), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Regulatory body

Code of Ethics

57. How many voting members does the standard-setting body have?

Advisory Board of NAAA - 17 voting members;

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

They are elected in ballots by the General Assembly of all members of NAAA and CA.

61. What is the term of appointment for members?

2 Year(s)

62. For how many years has the standard-setting body been in existence?

12 Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

64. To what entity is the standard-setting body accountable?

The Advisory Board is accountable to the respective General Assembly of NAAA and CA. In addition all committees and bodies within NAAA and CA are accountable to and supervised by the Ministry of Justice.

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

Draft standards are not subject to public exposure or hearings. Final standards are published in the Republic News papers.
accessibility of meetings (i.e., public or private)

Meetings of the Advisory Board are not public. However, Government body members can participate as observers with the right to speak and comment decisions.
approval process for final standards (i.e., majority required to approve final standards)

A simple majority and a quorum is required to approve final standards.
other relevant due process activities

Final standards have to be approved by the Ministry of Finance and registered by Ministry of Justice and are published in the Republic News papers.

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

2 Day(s)

Section 6B -- Standard-Setting (Central Bank)

56. For Central Bank, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

57. How many voting members does the standard-setting body have?

58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

61. What is the term of appointment for members?

Year(s)

62. For how many years has the standard-setting body been in existence?

Year(s)

63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

64. To what entity is the standard-setting body accountable?

65. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 7 -- Education

Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

Section 7A -- Education Requirements

67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:

Primary education: 4 years (age 6 � 10)
Secondary education: 6-9 years (age 10 � 16/19)
Education until the age of 16 is compulsory in Uzbekistan.
Those wishing to attend college and must complete until the age of 19.
Technical colleges [similar to polytechnics ]: minimum 3 years plus 6 to 12 months practical training.

High education: Bachelors degree � 4 years and after (desire) Masters degree � 2 years.

68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?

Yes

The following relates only to auditors:

Uzbekistan Law Regulating the Profession by Parliament

Masters degree (Diplom): The legally required minimum duration for a Diplom is 6 years. Bachelor degree or similar degree: The legally required minimum duration is 4 years.

The duration of practical experience depends on the academic degree:
- Masters or similar degree: 3 years of auditing practice
- Bachelors or similar degree: 4 years auditing practice

Three and four years of the required practical experience must be in the area of financial statements audit. The academic degree is obtained prior to the recognition of practical experience.

The examination is the same for all candidates, regardless of the educational background. The written examination consists of 4 papers with four to six hours time available per paper. The oral examination consists of both a short speech of 10 minutes and a question and answer session of two hours per person.

Subjects:
� Financial Accounting (1 paper)
� Auditing (1 paper)
� Analysis of financial statements (1 paper)
� Taxation (1 paper)

It should be pointed out that the additional examination tutoring, in which most examination candidates participate, usually requires an additional one or two years of part time study during the period of practical work experience.

69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.

	Academic requirements Membership with the NAAA or CA is mandatory for all Uzbek public auditors and public audit firms, i.e. when licensed officially by the Ministry of Finance (see 7B) they become instant members. Licensing requires the final qualifying examination as described in Q68. In addition the individual has to be of good standing , solvent and maintain an indemnity insurance.
	Professional examinations See Q68
	Practical experience See Q68
	Final qualifying examination See Q68
	Other (please describe) CPD Continuing education is required for auditors. They should have 60 hours each year according to approved Ministry of Finance programs.

70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.

	A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
	A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
	Member body(ies) establishes the education requirements for the accounting profession.
	Other (please describe)

71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
Amendments of the law have to pass the Uzbekistan legislative procedure.

The entrance requirements for the qualification and the examination are regulated by law. The Minister of Finance regulates the details of the examination procedure (Examination Regulations for Auditors ) by regulation.
How many voting members does the relevant body(ies) have
N/A
Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?

Voluntary

Employed

Both - Please describe:
For how many years has the body been in existence?

12 Year(s)

72. How would you describe the authority that the education requirements have?

	Requirements are legally-based
	Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
	Requirements are set in member body(ies) policy document(s).
	Other (please describe)

72 a. How can IFAC obtain copies of these documents?

http://www.mf.uz

72 b. Are these documents available in English?

Yes

73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?

Same

Different

If different, please briefly describe the main differences:

74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.

	The education program and final examination are delivered by the member body.
	The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
	The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
	Other (please explain) MOF, NCAA, and CA

75. Once qualified as a member of your professional body, can members offer their services directly to the public?

Yes

Section 7B -- Licensing

76. Are there licensing requirements for auditors in your country?

Yes (continue with Question 77)

No (proceed to Section 8)

77. Who sets the requirements to obtain a license?

The Ministry of Finance. Members of the NAAA and CA have to be licensed officially as public auditors by MOF (see 7B).

With regards to Q76:
Uzbekistan Public auditors, i.e. professionals entitled to perform statutory audits, as well as public audit firms, have to be licensed officially by MOF. Licensing of individuals requires a final qualifying examination as described under section 7A. Licensing of public audit firms requires � in particular � a majority of owners and officers who are licensed as public auditors (at list 3 certified auditors).

All auditors are allowed to perform statutory audits of all kinds of entities of all sizes. (Except banks. Bank sector has separate licensing system). However, there is a legal duty incumbent on the auditor to ensure that he or she possesses the necessary professional competence. All auditors should comply with the Uzbekistan Auditing standards.

By law, an auditor undertaking statutory audit engagements must obtain a certificate from the MOF verifying successful participation in the system of quality assurance. Without this certificate the auditor will not be eligible to undertake statutory audits

Voluntary audits are not subject to these requirements and may by carried out by any individual or firm. However, in general � when not performed by public auditors � they are generally carried out by lawyers, or tax advisor or other experts.

78. What are the requirements to obtain a license (please select all relevant requirements.)?

	Academic study specific for obtaining a license
	Practical experience
	Licensing examination
	Final qualifying examination
	Other (please describe) As above, licensing by MOF and successful participation in the system of quality assurance organized by MOF.

79. Are there ongoing requirements to retain a license?

Yes

	Continuing professional development
	Re-examination
	Other (please specify): The license as auditor is limited on 5 years, and can be revoked under specific circumstances. Participation in the CDP courses per year and in the system of quality assurance every 5 years is required to maintain the right to perform statutory audits

80. What entity grants the license?

MOF � Ministry of Finance

81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).

None

Section 8 -- Public Sector Accounting Standards

Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

Section 8A -- Statutory Framework

82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.

Type of entity	Name of legal authority	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting public sector accounting standards
Whole of government	Uzbekistan Law on Accounting	August 1996	MOF
Ministry/department	MOF		MOF and NAAA
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

The official version of Uzbekistan law is contained in the �Government bulletin�. However, access to Uzbekistan legislation can be obtained via the Internet: www.mf.uz

Yes

Section 8B -- Standard-Setting (MOF)

83. For MOF, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Government Executing Body for law established by Parliament.

Uzbekistan Law on Accounting

84. How many voting members does the standard-setting body have?

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 8B -- Standard-Setting (MOF and NAAA)

83. For MOF and NAAA, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

With regards to the standards issued by NAAA, the first standard was approved in August 1998. We have 23 National Accounting Standards now. Every year MOF with NAAA renew previous standards and approve a new standards.

National Accounting Standards

84. How many voting members does the standard-setting body have?

85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

88. What is the term of appointment for members?

Year(s)

89. For how many years has the standard-setting body been in existence?

Year(s)

90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

91. To what entity is the standard-setting body accountable?

92. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards
accessibility of meetings (i.e., public or private)
approval process for final standards (i.e., majority required to approve final standards)
other relevant due process activities

93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

Day(s)

Section 9 -- Private Sector Accounting Standards

Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

Section 9A -- Statutory Framework

94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.

Type of entity	Name of legal authority or applicable rules	Date of last amendment (e.g. MM/YYYY 06/2001)	Name of body responsible for setting private sector accounting standards
Listed entity			Ministry of Finance of Uzbekistan
Other (please describe) Listed entities, private companies, governmental organization, not-for-profit organizations			Ministry of Finance of Uzbekistan
Other (please describe)
Other (please describe)
Other (please describe)

Contact NAAA.

Yes

Section 9B -- Standard-Setting (Ministry of Finance of Uzbekistan)

95. For Ministry of Finance of Uzbekistan, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.

Ministry of Finance recognized as the Uzbek Accounting Standards Committee in accordance with Uzbekistan Law on Bookkeeping

Uzbekistan Law on Bookkeeping refer to http://www.mf.uz for details

96. How many voting members does the standard-setting body have?

97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:

98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

Members must be accountants and should meet different qualification criteria (refer to http://www.mf.uz for details).

99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

Government of Uzbekistan

100. What is the term of appointment for members?

Year(s)

101. For how many years has the standard-setting body been in existence?

Year(s)

102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A

103. To what entity is the standard-setting body accountable?

See above question 95

104. Describe the due process followed by the standard-setting body. Please include explanations of the following:

public exposure of standards

No
accessibility of meetings (i.e., public or private)

Public
approval process for final standards (i.e., majority required to approve final standards)

No
other relevant due process activities

No

105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?

30 Day(s)

Section 10 -- Monitoring (Quality Assurance) and Enforcement

Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

Section 10A -- Securities Market Regulatory Authority

106. Name the authority that regulates the securities market:

Uzbekistan Control Coordination Council (UzCCC)

107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:

UzCCC has responsibilities for monitoring and enforcing compliance with accounting, reporting and auditing requirements.

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No role of the UzCCC
accounting and auditing standard-setting

No role of the UzCCC
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

No role of the UzCCC

Section 10B -- Stock Exchange

109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:

Profit	Not for profit	Stock Exchange
		Tashkent Stock Exchange
		Samarkand Stock Exchange
		Bukhara Stock Exchange
		Fergana Stock Exchange

Section 10B -- Stock Exchange
Tashkent Stock Exchange Details

110. For Tashkent Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10B -- Stock Exchange
Samarkand Stock Exchange Details

110. For Samarkand Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10B -- Stock Exchange
Bukhara Stock Exchange Details

110. For Bukhara Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10B -- Stock Exchange
Fergana Stock Exchange Details

110. For Fergana Stock Exchange, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.
The consequences of non-compliance with the financial reporting, accounting or auditing requirements.
How enforcement actions are administered.

Section 10C -- Regulatory Oversight of the Accounting Profession

111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?

Yes

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?

The following relates to public auditors only:

The Government Oversight Board on Quality Control (UzCCC) is responsible for ensuring, in the public interest, that the Uzbek system of quality assurance is appropriate and effective. In addition, it develops recommendations for the further development and improvement of the quality assurance system.
The number of members on the oversight body

N/A (non-members of the audit profession)
Its powers

Board members are entitled to participate in individual external quality control reviews and in the meetings of the UzCCC
How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations

Every three year UzCCC conducting a review of each audit firm and controlling compliance with applicable auditing standards and regulations
The sanctions the oversight body may impose in the event of non-compliance

The Government Oversight Board on Quality Control (UzCCC) has sanctioning power towards the single auditor or audit firm. If the Government Oversight Board on Quality Control discovers weaknesses in the system of quality assurance it has to provide recommendations for improvement of the system. These recommendations will be included in the annual report of the Government Oversight Board on Quality Control.
How the oversight body is accountable to any public institution or body

The Government Oversight Board on Quality Control is required to publish an annual report on its activities. Members are appointed by the Ministry of Finance and by Tax Committee, but are independent and not bound by instructions of the Ministry.

Section 10D -- Banks Regulatory Authority

112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:

The Government Financial Supervisory Authority (UzCCC) and the Uzbek Central Bank (UzCB). The UzCCC has no authority to establish requirements for �general purpose external financial reporting

113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:

The audit of the annual financial statements and the reporting thereon in the long-form audit report are essential sources of information for the regulatory authority. In addition, the regulatory authority itself can carry out special audits or can engage certified public accountants to do so.

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

No role (.)
accounting and auditing standard-setting

No role
review of financial statements prepared by listed entities

The UzCCC does not perform a review in the general sense, but only in as far as is necessary for its oversight function.
enforcement of accounting, reporting and auditing requirements

Financial statements of banks and similar financial institutions are a source of information for the regulatory authority; currently there is no additional responsibility.

Section 10E -- Non-Banking Financial Institutions Regulatory Authority

115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.

The Uzbekistan Control Coordination Council (UzCCC) and Uzbek Central Bank

116. What is the source of Legal authority of the regulatory authority(ies)?

Banking Activity Law

117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:

regulation of the audit profession

No role
accounting and auditing standard-setting

No role
review of financial statements prepared by listed entities

The UzCCC does not perform a review in the general sense, but only in as far as is necessary for its oversight function.
enforcement of accounting, reporting and auditing requirements

Financial statements of banks and similar financial institutions are a source of information for the regulatory authority; currently there is no additional responsibility.

Section 10F -- Insurance Companies Regulatory Authority

118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.

The Uzbekistan Control Coordination Council (UzCCC)

119. What is the source of Legal authority of the regulatory authority(ies)?

The Uzbekistan Insurance Activity Law

120. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession

No role
accounting and auditing standard-setting

No role
review of financial statements prepared by listed listed entities

The UzCCC does not perform a review in the general sense, but only in as far as is necessary for its oversight function.
enforcement of accounting, reporting and auditing requirements

Financial statements of banks and similar financial institutions are a source of information for the regulatory authority; currently there is no additional responsibility.

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

Not applicable.

122. What is the source of Legal authority of each regulatory authority?

Not applicable.

123. Briefly describe the role of the regulatory authority(ies) as it relates to the following

regulation of the audit profession
accounting and auditing standard-setting
review of financial statements prepared by listed listed entities
enforcement of accounting, reporting and auditing requirements

Section 10H -- Quality Assurance

124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?

Yes

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

Refer also Section 10C.

A system of external Quality Assurance based on the National Standards of Auditing Activity on Quality Assurance came into effect on September 3, 1999.
The regulatory body, the NAAA, which operates the quality assurance system as part of its supervision of the profession, is a corporation established under public law, and supervised by the ministry of Finance (MOF).
The NAAA is going to set up a Commission on quality assurance, which should be responsible for monitoring the individual reviews.
In addition to this NAAA submitted MOF the Regulation on Quality Assurance Engagements.

125. Under what authority does the organization conduct the program of quality assurance review?

National Standard on Quality Assurance, which came into effect on September 3, 1999.

126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?

Combination of these.

Section 10 I -- Investigation and Discipline

127. Is there a process for investigating and disciplining the accounting profession in your country?

Yes

If NO, proceed to the Certification of Chief Executive

128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?

	Government or other agencies are solely responsible for this function.
	Government or other agencies have this responsibility, but the member body or bodies participate in the process.
	Government formally delegates this function to the member body or bodies, to exercise on its behalf.
	Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
	Other (please explain)

129. Please indicate the name of the body or bodies responsible for investigation and discipline.

By law, the Ministry of Finance, NAAA and CA are responsible for the disciplinary oversight of the profession. For minor violations of professional conduct they may take remedial action, such as reprimand and fines. More serious violations are investigated by the Uzbekistan Control Coordination Council (UzCCC) office and � in case of sufficient evidence � are subject to the disciplinary jurisdiction of the court. The nature of sanctions varies with the seriousness of the misconduct and other mitigating or aggravating factors. Sanctions may include a ban on performing certain kinds of engagements, and ultimately, the revocation of the professional license to practice.

Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

130. How many voting members does the body have?

131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?

	Voluntary
	Employed
	Both - Please describe:		The staff of the Ministry of Finance, NAAA (National Association of Accountants and Auditors) and CA (Chamber of Auditors) are employed.

132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?

133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?

134. What is the term of appointment for members?

Year(s)

135. For how many years has the body been in existence?

12 Year(s)

136. Please indicate the budget in US$ of the body for the last fiscal year.

Note: Please enter a whole number using commas (e.g., 4,000,000)

N/A

Please enter the exchange rate used to calculate this number.

Note: Please enter a decimal amount (e.g., 4.0027)

N/A (specify currency)

137. To what entity is the body accountable?

The UzCCC- Ministry of Finance, Tax Committee, Ministry of Labour
The NAAA�The members of NAAA, Ministry of Justice in Tashkent

138. Approximately how many days per year does the body meet in full session (including teleconferences)?

Day(s)

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