Chamber of Auditors of Uzbekistan

The Chamber of Auditors of Uzbekistan (ChAUz) has shared responsibility for quality assurance through its cooperation with the Ministry of Economy and Finance of the Republic of Uzbekistan (MEF) and its role as a republican public association of auditors. Under the Law “On Auditing Activities,” external quality control of audit organizations is carried out by the MEF jointly with national public associations of auditors. Cabinet of Ministers Resolution No. 538 of September 28, 2022 further establishes procedures for external quality control based on risk analysis and inspection results.

ChAUz supports the implementation of quality assurance requirements through member training, methodological support, and engagement with the MEF on external quality control activities. ChAUz also provides training and workshops on auditing and accounting practices and supports implementation of good practices among audit organizations.

Available information indicates that ChAUz continues to support audit quality and cooperate with the regulator under the state-led quality assurance framework. However, there is limited public evidence that ChAUz has fully demonstrated how the jurisdiction-level system incorporates all SMO 1 requirements, including current International Standards on Quality Management, review-cycle requirements, transparent reporting, and systematic follow-up on quality assurance outcomes.

ChAUz is encouraged to continue working with the MEF and other public associations of auditors to strengthen the quality assurance system, support implementation of current International Standards on Quality Management, document review-cycle and follow-up procedures, and demonstrate how quality assurance outcomes are used to improve audit quality and align the jurisdiction-level framework with SMO 1 requirements.

Current Status: Execute

The Chamber of Auditors of Uzbekistan (ChAUz) has shared responsibility for professional education through its role as a republican public association of auditors under the Law “On Auditing Activities.” The law provides for auditor qualification certification, qualification examinations, and annual professional development requirements, with republican public associations of auditors playing a formal role in issuing auditor qualification certificates and supporting professional development processes.

ChAUz supports implementation of education requirements through auditor training, continuing professional development programs, methodological activities, and participation in the qualification and professional development framework. The organization also provides training and workshops to support members’ application of international standards and national regulatory requirements.

Regulatory reforms have strengthened the role of republican public associations of auditors in the certification and professional development framework. However, available information does not fully demonstrate that the national education, practical experience, assessment, and continuing professional development requirements have been comprehensively benchmarked against the current International Education Standards (IES), including learning outcomes-based requirements.

ChAUz is encouraged to work with the Ministry of Economy and Finance of the Republic of Uzbekistan, other republican public associations of auditors, universities, and training providers to conduct and document a comprehensive review of auditor education, practical experience, assessment, and continuing professional development requirements against the current IES. ChAUz should also establish a structured process to identify gaps, update programs, and monitor implementation on an ongoing basis.

Current Status: Review & improve

The Chamber of Auditors of Uzbekistan (ChAUz) has no direct responsibility for the adoption of International Standards on Auditing (ISA), which is carried out through the public regulatory framework led by the Ministry of Economy and Finance of the Republic of Uzbekistan. The Law “On Auditing Activities” provides for audit activities to be conducted based on auditing standards that are not contrary to national legislation and are published by the authorized state body following permission from the International Federation of Accountants.

ChAUz supports adoption and implementation by participating in legislative and regulatory initiatives, providing input to relevant legal acts, developing training programs, and supporting members in applying ISA. The organization has continued to offer practical master classes and training on audit techniques in accordance with ISA, including support for auditors’ transition to international standards.

ChAUz is encouraged to continue working with the Ministry of Economy and Finance, other professional accountancy organizations, and training providers to support adoption and implementation of the latest ISA and International Standards on Quality Management. ChAUz should further document its advocacy, translation, training, and implementation support activities and use member feedback and quality assurance findings to identify recurring implementation challenges and update its technical support on an ongoing basis.

Current Status: Review & improve

The Chamber of Auditors of Uzbekistan (ChAUz) has direct responsibility for establishing and enforcing ethical requirements for its members and supports the broader ethical framework for auditors in the Republic of Uzbekistan. The Law “On Auditing Activities” requires audit organizations to comply with the Code of Ethics for Professional Accountants and establishes ethical principles related to independence, objectivity and integrity, professional competence, and confidentiality. The law also requires audit organizations to comply with auditing standards and ethical requirements in the provision of audit services.

ChAUz has established a Code of Professional Ethics for Auditors and maintains an Ethics Committee responsible for developing and improving the Code, reviewing complaints regarding ethical breaches by members, issuing conclusions on alleged violations, applying disciplinary measures, and providing methodological guidance on professional ethics. ChAUz also maintains a Disciplinary Committee to support enforcement of member obligations and reports that it applies disciplinary measures in cases of professional misconduct.

ChAUz supports implementation of ethical requirements through continuing professional development, guidance, member communications, and quality assurance activities. Its 2023 annual reporting indicates that the organization applies its code of ethics and disciplinary procedures, and that no complaints were received in 2023 related to alleged violations of its code of ethics or auditing standards.

However, available evidence indicates that the ethical framework in use is based on earlier versions of the International Ethics Standards Board for Accountants Code. The IFAC translations database identifies an Uzbek translation of the 2012 Handbook of the Code of Ethics for Professional Accountants, but no completed Uzbek translation of the 2018 Restructured Code or subsequent editions was identified. Accordingly, while ChAUz has established and operationalized ethics and disciplinary arrangements for its members, available evidence does not demonstrate full adoption and implementation of the current Code, including International Independence Standards.

ChAUz is encouraged to develop and implement a time-bound plan, in coordination with the Ministry of Economy and Finance of the Republic of Uzbekistan and other professional accountancy organizations, to adopt the current International Code of Ethics for Professional Accountants, including International Independence Standards, for its members. ChAUz should also strengthen documented member support through targeted training, guidance, communications, and monitoring to demonstrate consistent implementation of ethical and independence requirements.

Current Status: Execute

The Chamber of Auditors of Uzbekistan (ChAUz) has no direct responsibility for the adoption of International Public Sector Accounting Standards (IPSAS), which falls under the public financial management framework led by the Ministry of Economy and Finance of the Republic of Uzbekistan. Public sector accounting reforms are being advanced through a phased roadmap for IPSAS implementation, supported by the Asian Development Bank.

ChAUz’s membership and mandate are focused on auditors and audit organizations, and available information does not indicate that ChAUz has members working in the public sector or direct responsibility for public sector accounting standard-setting. Accordingly, ChAUz’s role under SMO 5 is limited to using best endeavors to promote awareness and support relevant stakeholders where appropriate.

ChAUz has historically supported awareness of international public sector accounting developments through dialogue with public authorities and cooperation with stakeholders involved in public financial management reform. Given its limited mandate and absence of direct responsibility, available information indicates that ChAUz is appropriately positioned to monitor IPSAS-related developments and support awareness where relevant.

ChAUz is encouraged to continue monitoring IPSAS reform developments and maintain dialogue with the Ministry of Economy and Finance, the Chamber of Accounts, and other relevant stakeholders. Where relevant, ChAUz should document any awareness-raising or capacity-building activities related to IPSAS.

Current Status: Sustain

The Chamber of Auditors of Uzbekistan (ChAUz) has direct responsibility for investigation and discipline for its members. ChAUz maintains ethics and disciplinary mechanisms through its governance structure, including a Disciplinary Committee established to ensure compliance with disciplinary standards, review disciplinary matters, and support accountability among members.

The Law “On Auditing Activities” establishes responsibilities and liability for auditors and audit organizations and provides for state oversight and enforcement through the Ministry of Economy and Finance of the Republic of Uzbekistan. ChAUz’s member-based investigation and discipline arrangements therefore operate alongside the public regulatory framework applicable to auditors and audit organizations.

ChAUz reports that it applies disciplinary measures in cases of professional misconduct and maintains procedures to address complaints related to violations of its code of ethics and auditing standards. Its 2023 Annual Report states that no complaints were received in 2023 related to alleged violations of its code of ethics or auditing standards.

Available information demonstrates that ChAUz has an operational investigation and discipline system for its members. However, public information does not fully demonstrate that the system incorporates all SMO 6 requirements, including documented procedures for initiation and investigation of complaints, rights of representation and appeal, a full range of sanctions, public interest considerations, and transparent publication of outcomes.

ChAUz is encouraged to conduct and document a comprehensive review of its investigation and discipline procedures against SMO 6 requirements, including scope, due process, sanctions, appeals, public interest considerations, and publication of outcomes. ChAUz should also strengthen coordination with the Ministry of Economy and Finance and other professional accountancy organizations to promote consistency across the jurisdiction-level investigation and discipline framework.

Current Status: Execute

The Chamber of Auditors of Uzbekistan (ChAUz) supports implementation of International Financial Reporting Standards (IFRS) through continuing professional development activities, technical seminars, training programs, and dissemination of guidance materials for auditors and professional accountants. ChAUz also participates in discussions and consultative activities related to financial reporting reforms in the Republic of Uzbekistan and promotes awareness of IFRS requirements among its members.

Following the expansion of mandatory IFRS application for public interest entities in Uzbekistan, ChAUz has continued supporting members involved in the preparation and audit of IFRS financial statements through professional development activities and implementation-focused training. ChAUz also disseminates available translations of IFRS and supports member awareness of new and amended standards.

ChAUz has no direct responsibility for adoption of IFRS, which is carried out through the public regulatory framework led by the Ministry of Economy and Finance of the Republic of Uzbekistan. Accordingly, ChAUz’s role under SMO 7 is focused on supporting implementation and promoting awareness among members and relevant stakeholders.

ChAUz is encouraged to continue expanding implementation support activities for members, including practical training and guidance on new and amended IFRS Accounting Standards and sustainability-related reporting developments where relevant.

Current Status: Sustain