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The Chamber of Professional Accountants of the Republic of Kazakhstan

Associate | Established: 2011 | Associate since 2011

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 10/2022
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Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    Given the nature of its membership, CPA RK is not involved in the implementation of the quality assurance (QA) reviews for auditors.

    The chamber reports that it continues to study the experiences of other IFAC member organizations uniting accountants in establishing a QA system for their members. It also cooperates with other stakeholders involved in the development and implementation of the QA review system in the Republic of Kazakhstan such as the Ministry of Finance, professional audit organizations, and the United Nations Conference on Trade and Development.

    CPA RK also states it has included quality control standards in its initial and continuing professional development programs.

    Current Status: Sustain

  • SMO 2: International Education Standards

    Educational requirements for accountants are established in law and in regulations issued by the Ministry of Finance. CPA RK, as an accredited professional accounting organization, is responsible for their implementation as related to its members.

    CPA RK conducts the state certification of professional accountants; however, it is not clear whether the program is in line with the revised 2019 IES. The chamber indicates in its 2021 SMO Action Plan that a benchmarking exercise against the IES requirements has been in progress since 2013, with an expected completion date of December 2021. Additionally, several actions are indicated in the 2021 SMO Action Plan aimed at promoting the IES to higher education institutions and universities, training providers as well as the Eurasian Council of Certified Accountants and Auditors (ECCAA) by December 2021.

    CPA RK reports that its full members must have one year of practical experience and fulfill the continuing professional development (CPD) requirements. Legislation requires 120 hours of CPD over a three-year rolling period in accordance with IES 7 (2019). CPARK indicates that most of these CPD hours must be verifiable.

    The Chamber provides its members with different CPD activities, including in-person seminars, training courses, conferences, and round tables that cover various technical matters as well as web-based learning activities. Annually, approximately 500 training activities are conducted.

    CPA RK is encouraged to provide an update on progress made in the benchmarking exercise against the IES requirements as well as on its activities to promote the IES to higher education institutions and universities, training providers as well as ECCAA. Within the jurisdiction, CPARK is encouraged to further incorporate IES requirements into national educational system for professional accountants. CPARK is encouraged to conduct a comprehensive review of the existing educational requirements for professional accountants in the jurisdiction against those of revised 2019 IES. Revised requirements of the IES 2, 3, 4 and 8 are effective as of 2021. The revisions to these standards reflect the increasing demand for accountants skilled in information and communications technologies and place further emphasis on the professional skepticism skills and behaviors.

    The IES Checklist and the Accountancy Education E-Tool developed by IFAC may be used to conduct the assessment and to consider available implementation support materials. For areas that need improvements, specific actions to close the gaps with a defined timeframe need to be developed and included in its SMO Action Plan.

    Current Status: Consider

  • SMO 3: International Standards on Auditing

    The Law on Audit Activity of 1998 (as amended in 2020) requires application of ISA as issued by the IAASB and translated into Russian and Kazak languages. Under the Law, the Ministry is responsible for translation of ISA into Kazak language, while the CoA RK — an accredited auditing organization — ensures availability of the Russian translation.

    As of the date of the assessment, the Russian translation of the 2016-2017 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, as well as the Kazakh translation of the 2018 Handbook are being applied.

    CPA RK is not involved in either setting the standards or supporting its members with the implementation of auditing standards as its members do not conduct audits. However, it reports that it signed a Memorandum of Understanding with the Russian Collegium of Auditors to assist with the translation of ISA in the Russian language and to distribute ISA to all interested parties.

    CPA RK is encouraged to identify opportunities to ensure timely translations of the latest IAASB pronouncements into Russian—not only is this key implementation support but it will also help the jurisdiction progress to an Adopted status.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    As an accredited organization for accountants, the CPA RK is required by law to adopt a Code of Ethics for its members and has adopted the 2010 version of the IESBA Code in 2014. Following the adoption, the chamber reports that it studied IESBA’s website resources on implementing the code of ethics and reviewed experiences of other IFAC member bodies representing accountants with adopting the IESBA Code of Ethics for accountants. CPA RK reports that since 2012, it has been preparing and holding presentations for members to raise their awareness about the requirements of the Code and continuously updates its continuing professional development (CPD) programs.

    Lastly, CPA RK reports that it also monitors and enforces members’ compliance with the Code on an ongoing basis. No other activities have been reported.

    There have been several significant changes to the IESBA Code since 2010, notably since 2016 and 2018. The 2020 Handbook of the International Code of Ethics for Professional Accountants is now available and includes the following changes: revisions to Part 4B of the Code?to reflect terms and concepts used in the IAASB's International Standard on Assurance Engagements (ISAE) 3000 (Revised), which are effective June 2021 and revisions to promote the role and mindset expected of all professional accountants which are effective in December 2021. CPARK should prioritize updating its ethical requirements for members to align with these latest changes and educate its members of these obligations.

    These changes can be accessed using the IESBA eCode, which is a resource CPARK might share with members as part of raising awareness. Lastly, as other professional accounting and auditing organizations also use the 2010 IEBSA Code, CPARK might cooperate with them to achieve the adoption of the latest IESBA Code of Ethics at the national level.

    Current Status: Consider

  • SMO 5: International Public Sector Accounting Standards

    The Ministry adopted accrual-basis IPSAS as national standards for application by all public entities effective January 1, 2013, and has translated the 2018 Handbook of International Public Sector Accounting Pronouncements into Kazakh in accordance with IFAC Translation Policy.

    CPA RK raises the awareness of accountants and the public of the international standards and ensures that quality training and guidance materials are provided. Its continuing professional development programs, as well as other training and educational activities, include IPSAS-related materials. CPA RK reports that it has trained and issued IPSAS certificates to over 1,500 accountants. To further support implementation of IPSAS at the jurisdiction level, CPA RK reports that it engages and cooperates with training centers to distribute IPSAS training material.

    CPA RK monitors international developments in the area and disseminates the IPSAS amongst its members and through its website, magazines, and publications.

    CPARK is encouraged to continue its technical and advocacy support to the Ministry of Finance and its implementation support of members. It may find IFAC’s Train the Trainers: Introduction to IPSAS resource helpful in this regard. If deemed feasible, CoA RK could consider participating in the international standard-setting process by submitting comments to IPSASB-issued exposure drafts.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    In line with national legislation, the CPA RK has established and operationalized an investigation & disciplinary (I&D) mechanism for its members since 2011. As of the date of this assessment, CPA RK reports that two cases have been processed over the past two years.

    In December 2015, the CPA RK reports that it analyzed the requirements of SMO 6 and the international best practices of SMO 6 application. However, no further information has been provided on the extent of alignment with the requirements of SMO 6 aside from a general statement that it plans to continue ensuring compliance with SMO 6 requirements.

    I&D procedures that meet the SMO 6 benchmark are foundational to maintaining public trust and confidence in the profession. As a matter of priority, CPA RK should complete a self-assessment of the I&D system against SMO 6 requirements using the checklist provided in the SMO Action Plan document. It is then encouraged to consider any gaps and establish plans to eliminate any identified gaps. CPA RK should also elaborate on actions it undertakes around supporting members and the public with understanding I&D processes.

    Current Status: Consider

  • SMO 7: International Financial Reporting Standards

    Under the Law on Accounting and Financial Reporting, all large entities and listed companies, banks, insurance companies and other non-bank financial institutions are required to apply IFRS as issued by the IASB and translated into the Kazakh and the Russian languages and published by the authorized body in the Republic of Kazakhstan under the copyright agreement with the IFRS Foundation. As of 2021, the 2015 IFRS Blue Book in Russian, the 2016 IFRS Red Book in Kazakh, and the 2015 IFRS for SMEs have been translated for application in Kazakhstan.

    CPA RK, with no responsibility for corporate sector accounting standard-setting, reports that it supports the overall adoption and implementation of IFRS and IFRS for SMEs in Kazakhstan. It indicates it assists with the translation of IFRS, supports its members with application, and initiates and promotes IFRS-related activities and participates in international discussions and conferences.

    To this end, the CPA RK contributed to the official translation of IFRS into the Russian language and participated in the IFRS Kazakh language translation group of the Ministry of Finance.

    CPA RK conducts relevant trainings on IFRS as part of its continuing professional development program, invites leading audit firms and experienced trainers and experts to update its members on IFRS, conducts trainings and courses, and participates in conferences, among other activities. It also reports to have processes in place to update its members on the international developments in the area.

    Recognizing that translation and adoption of IFRS is not within the direct responsibilities of CPA RK, it is nevertheless encouraged to offer its support to the regulators with developing ongoing processes that will ensure timely adoption of new and revised IFRSs as they become effective.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.


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