The Chamber of Professional Accountants of the Republic of Kazakhstan

Given the nature of its membership, the Chamber of Professional Accountants of the Republic of Kazakhstan (CPA RK) does not regulate auditors and is not directly responsible for operating a quality assurance (QA) review system for audit firms. QA reviews are conducted by accredited professional audit organizations under the oversight of the Ministry of Finance.

Within the scope of its mandate, CPA RK supports the development and implementation of quality control and quality management standards by promoting awareness among its members and relevant stakeholders. The Chamber incorporates quality control and quality management topics into its initial and continuing professional development programs to ensure that members remain informed of developments in international standards.

CPA RK reports ongoing cooperation with the Ministry of Finance, professional audit organizations, and international stakeholders, including the United Nations Conference on Trade and Development, in matters related to strengthening quality assurance frameworks in the jurisdiction. The Chamber continues to monitor developments in international quality management standards and reflects relevant updates in its educational activities.

Given its membership composition and regulatory environment, CPA RK maintains ongoing processes within its remit to support awareness and understanding of quality assurance and quality management requirements.

Current Status: Sustain

Educational requirements for professional accountants in the Republic of Kazakhstan are established by law and through regulations issued by the Ministry of Finance. As an accredited professional accounting organization, CPA RK is responsible for implementing educational and continuing professional development (CPD) requirements for its members.

CPA RK conducts state certification of professional accountants and maintains membership requirements that include practical experience and continuing professional development. Full members are required to complete at least one year of practical experience and fulfill CPD requirements of 120 hours over a three-year rolling period, in line with national legislation. CPA RK indicates that most CPD hours must be verifiable and monitored.

The Chamber provides a wide range of CPD activities, including in-person seminars, conferences, round tables, training courses, and web-based learning programs. Approximately 500 training activities are conducted annually, covering technical, regulatory, and emerging professional topics. CPA RK also participates in certification initiatives through the Eurasian Institute of Certified Public Accountants (EICPA), which supports professional qualification development in the region.

CPA RK has undertaken benchmarking exercises against the International Education Standards (IES) and reports ongoing efforts to promote IES principles to higher education institutions, training providers, and regional certification bodies. While elements of the IES framework are reflected in its educational and certification processes, comprehensive alignment with the most recent IES requirements, including revisions effective in 2021, has not yet been fully demonstrated at the jurisdiction level.

CPA RK continues to execute activities aimed at strengthening alignment of its educational framework with the IES and enhancing professional competence of its members.

CPA RK is encouraged to complete a comprehensive benchmarking assessment against the IES in effect as of the time of assessment, formally document areas of alignment and gaps, and develop a defined action plan with timelines to address any identified deficiencies, including incorporation of revised IES 2, 3, 4, and 8 requirements.

Current Status: Execute

The Law on Audit Activity of 1998 (as amended in 2020) requires the application of International Standards on Auditing (ISA) as issued by the IAASB and translated into the Russian and Kazakh languages. The Ministry of Finance is responsible for translation of ISA into Kazakh, while accredited professional auditing organizations support availability of the Russian translation.

As of the date of assessment, earlier versions of ISA are applied in the jurisdiction. Recent translations referenced include the Russian version of the 2016–2017 Handbook and the Kazakh translation of the 2018 Handbook. Accordingly, ISA in effect as of the time of the assessment have not yet been fully adopted at the jurisdiction level.

CPA RK does not regulate auditors and its members do not conduct statutory audits. The Chamber is therefore not directly responsible for implementation of ISA. However, CPA RK reports that it signed a Memorandum of Understanding with the Russian Collegium of Auditors to assist in translation and distribution of ISA in the Russian language and to promote awareness of auditing standards among relevant stakeholders.

While CPA RK has undertaken supportive activities, a structured and ongoing plan to support timely adoption and implementation of the most recent IAASB pronouncements has not been fully demonstrated.

CPA RK is encouraged to formalize its support efforts by identifying concrete actions to promote timely translation and adoption of currently effective ISA and International Standards on Quality Management, in coordination with relevant authorities and professional auditing organizations.

Current Status: Execute

As an accredited professional accounting organization, CPA RK is required by law to establish ethical requirements for its members. CPA RK adopted the 2010 version of the IESBA Code of Ethics in 2014 and incorporated ethical requirements into its certification and continuing professional development framework. The Chamber reports that it conducts ethics-related presentations and includes ethics topics within its CPD activities. Compliance with the Code is monitored through its investigative and disciplinary mechanisms.

However, the currently effective version of the International Code of Ethics for Professional Accountants (including International Independence Standards) has not been adopted. Significant revisions to the Code have been issued since 2016, including the 2018 Restructured Code and subsequent amendments. CPA RK has not provided sufficient information demonstrating concrete steps taken to update its ethical requirements to align with the latest Code or to implement a defined plan with timelines to address this gap.

CPA RK is encouraged to formally adopt the current version of the Code in effect as of the time of assessment and to establish a structured process for monitoring and incorporating future revisions on a timely basis. Clear documentation of actions taken and progress made should be included in future SMO Action Plan updates.

Current Status: Consider

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

CPA RK does not have regulatory authority over public sector accounting standards; however, within the scope of its mandate, it actively supports implementation and awareness of IPSAS. The Chamber incorporates IPSAS-related materials into its continuing professional development programs and broader educational activities. CPA RK reports that it has trained and issued IPSAS certificates to more than 1,500 accountants and continues to provide technical training and guidance materials.

CPA RK cooperates with training centers to distribute IPSAS-related materials and monitors international developments in public sector accounting, disseminating updates through its website, publications, and professional events.

Given its membership composition and regulatory environment, CPA RK maintains well-established ongoing processes to support awareness and implementation of IPSAS within its remit. Accordingly,

Current Status: Sustain

The legal framework in Kazakhstan requires professional accountancy organizations to establish investigation and disciplinary (I&D) mechanisms for their members, under the oversight of the Ministry of Finance.

The Chamber of Professional Accountants of the Republic of Kazakhstan (CPA RK) reports that it has established an investigation and disciplinary system to address professional misconduct among its members. The chamber monitors compliance with applicable professional and ethical standards and refers cases to its disciplinary bodies, which are responsible for reviewing violations and applying sanctions where appropriate.

CPA RK undertakes activities to support the operation of its I&D system, including incorporating ethical requirements into its professional programs and raising awareness among members of their professional responsibilities.

While an I&D system is in place and functioning, responsibility for enforcement is shared across multiple organizations within the jurisdiction. In addition, publicly available information on the detailed operation of the system—including investigation procedures, independence safeguards, appeals processes, and publication of disciplinary outcomes—is limited.

To further strengthen alignment with SMO 6 requirements, CPA RK is encouraged to enhance the transparency and robustness of its I&D framework, including strengthening documentation of procedures, ensuring independence of disciplinary processes, and promoting public interest oversight.

Current Status: Execute

The financial reporting framework in Kazakhstan is established by the Law on Accounting and Financial Reporting of 2007 (as amended), which requires the use of International Financial Reporting Standards (IFRS) for public interest entities and permits or requires IFRS or IFRS for SMEs for other entities. The Ministry of Finance and the National Bank of Kazakhstan have statutory responsibility for the adoption and implementation of accounting standards.

IFRS Standards are adopted as issued by the IASB and are widely applied across the jurisdiction, including by listed companies, financial institutions, and large entities.

The Chamber of Professional Accountants of the Republic of Kazakhstan (CPA RK), while not responsible for the adoption of financial reporting standards, supports implementation by promoting awareness of IFRS and providing training and professional development opportunities to its members.

CPA RK’s activities support the effective implementation of IFRS and contribute to maintaining alignment with international financial reporting requirements. Accordingly, fulfillment is assessed as Sustain.

Current Status: Sustain