National Association of Accountants and Auditors of Uzbekistan

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) has historically played an active role in supporting quality assurance arrangements for audit firms in the Republic of Uzbekistan. Prior to the transition to the state-led quality assurance framework, NAAA Uz established a voluntary quality assurance review system for its member audit firms based on International Standard on Quality Control 1 and developed a methodology jointly with the Chamber of Auditors of Uzbekistan.

Under the current framework established by the Law “On Auditing Activities” and Cabinet of Ministers Resolution No. 538 of September 28, 2022, external quality control of audit organizations is conducted by the Ministry of Economy and Finance of the Republic of Uzbekistan jointly with republican public associations of auditors, including NAAA Uz. NAAA Uz therefore continues to participate in quality assurance activities through cooperation with the regulator and support to audit firms subject to external quality control.

NAAA Uz supports implementation through seminars, conferences, roundtables, continuing professional development activities, and dissemination of information related to quality control and audit quality. The association also continues to raise awareness of quality assurance requirements through its participation in consultative activities related to accounting and auditing reforms in the jurisdiction.

Available information indicates that NAAA Uz maintains active support activities related to audit quality and quality assurance implementation. However, the jurisdiction-level framework does not yet fully demonstrate alignment with all SMO 1 requirements, including implementation of the latest International Standards on Quality Management, review-cycle requirements, and comprehensive public oversight arrangements.

NAAA Uz is encouraged to continue supporting the Ministry of Economy and Finance and audit firms with implementation of current International Standards on Quality Management and to strengthen documentation of its implementation support activities, including practical guidance, training, and follow-up activities related to quality assurance findings and remediation.

Current Status: Execute

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) supports implementation of professional education requirements for accountants and auditors through training, certification, continuing professional development, and cooperation with regulators, universities, and other professional organizations.

Under the Law “On Auditing Activities,” republican public associations of auditors participate in the auditor qualification and professional development framework. NAAA Uz acts as an accredited provider of auditor training programs required for admission to auditor qualification examinations and provides continuing professional development activities for auditors and accountants. The association also administers educational programs related to internal audit and professional certification schemes, including Certified Accounting Practitioner and Certified International Professional Accountant programs.

NAAA Uz reports that it monitors compliance of its members with continuing professional development requirements and practical experience requirements and communicates relevant information to the Ministry of Economy and Finance of the Republic of Uzbekistan. The association also cooperates with universities and regional professional organizations to support incorporation of International Education Standards (IES) concepts into accounting education and professional certification programs.

NAAA Uz continues to support implementation through seminars, training courses, conferences, and awareness-raising activities related to professional competence and education requirements. However, available information does not fully demonstrate that national education, assessment, practical experience, and continuing professional development requirements have been comprehensively benchmarked against the current IES or systematically updated to reflect all recent revisions.

NAAA Uz is encouraged to continue working with the Ministry of Economy and Finance, universities, training providers, and other professional accountancy organizations to review and align national education and certification requirements with the current IES. The association should also strengthen documentation of how its training, certification, practical experience monitoring, and continuing professional development activities support implementation of the revised IES requirements in practice.

Current Status: Execute

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) does not have 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. However, NAAA Uz has played an active role in promoting adoption and implementation of ISA in the jurisdiction through advocacy, translation activities, professional training, and technical support for members.

NAAA Uz has historically participated in legislative and regulatory consultations related to auditing reforms and continues to support implementation of ISA through its participation in consultative activities with the Ministry of Economy and Finance. The association also established translation review arrangements for ISA and has coordinated translation and dissemination activities for Uzbek- and Russian-language materials.

To support implementation by members, NAAA Uz develops training materials and conducts seminars, conferences, workshops, and continuing professional development activities on ISA, audit methodology, and practical implementation challenges. The association also uses quality assurance review findings and professional discussions to identify implementation challenges and raise awareness among members.

Regulatory reforms have strengthened the legal framework for ISA application in Uzbekistan, and available information indicates that a 2018 version of ISA has been translated or recognized for use in the jurisdiction. However, available evidence does not demonstrate that the latest ISA and International Standards on Quality Management have been fully adopted and implemented for all mandatory audits.

NAAA Uz is encouraged to continue supporting implementation of current ISA and International Standards on Quality Management through updated training materials, practical implementation guidance, translation support, and continuing professional development activities. The association should also continue strengthening cooperation with the Ministry of Economy and Finance, universities, and other professional accountancy organizations to support timely dissemination and effective implementation of new and revised standards.

Current Status: Review & improve

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) has direct responsibility for establishing ethical requirements for its members and has adopted a Code of Ethics based on the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants. NAAA Uz jointly developed and adopted a Code of Professional Ethics for Auditors with the Chamber of Auditors of Uzbekistan and has supported dissemination of ethical requirements through member communications and professional development activities.

NAAA Uz supports implementation of ethical requirements through continuing professional development programs, seminars, conferences, and dissemination of Russian-language versions of the International Ethics Standards Board for Accountants Code. The association also incorporates ethical requirements into educational and certification activities and maintains investigation and disciplinary mechanisms applicable to members in cases of ethical misconduct.

NAAA Uz has historically supported translation activities related to the Code and promoted awareness of ethical and independence requirements among members and relevant stakeholders. However, available information does not demonstrate that the 2018 Restructured International Code of Ethics for Professional Accountants, including International Independence Standards, has been formally adopted or implemented for members, and the latest versions of the Code do not appear to be available in Uzbek.

NAAA Uz is encouraged to continue strengthening implementation support activities related to ethics and independence requirements, including practical guidance, focused training, and awareness activities related to the current International Code of Ethics for Professional Accountants. The association should also work with other professional accountancy organizations and regulators to support translation, adoption, and ongoing implementation of the latest Code and revisions on a timely basis.

Current Status: Execute

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) does not have responsibility for establishing public sector accounting standards, which are developed through the public financial management framework led by the Ministry of Economy and Finance of the Republic of Uzbekistan. International Public Sector Accounting Standards (IPSAS) have not yet been adopted in the jurisdiction; however, Uzbekistan has continued advancing public sector accounting reforms and implementation planning related to IPSAS.

NAAA Uz has used its best endeavors to support IPSAS awareness and implementation readiness through translation and dissemination activities. The association completed a translation of IPSAS with support from the United Nations Development Programme and has promoted awareness of international public sector accounting developments among members and stakeholders. NAAA Uz also continues to monitor developments related to IPSAS reform and public financial management modernization in the jurisdiction.

Available information indicates that NAAA Uz has maintained appropriate awareness-raising and support activities in relation to IPSAS, consistent with its limited role and lack of direct standard-setting authority. NAAA Uz is therefore assessed as Sustain for SMO 5.

NAAA Uz is encouraged to continue monitoring IPSAS reform developments and supporting awareness and implementation readiness activities where relevant. The association should also continue cooperating with the Ministry of Economy and Finance and other stakeholders to support dissemination of IPSAS-related materials and promote understanding of public sector accounting reforms among members.

Current Status: Sustain

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) has direct responsibility for investigation and discipline for its members and maintains formal investigative and disciplinary arrangements through its governance structure. NAAA Uz established a Disciplinary and Appeals Committee to investigate complaints related to member conduct and compliance with professional requirements.

NAAA Uz supports implementation of investigation and disciplinary requirements through monitoring of member compliance with professional standards and ethical requirements, communication of disciplinary outcomes to relevant stakeholders, and cooperation with the Ministry of Economy and Finance of the Republic of Uzbekistan on matters related to professional misconduct and audit quality. The association also reports violations identified through its oversight activities to the Ministry where required under the legal framework.

NAAA Uz disseminates information related to disciplinary matters through annual reporting and member communication channels and continues to support awareness of ethical and professional obligations through continuing professional development and professional activities. Investigation and disciplinary processes also interact with quality assurance activities, including follow-up reviews where professional deficiencies or misconduct are identified.

Available information indicates that NAAA Uz maintains an operational investigation and disciplinary system for its members. However, available evidence does not fully demonstrate that all SMO 6 requirements have been comprehensively incorporated into the system, including documented due process procedures, rights of representation and appeal, a full range of sanctions, public interest considerations, and transparent publication of outcomes.

NAAA Uz is encouraged to continue reviewing and strengthening its investigation and disciplinary framework against current Statement of Membership Obligation 6 requirements and to further document how due process, sanctions, appeals, and public interest considerations are incorporated into its procedures. The association should also continue cooperating with regulators and other professional accountancy organizations to promote consistency across the jurisdiction-level investigation and discipline framework.

Current Status: Execute

The National Association of Accountants and Auditors of Uzbekistan (NAAA Uz) has no direct responsibility for the adoption of International Financial Reporting Standards (IFRS), which is carried out through the public regulatory framework led by the Ministry of Economy and Finance of the Republic of Uzbekistan. However, NAAA Uz has continued to support adoption and implementation of IFRS through awareness-raising, translation activities, training, and stakeholder engagement.

NAAA Uz participates in discussions and consultative activities related to accounting reform and IFRS implementation and has historically contributed to legislative reform processes related to financial reporting in the jurisdiction. The association also maintains cooperation with the IFRS Foundation related to translation activities and has supported translation and dissemination of IFRS materials in Uzbek and Russian.

To support implementation by members, NAAA Uz incorporates IFRS into its continuing professional development programs and organizes seminars, roundtables, conferences, and training activities focused on application of IFRS and developments in international standard-setting. The association also promotes awareness of IFRS developments through its website, publications, and participation in regional professional activities, including the Asian-Oceanian Standard-Setters Group.

Following the expansion of mandatory IFRS application requirements in Uzbekistan, NAAA Uz has continued supporting implementation readiness and professional awareness among accountants and auditors. Available information indicates that the association maintains appropriate support activities for members in relation to IFRS implementation and ongoing developments in international financial reporting requirements.

NAAA Uz is encouraged to continue supporting implementation of IFRS through practical training, translation support, and awareness activities related to new and amended IFRS Accounting Standards and sustainability-related reporting developments where relevant to members.

Current Status: Sustain