Deputies of the lower house of parliament are working on over 30 new draft laws
09/07/2020 17:24
Deputies of the lower house of parliament are working on over 30 new draft laws
09/07/2020 17:24
Tashkent, Uzbekistan (UzDaily.com) -- The Budget and Economic Reform Committee of the Legislative Chamber of the Oliy Majlis is preparing a second reading of the new version of the draft law “On Audit Activities”, which was heatedly discussed at meetings of committees and factions, provoked conflicting opinions of deputies.
Since the strengthening of legal protection of investors, the further deepening of free market relations in business leads to an increase in demand for audit services, MPs noted the need to improve the audit system in accordance with international requirements.
The audit is based on the principles of independence, impartiality, honesty, professionalism and confidentiality. In the process of finalizing the bill, attention was paid to precisely these aspects. Indeed, the reliability of financial indicators plays a key role in the development of the country's economy, attracting investment in its industry.
In the course of discussions, opinions differ, but the goal is the same - the law should work after adoption, so it was proposed to remove the reference norms.
Also, the bill initially provided for the mandatory membership of audit organizations in public associations of the country. Although this practice exists in some foreign countries, in the course of discussions, deputies suggested removing this norm from the draft, since the audit organization is a business entity.
Deputies proposed to include this rule in the rights of audit organizations so that the issue of membership could be decided at the discretion of the organization.
“The draft law “On Auditing” is aimed at revising outdated and referring provisions, introducing new direct action standards,” said Jamshid Kosimov, member of the Budget and Economic Reform Committee. - The adoption of the document will serve as a regulation of audit activities, including the conduct of an independent audit based on international standards, increasing the competitiveness and responsibility of audit organizations for the quality of services provided. It also reflects the standards that ensure the transparency of the activities of the competent authority in regulating the audit, which helps to prevent corruption.
At the meetings of the working group, it is noted that for an effective organizational and legal mechanism for regulating audit activities on the basis of modern requirements and international principles, the document cancels the issuance of a paper license for audit activities. Also, according to the deputies, the publication of the register of audit organizations on the website of the Ministry of Finance liberalizes the audit market.
In the process of improving the bill, which should become a law of direct action, the deputies drew attention to the systematization of existing legislation in the field of audit, the reduction of by-laws in this area.
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