Tashkent, Uzbekistan (UzDaily.com) - Otabek Barakayev, Head of the Accounting and Audit Methodology Department of the Ministry of Economy and Finance of the Republic of Uzbekistan, and Sarvarbek Kurbanbayev, Chief Specialist of the Department, held a meeting with Anthony Barrett, Director of Audit Quality Control of the Financial Reporting Council (FRC) in London, Great Britain.

It included a detailed presentation by Anthony Barrett on the work of the FRC organization to ensure audit quality. Including:

fundamentals of audit quality control of the FRC organization;

audit quality control methodology;

audit criteria of audit organizations;

information was provided on the formation of audit results and taking measures against audit organizations, depending on the result. 

After that, Otabek Barakayev informed about the reforms carried out in recent years in the legislative system of Uzbekistan in the field of auditing. In addition, a number of questions on the quality control of audit organizations were answered.

Following the meeting, it was decided to consider the possibility of signing a memorandum with the Ministry of Economy and Finance and to continue cooperation in the field of audit.

 The UK Financial Reporting Council (FRC, Financial Reporting Council) is one of the world’s most experienced and reputable audit quality control organizations. FRC is engaged in ensuring transparency and honesty in business, regulating auditors, accountants, and actuaries, as well as developing corporate governance and the UK Governance Code.