Tashkent, Uzbekistan (UzDaily.com) -- Master-classes (trainings) on the application of International Auditing Standards (IAS) were held on 2-3 November 2009 in the conference-hall of the “Dedeman” hotel in Tashkent. The master-classes were hosted by Mr. Alain Dorison, Chief Inspector of the Ministry of Finance of France, within the framework of cooperation between the United Nations Development Programme and International Technical Assistance Agency of the French Ministry of Economy, Industry and Employment (ADETEF).

The event was organized by the joint Project of the Ministry of Finance of the Republic of Uzbekistan and the United Nations’ Development Programme “Public Finance Reform in Uzbekistan”.

The main goal of the master-classes was to promote further development of the auditing activity in Uzbekistan, facilitate the introduction of the IAS, and importantly, to familiarize the local experts and professionals with the international experience of IAS application.

Over the course of the master-classes, Mr. Dorison has paid a specific attention to the functions of the regulatory bodies in the conditions of financial and economic crisis, as well as training, certification and capacity-building of auditors in France. Mr. Dorison particularly stressed the latest developments in the area of IAS. In addition, the participants of the master-classes were familiarized in a greater detail with the methodology of quality control in auditing firms, and particularly, with the mechanism of internal and external control, application of IAS in France, the methodology of identification of significance of auditing risk, as well as with the introduction of a wide range of international auditing standards.

The global financial and economic crisis and its consequences have demonstrated the urgency to develop and introduce more rigid requirements to the existing financial reporting system, thus imposing significant quality requirements for the review of financial statements aimed at identifying their credibility and accuracy, meaning the increased requirements for improving the quality of auditing. In fact, the global community made the principal decision on the strong need to reforming the global financial system.. Specifically, the measures of heightened transparency and accountability in the world financial markets have been affirmed.

High-priority recommendations focused on a review and alignment of the global standards of accounting and audit were moved forward. Importantly, immediate and medium-term targets on the reform of International Financial Reporting Standards (IFRS) and International Auditing Standards (IAS) were announced. It was emphasized, that the key global accounting and auditing standards bodies should cooperate to create a single high-quality global standard.

In accordance with the abovementioned global tendencies and developments, the UNDP “Public Finance Reform in Uzbekistan” Project has been implementing a series of initiatives in the area of accounting reform and improvement of auditing activity. In particular, analytical note on “Transition to the International Auditing Standards in Uzbekistan”, several key National Standards of Accounting and Auditing, and a series of methodical guidelines have been developed within the framework of the Project. The organization of the master-classes is one of the important initiatives under the project.