Tashkent, Uzbekistan (UzDaily.com) -- Financial processes need efficient mechanisms of regulation and control. This function is performed in the Republic of Uzbekistan by the Accounts Chamber as a Supreme Audit Institution.

At the present stage of the country’s development, the Accounts Chamber has set the goal of improving the system of state financial control over the effective management of public financial resources, targeted and rational use of budgetary funds based on international best practices.

Given the growing need in reorienting financial control, on the 27th August, 2021, a special presidential decree concerning improvement of the system of state financial control was adopted.

Thereby, the President set the task of working out new national standards for financial, compliance and performance audits, as well as citizen relying on International Standards of Supreme Audit Institutions (ISSAI). That implies adjustment of Uzbekistan’s Accounts Chamber to these international professional standards.

To introduce these standards, bring international experience into the field, the presidential decree set the task of integrating Uzbekistan’s Accounts Chamber to the International Organization of Supreme Audit Institutions (INTOSAI) by October 1, 2022.

INTOSAI is a well-renowned autonomous international organization founded in 1953 embracing the Supreme Audit Institutions in the UN member states. As of 2021, it had 195 members represented by Supreme Audit Institutions. INTOSAI members are also chief external auditors of the United Nations. Surely, Uzbekistan is interested in joining the international structure of this format.

In foreign policy, President Shavkat Mirziyoyev puts special emphasis attention on establishment and development of multilateral relations with international organizations and financial institutions.

In his official inauguration speech on November 6 this year, the head of our state noted that Uzbekistan would fill our cooperation with international specialized structures “with new practical meaning”.

At his initiative, Uzbekistan’s Accounts Chamber carried out active work on the substantive and procedural aspects of joining this organization. To speed up the accession process, a regular constructive dialogue was established with the Chairman of the Accounts Chamber of the Russian Federation Alexei Kudrin, who presides over this organization in 2019-2022, and the Secretary General of the organization, President of the Austrian Court of Audit Margit Kraker.

As was informed by the Chamber officials, negotiations were held with heads of the supreme audit institutions of 18 member states that were part of the INTOSAI Governing Board to support the initiative of admission.

The 75th INTOSAI Governing Board meeting held on 23 November, announced admission of Uzbekistan’s Accounts Chamber to INTOSAI as a Full Member.

This became possible, first of all, due to a constructive dialogue between Uzbekistan and the international community, based on the principles of openness and transparency.

Admission to INTOSAI will provide a number of new advantages for the public financial system created in Uzbekistan, namely:

• development of its potential, improvement of its efficiency;

• mastering new standards for effective control of the public sector;

• exchange of advanced ideas, international experience and know-how;

• the opportunity to have a recognized public voice within the international community.

Globally, INTOSAI membership will grant Uzbekistan an opportunity to adjust to prestigious international public sector auditing standards. These standards serve to increase the transparency of the financial control process and ensure the quality of audit activities in our country. As a result, this will lead to the growth of public trust in the state supreme audit institutions and, of course, the results of audit activities.

The Accounts Chamber plans to develop cooperation with supreme audit institutions of INTOSAI member states on a bi- and multilateral basis.