Approved by Board of the Central bank of the Republic of Uzbekistan of November 17, 2006 No. 646

Requirements of the Central bank to carrying out audit inspections of commercial banks of the Republic of Uzbekistan following the results of 2006

This document is developed according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity" and "About auditor activities", and also Regulations on audit inspection of banks in the Republic of Uzbekistan and establishes requirements of the Central bank to scales of the carried-out auditor works, registration, content and quality of audit opinion. Action of these Requirements extends only to audit inspections following the results of 2006.

I. General provisions

1.1. Commercial banks shall undergo annual external audit.

Annual carrying out audit inspections of activities of banks provides transparency and accuracy of the information, provided to the Central bank, investors and creditors.

Audit represents independent examination and the analysis of activities of banks which purpose is:

determination of reliability of the financial reporting of banks;

determination of completeness, reality and compliance to requirements to conducting financial accounting or other financial reporting;

check of observance by banks of the bank law and regulations of the Central bank of the Republic of Uzbekistan.

1.2. The auditor by results of the audit inspection which is carried out by him issues the audit opinion according to the financial reporting of bank prepared according to these Requirements.

Audit shall be booked according to International standards of audit. These standards demand from the auditor of planning and carrying out audit inspection for the purpose of receipt of sufficient confidence that financial statements of banks do not contain essential inaccuracies.

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