RESOLUTION OF THE STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON MANAGEMENT OF THE STATE-OWNED PROPERTY, MINISTRIES OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of February 12, 2007 No. 01/12-18/03, No. 20

About approval of the Regulations on procedure for inclusion of auditing organizations in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent

According to Item 3 of the resolution of the President of the Republic of Uzbekistan of September 27, 2006 No. PP-475 "About measures for further market development of securities", the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition and the Ministry of Finance of the Republic of Uzbekistan decide:

1. Approve the enclosed Regulations on procedure for inclusion of auditing organizations in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent.

2. This resolution becomes effective after ten days after state registration in the Ministry of Justice of the Republic of Uzbekistan.

Approved by the Resolution of the State Property Committee and Ministry of Finance of the Republic of Uzbekistan

Regulations on procedure for inclusion of auditing organizations in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent

This Provision according to the Law of the Republic of Uzbekistan "About auditor activities", the resolution of the President of the Republic of Uzbekistan of September 27, 2006 No. PP-475 "About measures for further market development of securities", the resolution of the Cabinet of Ministers of June 11, 2013 No. 165 "About measures for the organization of activities of the Center for management of the state assets under the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition" determines procedure for inclusion of auditing organizations in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent.

I. General provisions

1. Selection of auditing organizations for inclusion in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent (further - the List) is performed on the basis of statements of the auditing organizations having the license for implementation of auditor activities for carrying out audit inspections of all business entities or for carrying out initiative and obligatory audit inspections of business entities, except for the joint-stock companies, banks and insurance organizations and meeting the requirements established by this Provision.

2. Requirements for participation in selection are single for all auditing organizations participating in selection.

3. The auditing organizations participating in selection represent annually from February 1 to February 25 to the Center for management of the state assets under the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - the Center) the statement in form according to appendix to this Provision with application of documents, specified in Item 13 of this provision.

The statement which is not provided at the scheduled time is not subject to consideration.

II. Mechanism of selection of auditing organizations

4. For consideration of the applications of auditing organizations the working group of number of persons employed of the Center and Ministry of Finance is created. The structure and the regulations of work of working group affirms the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition (further - Goskomkonkurention) and the Ministry of Finance.

5. The working group annually till March 1 considers the applications submitted by auditing organizations, determines the auditing organizations conforming to the established presents the Provision to requirements and constitutes the List which annually affirms the joint resolution of Goskomkonkurention and the Ministry of Finance of the Republic of Uzbekistan.

6. Annually approved List of auditing organizations is published in mass media, and also on official websites of Goskomkonkurention, the Center and Ministry of Finance.

7. Governing bodies of the companies with the block of shares (share) of the state in the authorized capital over 50 percent choose auditing organization from the approved List on competitive basis.

8. Carrying out audit inspection at the companies with the block of shares (share) of the state in the authorized capital over 50 percent by the auditing organization which is not included in the List or not conforming to the requirements established by this Provision after inclusion in the List is not allowed.

9. In case of discrepancy of auditing organization to the requirements established by this Provision, this auditing organization from the moment of emergence of discrepancy submits within 10-day term within the Center the statement for exception it from the List.

10. In case of detection during monitoring of the Center and the Ministry of Finance of discrepancy of auditing organization to the requirements established by this Provision, this auditing organization is excluded from the List and has no right to submit repeatedly the application for inclusion in the List before approval of the following List from the moment of discrepancy detection.

11. The decision on exception of auditing organizations of the List, according to the conclusion of working group, affirms the joint resolution of Goskomkonkurention and the Ministry of Finance of the Republic of Uzbekistan and is published in mass media, and also on official websites of Goskomkonkurention, the Center and Ministry of Finance.

III. Requirements to auditing organizations for participation in selection

12. Requirements imposed to auditing organization for participation in selection are:

a) availability of the license for implementation of auditor activities and all business entities or initiative and obligatory audit inspections of business entities who are carrying out audit inspections, except for joint-stock companies, banks and insurance companies;

b) availability at the head and regular auditors of the existing qualification certificates of the auditor (at the time of filing of application);

c) work experience in the field of auditor activities at least 2 years;

d) availability in auditing organization at least one specialist having qualification in the field of the security market (qualification is confirmed by education on this specialization, either availability of the competence certificate of the specialist of the security market, or work experience in the field);

e) availability of the responsibility insurance policy of auditing organization;

e) availability of internal standards according to the National standard of auditor activities No. 4 "Requirements imposed to internal standards of auditing organizations", the approved order of the Minister of Finance of the Republic of Uzbekistan of August 21, 2006 on No. 76 (рег. No. 1624 of September 25, 2006)

IV. The documents submitted by auditing organizations for participation in selection

13. For participation in selection the auditing organization represents:

the copy of the diploma about education on specializations of the security market or the statement from the service record, confirmatory qualification in the field of the security market;

copy of the responsibility insurance policy;

the list of internal standards approved by the head of auditing organization.

The specified documents are submitted in one copy. The requirement from auditing organization of submission of the documents which are not provided by this Provision is not allowed.

13-1. The center in accordance with the established procedure by means of information exchange, including in electronic form independently receives:

from the Ministry of Finance - the necessary information specified in subitems "an" and "b" of Item 12;

from the Center for coordination and market development of securities under the State committee of the Republic of Uzbekistan on assistance to the privatized companies and development of the competition - information confirming availability of the competence certificate of the specialist of the security market according to the subitem "g" of Item 12 of this provision.

V.

Voided according to the Resolution registered by the Ministry of Justice of the Republic of Uzbekistan of 07.02.2017 No. 1668-4

Appendix

to Regulations on procedure for inclusion of auditing organizations in the list of auditing organizations for carrying out external audit at the companies with the block of shares (share) of the state in the authorized capital over 50 percent

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