Approved by the Ministry of Finance of the Republic of Uzbekistan of August 4, 1999, No. 63

National Audit standard of the Republic of Uzbekistan No. 9 NSA "Materiality and audit risk"

General provisions

1. This standard is developed on the basis of the Law of the Republic of Uzbekistan "About auditor activities", resolutions of the Cabinet of Ministers of the Republic of Uzbekistan of June 10, 1999 N296 "About Measures for Realization of the Basic Provisions Containing in the Report of the President of the Republic of Uzbekistan at the XIV Session of Oliy Majlis" also is element of normative auditing regulation in the Republic of Uzbekistan.

Purpose and tasks of the standard

2. The purpose of the standard is determination of actions auditor the organizations for materiality level assessment in audit arising during audit of business entity.

3. Tasks of the standard are:

3.1. Determine concept of level of materiality of audit and procedure for its calculation.

3.2. Determine concept of risk of audit and its main components.

3.3. Formulate single requirements by which auditing organizations shall be guided, using these concepts of the audit implementation course.

Coverage

4. Requirements of this standard are obligatory for all auditing organizations when implementing the audit providing preparation of official audit opinion, except for those its provisions where it is directly specified that they have advisory nature.

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