LAW OF TURKMENISTAN

of November 8, 2014 No. 138-V

About auditor activities

This Law determines legal, economic and organizational bases of implementation of auditor activities in Turkmenistan and governs the relations arising in the course of implementation of auditor activities.

Chapter I. General provisions

1. Article 1. The basic concepts used in this Law

1. In this Law the following basic concepts are used:

1) audit – check of financial and economic activities of the subject of economy by the auditor, auditing organization for the purpose of determination of degree of reliability and completeness of information containing in the financial reporting and its compliance to the legislation of Turkmenistan and expression of independent opinion on the questions which are the check purpose.

The concept of the financial reporting is used in the value determined by the legislation of Turkmenistan on financial accounting and the financial reporting;

2) the auditor - the physical person having the valid competence certificate of the auditor, the license for implementation of auditor activities and registered in the State register of auditors of Turkmenistan;

3) the audited subjects - the legal entities created according to the legislation of Turkmenistan, the branches and representations of foreign legal entities registered in Turkmenistan, the physical persons who are engaged in business activity without formation of legal entity in Turkmenistan to which the simplified taxation system concerning which audit is booked or to which services in profile of auditor activities are provided does not extend.

The physical persons who are engaged in business activity without formation of legal entity - individual entrepreneurs in Turkmenistan to which the simplified taxation system extends have the right to use services in profile of auditor activities;

4) auditing organization – the entrepreneurial legal entity created for the purpose of implementation of auditor activities, having the license for implementation of auditor activities and registered in the State register of auditing organizations of Turkmenistan;

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