The bill of the Republic of Kazakhstan “On Making Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Auditing Activities” has been reviewed by the Finance and Budget Committee at the extended session.
The bill was developed with a view to further enhancing the legislation in the auditing sphere with due regard to international practices, improving the quality of audit in the country through the establishment of transparent requirements for quality control and certification of auditors.
The primary objectives of the bill are:
1) creation of the Professional Council, a profession-independent body regulating auditing activities;
2) addition of particular provisions governing the review by the Appeals Board of issues related to the settlement of disputes in public procurement;
3) involvement of internal audit services for conducting an annual audit of the financial statements of budget program administrators so as to ensure complete audit coverage.
The document has been submitted to the House.