Article 13-1. Professional advice The Law on Auditing

Home / RLA / Article 13-1. Professional advice The Law on Auditing

1. The Professional Council operates in accordance with the charter approved by its founders in accordance with the legislation of the Republic of Kazakhstan.

2. The property of the professional council is formed at the expense of one-time or regular receipts from audit organizations that conduct mandatory audits, professional organizations, as well as from sources provided for by the legislation of the Republic of Kazakhstan and corresponding to the objectives of the professional council.

3. The property transferred to the professional council by its founders is the property of the professional council.

The founders of the professional council have no property rights to the property of the professional council.

4. The supreme governing body of the professional council is the Board of the Professional Council (hereinafter referred to as the Board), which is responsible for making decisions on the activities of the professional council, as defined by the laws of the Republic of Kazakhstan, the charter of the professional council and internal documents of the professional council.

5. The Management Board consists of the following representatives from:

1) professional organizations – in equal numbers;

2) the authorized body (the head or his deputy on issues related to the implementation of state regulation in the field of auditing, who is the Chairman of the Management Board);

3) joint Stock Company "Kazakhstan Stock Exchange" – on issues related to the audit;

4) Astana International Financial Center;

5) higher educational institutions and (or) scientific organizations;

6) as well as an independent director with an auditor qualification certificate and/or one of the international audit certificates recognized by the International Federation of Accountants.

6. The number of members of the Management Board should be an odd number, while the number of representatives of professional organizations should not exceed one third of the total number of members of the management board. The Board is headed by the Chairman.

7. Remuneration is not paid to representatives of the Management Board.

8. The exclusive competence of the Management Board includes:

1) approval of the internal documents of the professional council, including the procedure for the formation of the property of the professional council;

2) approval of the nominated candidates to the executive bodies of the Professional Council;

3) monitoring the compliance of the professional council's activities with the statutory goals;

4) determining the direction of the professional council's activities in order to develop auditing activities and improve the quality of audit services;

5) coordination of the program of certification of candidates for auditors;

6) approval of requirements for external quality control facilities of the professional council;

7) coordination of the procedure for external quality control of audit organizations;

8) review and issue recommendations on applications submitted by the quality control committee of the professional council for the exclusion of an audit organization from membership in a professional organization;

9) coordination of the results of the external quality control of the activities of the external quality control facilities of the professional council;

10) consideration of appeals against professional organizations, auditing organizations and auditors;

11) approval of the annual reports on the activities of the Professional Council;

12) approval of the rules for the implementation of the activities of the appeal commission of the Professional Council;

13) review and approval of the results of control carried out by conducting an audit of audit and professional organizations for compliance with the procedure for external quality control of audit organizations, in the absence of objections to them and (or) the presence of a decision of the appeal commission.

The Management Board has the right to consider any issue related to the activities of the professional council.

9. The Professional Council does not have the right to establish branches and representative offices.

10. The executive bodies of the professional council are the Quality Control Committee of the Professional Council, the Qualification Commission, the executive collegial body, and other bodies approved by the management Board.

11. The Professional Council sends annual activity reports to the authorized body and the authorized body for regulation, control and supervision of the financial market and financial organizations no later than thirty calendar days from the date of its approval by the Management Board.

12. The executive collegial body, headed by the Chairman, carries out the day-to-day management of the activities of the professional council in accordance with the charter of the professional council.

13. Information about the activities of the professional council and its executive bodies should be open and publicly available.

The Law of the Republic of Kazakhstan dated November 20, 1998 No. 304.

 This Law regulates the relations that arise between government agencies, individuals and legal entities, auditors, audit organizations, professional audit organizations and the professional audit council in the process of auditing activities in the Republic of Kazakhstan.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases