Article 4. Basic Principles of Auditing and Auditing Standards of the Law on Auditing

Home / RLA / Article 4. Basic Principles of Auditing and Auditing Standards of the Law on Auditing

1. The basic principles of auditing activities are:

independence;

objectivity;

professional competence;

confidentiality;

honesty;

compliance with the standards of organizations.

2. The audit is carried out in accordance with this Law and auditing standards that do not contradict the legislation of the Republic of Kazakhstan. Auditing standards may be published in Kazakh and Russian by an organization that has written permission for their official translation and/or publication in the Republic of Kazakhstan from the International Federation of Accountants.

When conducting an audit of the organizations specified in paragraphs four, five, six, eight and eleven of the first part of paragraph 2 of Article 5 of this Law, the audit organization verifies the information contained in the financial statements for compliance with the requirements of international financial reporting standards and regulatory legal acts of the National Bank of the Republic of Kazakhstan, the authorized body for regulation, control and supervision of the financial market and financial organizations developed in accordance with international financial reporting standards.

3. The tax audit is carried out on the initiative of the audited entity in accordance with the legislation of the Republic of Kazakhstan.

4. Special purpose audit of quasi-public sector entities is carried out in accordance with the legislation of the Republic of Kazakhstan.

5. Audit of other information is carried out at the request of the authorized body for regulation, control and supervision of the financial market and financial organizations in accordance with the legislation of the Republic of Kazakhstan.

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 conducting auditing activities in the Republic of Kazakhstan.

President

Republic of Kazakhstan

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