Article 7. Competence of the authorized body of the Law On Auditing

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Authorized body:

1) formulates and implements the state policy in the field of auditing;

1-1) maintains a register of auditors;

1-2) develops and approves minimum requirements for auditing organizations that conduct mandatory audits, in coordination with the authorized body for regulation, control and supervision of the financial market and financial organizations;

1-3) agrees on the list of issues to be reviewed as part of an audit of other information, requirements for the content and timing of the audit organization's submission of an audit report on other information, requirements for auditors within the audit organization involved in the audit of other information, determined by a regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations;

1-4) develops and approves regulatory legal acts of the Republic of Kazakhstan in the field of auditing activities in accordance with the goals and objectives of this Law and the legislation of the Republic of Kazakhstan;

2) develops and approves the procedure for the accreditation of professional organizations;

3) conducts accreditation and maintains a register of professional organizations;

4) develops, coordinates with the authorized body in the field of permits and notifications and the authorized body in the field of informatization, and approves a regulatory legal act approving qualification requirements for licensing auditing activities and a list of documents confirming compliance with them;

5) carries out licensing of auditing activities and maintains the register of auditing organizations;

6) publishes information in the mass media in Kazakh and Russian on the issuance, suspension, revocation and termination of the license to carry out auditing activities;

7) Excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication).

8) approves the Rules for the formation and implementation of the activities of the Qualification Commission;

9) provides conditions for the dissemination of auditing standards;

9-1) delegates a representative to the board of the professional council;

9-2) Is excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication). 9-3) Is excluded by the Law of the Republic of Kazakhstan dated 07/01/2024 No. 107-VIII (effective sixty calendar days after the date of its first official publication). 10) - 12) are excluded by the Law of the Republic of Kazakhstan dated 17.07.2009 N 188-IV (for the procedure of entry into force, see art. 2);

13) develops and approves the list, forms and frequency of reporting by professional and auditing organizations;

14) excluded by the Law of the Republic of Kazakhstan dated 17.07.2009 N 188-IV (for the procedure of entry into force, see art. 2);

14-1) monitors compliance by audit organizations with the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

15) approves the forms of registers of audit and professional organizations;

16) excluded by the Law of the Republic of Kazakhstan dated January 13, 2014 No. 159-V (effective ten calendar days after the date of its first official publication);

17) carries out state control in the field of auditing and the activities of professional auditing organizations;

18) excluded by the Law of the Republic of Kazakhstan dated December 29, 2014 No. 269-V (effective from 01.01.2015);

18-1) determines the procedure for conducting a tax audit and submitting an audit opinion on taxes;

18-2) determines the list of audit organizations (auditors), as well as the audit organization (auditor) from the list of audit organizations (auditors), in compliance with the principles of priority and regional representation, to participate in the audit and give an opinion on the relevant request or request of the prosecutor's office, the decision issued as part of the initiated pre-trial investigation, as well as the court ruling in in accordance with the Law of the Republic of Kazakhstan "On Public Procurement";

18-3) identifies organizations with state participation for which an audit is required, unless otherwise provided by legislative acts of the Republic of Kazakhstan;

19) exercise other powers provided for by this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government 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 auditing activities in the Republic of Kazakhstan.

President

Republic of Kazakhstan

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