Article 8. Standards of State audit and financial control The Law on State Audit and Financial Control
1. The requirements for state audit and financial control are determined by the standards of State audit and financial control.
2. The standards of state audit and financial control are divided into:
1) general standards of state audit and financial control, which are developed on the basis of international standards and contain fundamental requirements for the activities of state audit and financial control bodies.
The general standards of state audit and financial control are developed by the Supreme Audit Chamber and approved by the President of the Republic of Kazakhstan.;
2) procedural standards of state audit and financial control, containing procedural requirements for the conduct (procedure, mechanism and methods) of state audit and financial control and the activities of state audit and financial control bodies, which are divided into:
procedural standards of state audit and financial control, developed and approved jointly by the Supreme Audit Chamber and the authorized body for internal State audit;
procedural standards of external state audit and financial control, developed and approved by the Supreme Audit Chamber. The procedure for the development and approval of procedural standards for external state audit and financial control is determined by the Supreme Audit Chamber;
procedural standards of internal state audit and financial control, developed and approved by the authorized body for internal state audit in coordination with the Supreme Audit Chamber.
The effectiveness criteria are discussed with the audited entity at the stage of preliminary examination of the audited entity's activities in accordance with the procedure established by the rules for conducting external state audit and financial control.
3. Standards of state audit and financial control are mandatory for application by state audit and financial control bodies, individuals and legal entities involved in conducting a state audit.
4. Internal audit standards at the National Bank of the Republic of Kazakhstan are developed and approved in accordance with the legislation of the Republic of Kazakhstan on the National Bank of the Republic of Kazakhstan.
The standards of internal audit in the authorized body for regulation, control and supervision of the financial market and financial organizations are developed and approved by the authorized body for regulation, control and supervision of the financial market and financial organizations.
The Law of the Republic of Kazakhstan dated November 12, 2015 No. 392-V SAM.
This Law regulates public relations related to state audit and financial control, defines the powers and organization of the activities of state audit and financial control bodies.
President
Republic of Kazakhstan
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