Article 9. Audit organization The Law on Auditing

Home / RLA / Article 9. Audit organization The Law on Auditing

1. An audit organization is established in the organizational and legal form of a limited liability partnership.

2. A foreign organization is recognized as an audit organization if its status is confirmed by a professional organization of the country of which it is a resident.

A professional organization confirming the status of a foreign auditing organization must be a member of the International Federation of Accountants.

A foreign organization is also recognized as an audit organization if its status is confirmed by the competent authority of the State of which it is a resident.

3. Foreign auditing organizations may carry out auditing activities in the Republic of Kazakhstan only if they establish relevant auditing organizations that are residents of the Republic of Kazakhstan.

4. The number of auditors in the audit organization must be at least two persons.

5. In the authorized capital of an audit organization, the share owned by the auditor (auditors) and (or) foreign (foreign) audit organizations should be one hundred percent.

6. The head of an audit organization must have an auditor qualification certificate.

An auditor who previously headed an audit organization that was deprived of its license in accordance with the legislative acts of the Republic of Kazakhstan may not be the head of another audit organization within one year from the date of entry into force of the court's decision to revoke the license.

7. An audit organization engaged in auditing activities in the territory of the Republic of Kazakhstan may not be a member of another audit organization resident in the Republic of Kazakhstan.

8. In case of establishment of a branch in the territory of the Republic of Kazakhstan, the head of the branch must have an auditor qualification certificate.

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.

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