Features of audit planning in the Republic of Uzbekistan

Аннотация

The article analyzes the following main stages: study and analysis of the practice that has developed in the company of business processes and workflow, compliance with performance standards, development of a concept for building an internal control and audit system in accordance with the requirements and expectations of the company’s owners and management; development of internal company regulations and document management system and assistance in the formation of plans and methods for conducting an internal audit. Keywords: audit organization, economic entity, audit activity, auditing, auditor, internal control, audit planning, preliminary planning. The question of the need for an audit in Uzbekistan has arisen since the development of foreign trade relations at the beginning of market transformations. The attraction of foreign capital required guarantees of return, and, consequently, an independent assessment of the activities of entrepreneurial structures. The usual way to obtain reliable information is through an independent audit. Thus, the need for audit has become an objective reality and without it, the government cannot control the targeted use of budgetary funds. Audit activity in Uzbekistan began in 1992, when the Law “On Audit Activity” was adopted. National Auditing Standards (NAS) were developed, which were based on International Auditing Standards (ISA). Considering that changes are made to the ISA from time to time, the NAS contains outdated provisions compared to the ISA. NAS is one of the elements of regulation of audit activity and is the basis for the development of internal standards of audit organizations and methodology for conducting audits. In Uzbekistan, a phased reform of auditing activities is underway. The main reformer of audit activity is the Ministry of Finance of the Republic of Uzbekistan together with the Chamber of Auditors of Uzbekistan and the National Association of Accountants and Auditors. On 10 November 2020, a plenary session was held at the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan to discuss the second reading of the bill of the Republic of STARS International University 55 Uzbekistan “On Auditing Activities”. It is known that this draft law was developed in order to ensure the implementation of the resolution of the President of the Republic of Uzbekistan PP-3946 of 19 September 2018 on the approval of the “Action Plan for the further development of audit activities in the Republic of Uzbekistan.” The discussion was attended by deputies of the Legislative Chamber of the Oliy Majlis, initiators of the draft law, heads and employees of public audit associations, a group of experts and audit organizations operating in the country. The draft law was developed in order to unify and systematize the documents governing auditing into a single normative legal document that provides for the introduction of a number of norms aimed at ensuring freedom of auditing. In particular, it provides for the implementation of audit activities only on the basis of international auditing standards, simplification of the procedure, and giving the right to conduct an audit. In addition, it is planned to create an effective system for improving the qualifications of auditors. Most importantly, in order to ensure freedom of audit activity, it is planned to establish a procedure for applying a simplified register of auditors and audit organizations, with the abolition of the procedure for issuing licenses for auditing. The abolition of the requirement for the minimum amount of the authorized capital of an audit organization, as well as the conduct of audits in the same economic entity for a period of no more than seven consecutive years will serve to further develop this type of activity. On the other hand, in order to ensure and improve the quality of audit services, a specially authorized state body, together with republican public associations of auditors, exercises external control over the quality of their work without interfering in the financial and economic activities of audit organizations. It also envisages the implementation of audit activities only on the basis of international audit standards, and an increase in the minimum number of auditors in an audit organization from the current two to at least four, which will also improve the quality of the audit. The principle of comprehensiveness of audit planning involves ensuring the interconnectedness and consistency of all stages of planning - from preliminary planning to draw up a general plan and audit program. The principle of continuity of audit planning provides for the establishment of associated tasks for a group of auditors and the linkage of planning stages in terms of timing and related economic entities (structural divisions allocated to a separate balance sheet, branches, representative offices, subsidiaries). When planning an audit for a long period (in the case of audit support for an econo