Audit services.

An audit is an examination by audit organizations of financial statements and related financial information of a business entity to determine whether the financial statements and other financial information are accurate and comply with the law.

We provide a wide range of audit services, including statutory audit, accompanying clients at all stages of the audit.

Comprehensive approach to solving the set tasks, applied by the specialists of our company, is based on a comprehensive understanding of the peculiarities of economic activities of companies in various industries, inherent risks in these activities and their impact on the reporting indicators.

According to the Law of the Republic of Uzbekistan No. ZRU-677 dated 25.02.2021 for a number of companies annual audit is a mandatory procedure. The following organizations are subject to mandatory annual audit:

- joint stock companies;

– банки и иные кредитные организации;

- insurance organizations;

- investment and other funds accumulating funds of legal entities and individuals and their trustees managing investment assets;

- charitable, public and other funds, the sources of which are contributions of legal entities and individuals;

- economic entities with a state-owned share in their authorized fund (charter capital) and state unitary enterprises;

- stock exchanges;

- commercial organizations that simultaneously meet two of the following conditions at the end of the reporting year: book value of assets exceeding 100,000 (one hundred thousand times) of the basic calculation unit, revenue from sales of products (works, services) exceeding 200,000 (two hundred thousand times) of the basic calculation unit, average annual number of employees exceeding 100 (one hundred) persons.

Our auditors have extensive experience in conducting statutory audits of large companies and holdings of various lines of business. The large accumulated practice of our employees allows us to carry out complex large-scale projects within tight deadlines, while maintaining a consistently high level of quality.

An audit can be carried out either once a year or in stages (audit support). The most optimal mode is a staged audit, which makes it possible to timely identify errors and correct them before the end of the reporting period. Contracts for audit services provide for full material responsibility for the provided audit report and confidentiality.

In the course of the mandatory audit will be provided related services: optimization of taxation, recommendations to improve the control and accounting systems at the enterprise, minimization of financial and economic, accounting and tax risks of the owner, as well as the elimination of violations to avoid penalties by identifying violations in accounting, taxation, document flow.

As a result of the audit, the client receives:

- An audit report prepared in accordance with the requirements of the legislation of Uzbekistan and international auditing standards;

- Audit report for management and owner (Letter to Management), which will reflect the most significant observations identified as a result of the audit and recommendations for their elimination;

- PowerPoint presentation on the audit results with defense before the management (at the client's request).

Initiative audit is intended for organizations and enterprises of any organizational and legal form that do not fall under the requirements of mandatory audit.

Initiative audit is conducted by decision of the owner, manager or potential investor in order to obtain an independent expert judgment on the reliability of the statements and the correctness of the accounting system.

The purpose of an initiative audit is to minimize financial and economic, accounting and tax risks of the owner, as well as to eliminate violations to avoid penalties by identifying violations in accounting, taxation, document flow.

An initiative audit may be conducted:

- at the request of the owner, the executive management body of the enterprise or a potential investor who wants to obtain confirmation of the reliability of financial statements;

- at the change of the head or chief accountant of the audited enterprise-client;

– when acquiring a ready-made business;

- in case of reorganization of the enterprise (division, merger, etc.);

- if there is a direct instruction to conduct an audit in the constituent documents;

– in case of changes in the main staff of the accounting department and/or chief accountant;

– in case of changes in legislation and, accordingly, uncertainty of the company's accounting department in the correctness of accounting, accounting and tax reporting.

Initiative audit provides for an objective and full-fledged study, which allows to identify existing problems and develop an action plan for their elimination.

We audit financial statements prepared in accordance with the National Accounting Standards of the Republic of Uzbekistan.

The purpose of NSAS reporting is to provide financial information to the owners of the company for making management decisions, as well as to the state authorities.

The audit is conducted exclusively in accordance with International Standards on Auditing.

Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) is an audit service of an independent assessment of the audited entity's financial statements prepared in accordance with IFRS for the purpose of expressing an audit opinion on their reliability.

IFRS (IAS and IFRS) is a set of international standards formulated in the form of conceptual principles of financial reporting. These standards have become the ideological basis for accounting and auditing in the most developed countries of the world.

We audit financial statements prepared in accordance with IFRS in cases where the transformation of IFRS statements was performed by the client himself or by another audit firm.

The purposes of IFRS reporting may be different:

– obligation in accordance with the legal requirement;

– attraction of investments and loans;

- making investment decisions;

– internal purposes.

For certain companies in Uzbekistan there is an obligation to prepare IFRS reporting in accordance with the Decree of the President of the Republic of Uzbekistan No. PP-4611 dated 24.02.2020. “On Additional Measures on Transition to International Financial Reporting Standards”:

- joint stock companies;

– commercial banks;

- insurance organizations;

– legal entities classified as large taxpayers.

Currently, audit activity includes two components: the audit itself and audit-related services.

Audit and audit-related services should be clearly distinguished.

Audit related services, the provision of which is regulated by the legislation of Uzbekistan and International Standard on Related Services (ISRS) 4400 (revised) “Engagements to Perform Agreed-upon Procedures” include:

– review audits;

– agreed procedures;

– compilation of financial information.