The list of canceled documents includes:
the government resolution dated November 17, 2015, No. 776 "On the Requirements for Conducting Mandatory Audits of Public Companies"
GOVERNMENT OF THE KYRGYZ REPUBLIC
RESOLUTION
dated November 17, 2015, No. 776
On the Requirements for Conducting Mandatory Audits of Public Companies
(with amendments made by the resolution of the Government of the KR dated August 18, 2017, No. 503)
In order to determine the minimum requirements for the qualifications and experience of auditors, in accordance with Article 29 of the Law of the Kyrgyz Republic "On the Securities Market," the Government of the Kyrgyz Republic resolves:
RESOLVES:
To approve the requirements for auditors conducting mandatory audits of public companies, according to the appendix.
When selecting an auditing organization, public companies must be guided by the requirements set forth in the appendix to this resolution.
(with amendments made by the resolution of the Government of the KR dated August 18, 2017, No. 503)
The resolution comes into force fifteen days after its official publication.
The control over the implementation of this resolution is assigned to the Department of Finance and Credit Policy of the Government Office of the Kyrgyz Republic.
| Prime Minister | T.A. Sariyev |
Appendix
REQUIREMENTS
for auditors to conduct mandatory audits of public companies
(with amendments made by the resolution of the Government of the KR dated August 18, 2017, No. 503)
To conduct mandatory audits of public companies, the auditor must have experience in at least 10 (ten) audits of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) over the last 3 (three) years.
The auditing organization conducting mandatory audits of public companies must include at least 2 (two) auditors who meet the specified requirements.
The obligation to conduct a mandatory audit in one public company cannot exceed 5 (five) consecutive years for one auditing organization.
• The government resolution dated August 18, 2017, No. 503, which amended the above resolution, has also been canceled.
This decision is made based on part 3 of Article 7 of the law "On Auditing Activities" and Articles 13 and 17 of the constitutional law "On the Cabinet of Ministers of the Kyrgyz Republic."
The resolution comes into force seven days after its official publication.
