On April 1, 2019, the President of the Kyrgyz Republic Sooronbay Jeenbekov, signed the Law “On Amendments to the Law of the Kyrgyz Republic “On Audit Activities”.
The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on February 20, 2019. The purpose of the adopted law is to reinforce the requirements for audit organizations and auditors aimed at improving the efficiency and quality of audit inspections.
The adopted Law introduces amendments to the Law “On Audit Activity” according to which:
– An auditor carries out his/her activities under an employment contract or agreement (contract) as an auditor in the composition of only one audit firm.
– The minimum size for the authorized capital of an audit organization has been established in amount of KGS 100 000 (one hundred thousand soms).
– The procedure for certification of individuals wishing to engage in audit activities in the Kyrgyz Republic is determined by the Government of the Kyrgyz Republic.
The law enters into force upon fifteen days expiration after the date of official publication. The law was published in the newspaper "Erkin Too" dated April 5, 2019 N 25.