Uzbekistan proposes roadmap in accounting and audit for Turkic states

Uzbekistan has put forward several practical directions for the first year of the Union of Accounting and Audit Professional Regulatory Bodies of Turkic States, said Nematulla Karimov, Chairman of Uzbekistan's Council of the Chamber of Auditors, Report informs.

Speaking at the event dedicated to the 30th anniversary of the Chamber of Auditors of Azerbaijan and the international scientific‑practical conference, Karimov noted that the first step should be comparing public oversight and auditor certification systems of member countries to prepare a roadmap for mutual recognition of qualifications.

"Secondly, we must create a unified glossary of terms for International Financial Reporting Standards (IFRS) and International Auditing Standards (IAS) in our languages. Uzbekistan has already translated international auditing standards into Uzbek and is ready to share this experience. Thirdly, regarding digitalization, the Chamber of Auditors of Uzbekistan has developed auxiliary tools for audit and financial reporting standards, and we want to share these solutions with our colleagues," the official said.

"The fourth proposal is to establish joint education and certification programs recognized in all countries. Fifth, as a member of the International Federation of Accountants (IFAC), I am confident that our coordinated positions in developing international standards will be heard much better," he added.

Karimov further stressed that cooperation in accounting and auditing is becoming an integral part of the economic integration of Turkic states: "Investors and creditors must be confident that financial statements prepared in one of our countries and audited in another are equally trustworthy. Today's agreement is based on the principles of 'one country, one vote' and respect for national regulations, which fully deserves our support. Uzbekistan has a long‑term strategic commitment to participation in the Union of Accounting and Audit Regulatory Bodies of Turkic States. The Chamber is ready to host one of the association's next events in Tashkent. Let this association become a solid bridge of trust and professional communication among Turkic countries."