Regulatory Alerts1996-07-24 | ПФ-1500Added
Measures for the Development of the Bank Audit System in the Republic
The President of the Republic of Uzbekistan approved proposals from the Central Bank and the Union of Commercial Banks to strengthen trust in the banking system and improve audit quality. The Central Bank is authorized to coordinate bank audits, act as a client for contracts with local and foreign audit firms, and issue relevant certificates to audit organizations. The Central Bank is further tasked with developing and approving regulations for bank audits within one week, regularly publishing the list of qualified audit firms, and ensuring audits are paid for from their own funds. The Ministry of Justice is required to submit legislative amendments to the Cabinet of Ministers within one month.
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