Press release on the holding of a round table to discuss the conclusions on the analysis of the audited financial statements

On June 15, 2021, the Ministry of Finance of the Republic of Kazakhstan held a Round Table on the discussion of the conclusions on the analysis of the audited financial statements from the depository, conducted on the basis of risk analysis, under the leadership of Vice-Minister of Finance Kenbeil D.

The meeting was attended by more than 60 representatives of interested bodies, including the World Bank, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan, the International Financial Center «Astana», JSC «Kazakhstan Stock Exchange», internal audit services, professional and audit organizations, JSC «Information and Accounting Center».

The meeting reported on important aspects of compliance with the methodology of international financial reporting standards in the banking and healthcare sectors, as well as compliance with the methodology of the audit conducted on such reports on the basis of the financial reporting depository, the need to strengthen the capacity of the newly created professional audit council.

Director of the Department of Accounting Methodology, Audit and Evaluation Bekturova A. also reported that this year amendments were made to the Standard Regulation on Internal Audit Services in the part of:

- participation of the IAS in the audit of the financial statements of the state body, which includes this internal audit service, conducted by the authorized body for internal state audit, agreed with the first head of the central state body, the akim of the region, the city of republican significance, the capitals;

- The IAS develops, submits for approval to the first head (the akim of the region, the city of republican significance, the capital) and ensures the implementation of the annual work plan of the IAS.

In addition, the Procedural Standard «Compliance Audit» and new approaches to the Procedural Standard for «Audit of Financial Statements» have been developed.

According to the results of the Round Table, the participants of the meeting supported the need for further development of supervision over the audit and preparation of financial statements, which should reflect the financial position in accordance with IFRS.