According to this document, the following resolutions lose their force:
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
(As amended by the resolution of the Government of the KR dated August 18, 2017, No. 503)
To establish 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 for conducting mandatory audits of public companies, according to the appendix.
When selecting an auditing organization, public companies must follow the requirements specified in the appendix to this resolution.
(As amended 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 the resolution is entrusted to the Department of Financial and Credit Policy of the Government Office of the Kyrgyz Republic.
| Prime Minister | T.A. Sariyev |
Appendix
REQUIREMENTS
for auditors for conducting mandatory audits of public companies
(As amended by the resolution of the Government of the KR dated August 18, 2017, No. 503)
To carry out 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 the mandatory audit must have at least 2 (two) auditors who meet the above requirements.
It is prohibited to conduct a mandatory audit of the same public company for more than 5 (five) consecutive years.
The government resolution dated August 18, 2017, No. 503, which amended the aforementioned decision, also loses its force.
This decision was made in accordance with 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.
