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Kazakhstan Makes Progress in Implementing International Standards

Three years after its initial self-assessment, Kazakhstan has made significant progress in implementing international standards on auditing, ethics, and public sector accounting.

QA Review System

The Union of Auditors of Kazakhstan, an accredited organization of auditors, has established a QA review system that meets all the requirements of SMO 1 (revised 2012). The organization participates in the Professional Council on Auditing as a member of the Board and committees, ensuring its involvement in shaping auditing standards and best practices.

Education and Training

Kazakhstan has made progress in implementing international standards for auditors and accountants. The Law on Audit Activity and the Law on Accounting and Financial Reporting require:

• Continuous professional development (CPD) and initial professional development (IPD) for both auditors and accountants
• Some requirements are in place, but there is still room for improvement

Auditing Standards

Kazakhstan has also made significant progress in implementing international standards on auditing. The Law on Audit Activity requires the application of International Standards on Auditing (ISA) issued by the IAASB. The Ministry of Finance is responsible for translating ISA into Kazakh, while the Chamber of Auditors of Kazakhstan ensures availability of Russian translations.

Ethics

Both IFAC member organizations in Kazakhstan have adopted the 2010 IESBA Code of Ethics and require their members to apply it. However, it remains unclear whether other accredited professional organizations in the jurisdiction have adopted the latest version of the IESBA Code.

Public Sector Accounting

Kazakhstan has adopted accrual-basis IPSAS as national standards for all public entities, effective January 1, 2013. The Ministry of Finance has also translated the 2018 Handbook of International Public Sector Accounting Pronouncements into Kazakh in accordance with IFAC Translation Policy.

Investigation and Discipline Framework

Kazakhstan’s investigation and discipline framework is established by law, allowing accredited auditing and accounting organizations to investigate and discipline their members for non-compliance with applicable standards, ethical requirements, and financial reporting laws.

Conclusion

While there are still areas for improvement, Kazakhstan’s progress in implementing international standards demonstrates its commitment to professional development, quality assurance, and best practices in auditing, ethics, and public sector accounting.