About 70 Kazakhstan auditors were qualified, over 150 professionals have been certified according to international standards of financial reporting and auditing in the educational support of Kazakhstan Accredited Professional Audit Organization – “Board of Auditors” (PAO).
In addition to the active professional activities of PAO participants it is – one of the practical results of six years activities of the organization. Today the board solidifies 170 auditors and 65 audit firms that is more than 40% of the total. Incidentally, six years ago, this creation was initiated by just 5 of auditors and 2 audit firms. This growth is a result talking about the formation of the national school of auditors in the country. It is notable that initiatives and activities of PAO were noted in the report of the Ministry of Finance of the RoK to the World Bank as “those increasing the rating of development of accounting and auditing in the RoK.”
For the six years, the professional organization has been recognized not only in Kazakhstan, where it contributed to the development of the audit market and competition on it, but also abroad. Today the Kazakhstan Board of Auditors is the only organization of the CIS countries, the representative of which is a member of the Advisory Body on IFRS. This fact is the evidence of a high evaluation by the international professional community of its relatively young Kazakh colleagues. It is noteworthy that the qualifications of the members of the Board of Auditors, who passed the exams in Qualification Commission, has been recognized by the British Institute of Financial Analysts. The Board of Auditors has already become a member of the International Association for Accounting Education and Research, and interacts with the International Federation of Accountants, carrying out translation and distribution of documents to improve the quality of the audit in Kazakhstan and CIS countries.
Along with the development of the audit market and the national school of Auditors (in the broad sense) for PAO has become one of the principal objectives of increasing public confidence and the state to the auditors.
– The financial sector of the economy cannot exist without the trust of the state, society and investors. That, in turn, requires the development of the financial services market, strengthening the financial system and stabilization of the institution of financial institutions – believes Mr. Ereul Nurseitov, chairman of the Board of PAO “Board of Auditors”. This trend, which has become an essential part of the economic policy of the country, has been supported by the state almost since declaration of independence of Kazakhstan. One of the most important factors of a comprehensive confidence is the audited financial statements. That is the trust to the audit forms the basis of trust to the financial statements. Actually, this is something the professional audit community should be aimed at. A list of these principles is small, but their implementation requires a serious and constant practice. The most important and fundamental principle is the independence of the audit, which is impossible without professional ethics and competence.
Promotion of the professional development of specialists in this field, corporate culture and responsibility is also one of the goals of the organization, which the Board of Auditors has been successfully implementing almost since the day of its foundation. This is only possible thanks to ongoing training, firm adherence to the ethical standards of audit, professionalism and independence, according to the opinion of members of the Board. PAO is a public organization: all information is available at www.kz-adviser.kz, and the Board has been issuing the magazine described as “Accounting and audit of Kazakhstan” for 5 years, which has become a platform, a discussion forum, and a true tool for professional audience.
The role of organizations in financial services of the republic has significantly increased over the years. In particular, in February 2012 with the support of the Board, the Institute of Internal Auditors was founded in Kazakhstan. The Institute collaborates with the International Institute of Internal Auditors. PAO initiates and organizes seminars, meetings, conferences, in which hundreds of domestic and foreign experts take participation. The largest of these events was held in September 2012. The Board of Auditors together with the Nazarbayev University in Astana held its first international conference, which has become a significant event for the professional audience. This was not one-time actions, but the system work on a tight schedule, which included discussion of the most pressing issues of the modern economy. Recently, on the basis of the training center of the Board of Auditors, a seminar on anti-money laundering of proceeds from crime and financing of terrorism and on quality control of auditing organizations was held. The seminar was held under the agreement between the Committee for Financial Monitoring of the Ministry of Finance of the Republic of Kazakhstan and the Board of Auditors. The professional community believes that current requirements do not accept the backlog of the audit on requests from users of financial statements. Therefore, in February of this year the Board of Auditors established the Center for Audit Quality to maintain the level of Kazakhstan’s audit at a proper level.
In Kazakhstan, on the initiative and support of the Board of Auditors, the International Institute of Audit and Management has started its work. The institute has organized training and examinations on several international certification of professional accountants and auditors, established Professional Organization of Accountants with the name “Forum for Professional Accountants” accredited by the Ministry of Finance.
– All of these areas of work are equally important for us, and they bring good results – emphasizes Mr. Nurseitov. – That is why we intend to intensify this detail, continue to contribute to the growth of professional authority of Kazakhstan auditors.
