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In November 2018, the Ministry of Finance of the Republic of Kazakhstan and the Ministry of Finance of the Republic of Kazakhstan (hereinafter – the Ministry) discussed the key issues in the framework of the Memorandum on Mutual Cooperation between Certified Collegium Accountants Association (hereinafter referred to as ACCA) and the Ministry of Accounting, Audit and Assessment on Exchange of Accountants and Auditors Certification Director of the Department of Methodology Arman Tursynovna Bekturova visited the head office of ACCA in London .

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The Ministry and the ASA are interested in providing professional skills in accounting professionally at local and international levels, including professional, educational and ethical standards, and access to internationally recognized professional qualifications, worldwide recognized qualification certificates, promoting overall development and career advancement of the profession and economy.

During the business trip, the Ministry of Justice presented its experience with the Code of Ethics.

The parties considered the experience of incorporating individual questions into accountants’ certification, taking into account that the ACCA has a strong impact on the ethical conduct of accountants and auditors in the process of presenting financial reports to stakeholders.

Taking into consideration the ongoing reforms in the public sector accounting sector, the parties discussed the possibility of obtaining state certified accountants in the Russian version of the ACSA certification in Russian .

ASCA has provided information on major changes in UK regulation.

An independent review by the Government of the United Kingdom (hereinafter referred to as the Review) was conducted in the UK where the function and role of the FRC, its powers, effectiveness and impact were considered. The report outlined 83 recommendations and recommended replacing the FRC with an independent regulatory body with a new subordinate to the Parliament .

The government intends to rebuild the sector and pass on these reforms quickly. Unless the new regulatory body is implemented, FRC will endeavor to eliminate the deficiencies (such as increased enforcement and transparency in law enforcement activities) by following the recommendations of the Review .

The new regulator for the first time:

the statutory body authorized to submit changes to the accounts without resorting to the court, shall carry out a thorough and comprehensive review for transparency;

Corporate Governance and Corporate Accountability, Strategic Direction and Objective for the Protection of Society and Clients’ Interest by Setting High Standards in Mandatory Audit;

regulates large auditing organizations directly (without this authority);

there will be a variety of advice and strong leadership to help restore the respect for the regulators and change their culture.

In addition, severe sanctions will be considered, including the failure of the corporation, including the immediate clarification from the company and, in the event of a new authority, which would include a report on management and conduct of the company.

The UK Government considers a strict and robust regulator with the highest standards of the audit sector, which is the key element of the government’s growth and employment, attracting investors.

Source: Ministry of Finance of the Republic of Kazakhstan

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