This Law shall regulate the relations emerging between the state authorities, physical persons and legal entities, auditors, organisations of auditors and professional organisations of auditors in the course of carrying out auditing activities in the Republic of Kazakhstan.
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LAW No. 304 of 20th NOVEMBER 1998 OF THE REPUBLIC OF KAZAKHSTAN CONCERNING AUDITING
AMENDMENTS AND ADDITIONS INTRODUCED BY: 1) Law No. 128 of 18th December 2000 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Insurance and Insurance Activities. (Article 12). Effective from 23rd December 2000; 2) Law No. 139 of 15th January 2001 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to the Law of the Republic of Kazakhstan Concerning Auditing. (Articles: 2, 4, 6, 8, 9, 10, 11, 12, 15 replaced, 16, 17, 18-1 introduced, 20). Effective from the 30th January 2001, except for the additions to Article 6); 3) Law No. 162 of 2nd March 2001 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of the Banking Activity. (Article: 18). Effective from 12th March 2001; 4) Law No. 364 of 26th December 2002 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Natural Monopolies. (Article 14). Effective from the 29th December 2002; 5) Law No. 416 of 16th May 2003 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Securities Market and Joint-Stock Companies. (Articles: 4, 6). Effective from the 21st May 2003; 6) Law No. 437 of 11th June 2003 of the Republic of Kazakhstan Concerning the Introduction of Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Insurance. (Article 8). Effective from the 24th June 2003; 7) Law No. 483 of 10th July 2003 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Organising an Integrated System of State Regulation and Supervision of Financial Markets and Financial Organisations. (Articles: 12, 18). Effective from the 1st January 2004; 8) Law No. 9 of 9th December 2004 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Natural Monopoly Activities. (Article: 4). Effective December 15, 2004; 9) Law No. 72 of 8th July 2005 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Securities Markets and Joint-Stock Companies. (Article 4). Effective date n/a; 10) Law No. 139 of 5th May 2006 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing. (Text of the Law replaced). Effective Date n/a; 11) Law No. 222 of 12th January 2007 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Licensing. (Articles: 7, 9, 12, 14, 16). Effective August, 2007; 12) Law No. 230 of 19th February 2007 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Protecting Rights of Minority Investors. (Articles: 16, 18-1 introduced). Effective date n/a; 13) Law No. 138 of 20th February 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing. (Articles: 1, 3, 4, 5, 6, 7, 7-1 introduced, 8, 9, 10, 11, 12, 13, 14 replaced, 15 replaced, 16 replaced, 17, 18, 18-1, 19, 20, 21, 23, 24, 25 replaced, 26 repealed, 27). Effective date n/a; 14) Law No. 183 of 11th July 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Matters of Share Participation in Housing Construction. (Article: 5). Effective date n/a; 15) Law No. 188 of 17th July 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Private Business. (Articles: 7, 7-1). Effective date n/a; 16) Law No. 192 of 28th August 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legalisation (Laundering) of Income Gained in an Illegal Way, and Financing of Terrorism. (Articles 7, 20 and 21). Effective date n/a; 17) Law No. 258 of 19th March 2010 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Statistics and Taxation. (Articles 3, 7). Effective date n/a; 18) Law No. 338 of 15th July 2010 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Insurance. (Articles 5, 21). Effective date n/a; 19) Law No. 378 of 6th January 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Control and Supervision. (Articles 7, 7-1). Effective date n/a; 20) Law No. 414-IV of 1st March, 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Property. (Article 5). Effective date n/a; 21) Law No. 452 of 5th July 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Revision of the Competence of Authorised State Bodies and of the Government of the Republic of Kazakhstan to Pass Regulatory Legal Acts establishing Requirements to Audited Entities. (Articles: 6, 7, 21). Effective date n/a;22) Law No. 461 of 15th July 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Improvement of the Permissive System. (Articles: 6, 7, 21). Effective date n/a; 23) Law No. 524 of 28th December 2011 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Regulation of Banking Activity and Financial Organisations with Respect to Risk Minimisation. (Articles 5). Effective date n/a; 24) Law No. 539 of 12th January 2012 of The Republic of Kazakhstan. Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Project Financing. (Article 5). Effective date n/a; 25) Law No. 15 of 27th April 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Exclusion of Conflicts, Gaps, Collisions Between Rules of Law of Various Legislative Acts and Rules Favouring the Commission of Corruption Violations. (Article: 18-1). Effective date n/a; 26) Law No. 19 of 21st June 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction Against Legalization (Laundering) of Income Gained in an Illegal Way, and Financing of Terrorism and Converting of Money Into Cash. (Article 21). Effective date n/a; 27) Law No. 30 of 5th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Organisation of Activity of the National Bank of the Republic of Kazakhstan, Regulation of the Financial Market and Financial Organisations. (Articles: 7, 18-1 and 21). Effective date n/a; 28) Law No. 36 of 10th July 2012 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Reduction of Permissive Documents and Optimisation of Controlling and Supervisory Functions of the State Bodies. (Articles: 7, 19). Effective date n/a; 29) Law No. 106 of 21st June 2013 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Pension Support. (Article 5). Effective date n/a; 30) Law No. 128 of 4th of July 2013 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Promotion of the Use of Renewable Energy Sources. (Article 5). Effective date n/a; 31) Law No. 159 of 13th January 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Assignment of Competences of State Bodies at Legislative and (or) Sub-legislative Levels. (Article 7). Effective date n/a; 32) Law No. 203 of 16th May 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Permissive System. (Articles: 3, 6, 7, 10, 16). Effective date n/a; 33) Law No. 206 of 10th June 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Counteraction to Legislation (Laundering) of Income Gained in a Criminal Way, and Financing of Terrorism. (Articles: 7, 20, 21). Effective date n/a; 34) Law No. 236 of 5th July 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Legislation Concerning Administrative Violations. (Article 18-1). Effective date January 1, 2015; 35) Law No. 239 of 29th September 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Delimitation of Powers Among the State Administration Levels. (Articles: 6, 7, 21). Effective date n/a; 36) Law No. 269 of 29th December 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Cardinal Improvement of Conditions for Business Activity in the Republic of Kazakhstan. (Articles: 1, 3, 4, 5, 7, 17, 18-2 introduced, 20, 21, 24, 25, 27). Effective January 1, 2015; 37) Law No. 312 of 5th May 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Natural Monopolies and Regulated Markets. (Article 5). Effective date n/a; 38) Law No. 342 of 2nd August 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Pension Support. (Article 1). Effective date January 1, 2018; 39) Law No. 376 of 29th October 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Entrepreneurship. (Article 7-1). Effective date January 1, 2016; 40) Law No. 393 of 12th November 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Audit and Financial Control. (Articles: 1, 3, 4, 12, 18-3 introduced, 20, 21, 24, 25, 27). Effective date n/a; 41) Law No. 406 of 16th November 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Obligatory Social of Medical Insurance. (Article 5). Effective date January 1, 2017; 42) Law No. 487 of 7th April 2016 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Share Participation in Housing Construction. (Article 5). Effective upon the expiration of six months after the date of its first official publication; 43) Law No. 49 of 27th February 2017 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Improvement of Civil, Banking Legislation and Enhancement of Conditions for Business Activities. (Article 5). Effective date n/a; 44) Law No. 124 of 26th December 2017 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Customs Regulation. (Article 5). Effective January 1, 2018; 45) Law No. 126 of 27th December 2017 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Subsurface Use. (Articles: 1, 3, 5). Effective upon the expiration of six months after the date of its first official publication; 46) Law No. 156 of 24th May 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Business Regulation Improvement. (Article 18-1 repealed). Effective date n/a; 47) Law No. 168 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Currency Regulation and Currency Control, Risk-Oriented Supervision of Activity of Financial Organisations, Protection of the Rights of Financial Services Consumers and Improvement of Activity of the National Bank of the Republic of Kazakhstan. (Articles 1, 3, 4, 5, 7, 17, 21, 24, 25, 27). Amendments introduced to 1, 3, paragraph 5 of Article 4, the fifth clause of the first part of paragraph 2 of Article 5, subparagraph 1-3) of Article 7, Articles: 17, 21, 24, 25, 27 shall be effective from 1st January 2019; and 48) Law No. 262 of 3rd July 2019 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Regulation and Development of the Financial Market, Microfinance Activities and Taxation. (Articles: 4, 5, 7, 17, 21). Effective January 1, 2020.
Article 1. The Fundamental Definitions Used in This Law
Introduced by 10) Law No. 139 of 5th May 2006 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing.
Amended by: 13) Law No. 138 of 20th February 2009 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan Concerning Issues of Auditing;
36) Law No. 269 of 29th December 2014 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of the Cardinal Improvement of Conditions for Business Activity in the Republic of Kazakhstan;
38) Law No. 342 of 2nd August 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Pension Support;
40) Law No. 393 of 12th November 2015 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of State Audit and Financial Control;
45) Law No. 126 of 27th December 2017 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Subsurface Use; and
47) Law No. 168 of 2nd July 2018 of the Republic of Kazakhstan Concerning the Introduction of Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Currency Regulation and Currency Control, Risk-Oriented Supervision of Activity of Financial Organisations, Protection of the Rights of Financial Services Consumers and Improvement of Activity of the National Bank of the Republic of Kazakhstan.
The following fundamental definitions are used in this Law:
1) accredited professional organisation of auditors (henceforth - professional organisation) - a non-profit organisation which is which unites auditors and auditing organisations;
2) accreditation - official recognition by the authorised body of the scope of professional organisations of auditors as specified by this Law;
3) audit - review for the purpose of expressing an independent opinion on the
financial statements and other information, relating to financial statements, in accordance with the legislation of the Republic of Kazakhstan;
4) auditor — natural person certified by the Qualification Commission for Certification of Candidate Auditors (henceforth — the Qualification Commission), who received a qualification certificate granting the qualifications of an “Auditor”;
5) audit report - a written official document resulting from an audit that has been conducted;
6) audit activity - business activity associated with conducting audits of financial statements and other information, relating to financial statements, and rendering services related to a given profile of activities;
7) organisation of auditors - a commercial organisation that has been formed for the performance of audit activities;
8) auditee entity – a legal entity, affiliates and (or) representations of a legal entity that act on its behalf, an individual entrepreneur, in relation to which an audit, tax audit, audit of other information is conducted;
9) certification — procedure of valuation by the Qualification Commission of knowledge and skills of candidate auditors;
10) Code of Ethics - the compendium of professional ethics rules for auditors;
10-1) conflict of interest — situation whereby partiality of an auditing organisation may affect its opinion on the authenticity of financial statements of an auditee entity;
10-2) false audit report — audit report which is compiled in violation of the Republic of Kazakhstan legislation concerning auditing, containing false and (or) incomplete information on financial statements and concerning information provided for by auditing standards, misleading users; 10-3) special purpose audit of entities of the quazi-state sector - audit on issues of using budgetary funds;
10-4) audit of data on the subsurface user’s expenses – audit of the subsurface user’s expenses for operations relating to exploration and production of useful minerals;
11) deliberately false audit report - an audit report compiled without conducting an audit or containing an opinion that deliberately misleads the users;
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