A roundtable involving key stakeholders was organized by the World Bank and the Ministry of Finance of Kazakhstan under Joint Economic Research Program (JERP) on March 30, 2021. The event was attended by about 45 participants.
The key objective of the event was to discuss the content of the provisions of the new model of audit oversight function in Kazakhstan.
The World Bank team delivered a presentation on the most important achievements internationally and good practices in the area of institutional arrangements of a public oversight model, its key activities, board members’ eligibility, and qualification criteria, funding, and staffing as well as related to the requirements for public interest entities’ auditors, quality assurance, auditors’ qualification, and continuing professional development. All these aspects are discussed in detail by two reports, delivered as part of the technical assistance under JERP program.
Roundtable to discuss the content of the provisions of the new model of audit oversight function in Kazakhstan
International trends in audit oversight and its importance for the quality of audits were also discussed. The participants had the opportunity to interact with representative of International Forum of Independent Audit Regulators (IFIAR) and to learn about the values of membership for audit oversight institutions as well as about membership requirements.
New legal requirements for regulation of the audit profession in Kazakhstan and how these will be enforced in practice were discussed during an interactive session. Participants raised questions and expressed their views. It was agreed that both the authorities and the profession in Kazakhstan will join their efforts to finalize and adopt a secondary legislation, that would allow proper enforcement and functioning of the public oversight body in line with good international trends.