Turkmenistan cancels mandatory audit for some companies

By Trend

Turkmenistan has abolished mandatory audits for companies whose annual profit is less than 1 million Turkmen manats ($285,700), Trend reports citing Orient news.

The amendment to the Law protects the interests of Turkmen entrepreneurs and should help reduce the bureaucratic burden on business.

An addition has also been made to Article 23 of the Law "On Auditing Activities". The amendment allows companies to claim compensation for damage caused as a result of offenses identified in the financial and economic activities of the auditing entity.

Thus, the new amendment to this law has increased the responsibility of audit companies, which can now incur additional costs in case of improper work.

The Law of Turkmenistan "On Auditing activities" was adopted in 2014.