Adoption of International Internal Audit Standards in Uzbekistan: Prospective Analysis

Abstract

Adequately stable and profitable performance of a firm requires continuous control and regulation of particular performance indicators, management of potential risk and uncertainties derived from market conditions and regulatory framework in the economy. Weaknesses and threats in performance and financial profile of a firm are often identified through findings of internal audit which serves as an internal financial security and early warning system. Nowadays benchmarking and unification actions in internal audit principles and methods actively have been taken around the world due to expanding asymmetry and competition in the market. This article analyses the current and prospective condition of adoption of internationally recognized internal audit principles, procedures and methods in private sector of Uzbekistan’s economy.

Key words: Internal audit standards