About Leader Audit
Leader Audit LLC is an audit firm operating since 2013 under the Law of the Republic of Uzbekistan on Audit Activity (ZRU-677). The licence is issued by the Ministry of Finance of the Republic of Uzbekistan, and professional liability is insured.
Auditing is a regulated activity, and a client is entitled to verify the provider before signing anything. Below we give not only the numbers but what backs them: the statutory provisions you can check us against.
How to verify us before signing
The authorised state body maintains the Register of Audit Organisations in electronic form. Under Article 41 of ZRU-677 the information it contains is open to inspection — verifying us requires neither our consent nor a request to us.
The Register lists the organisation's name and address, telephone, email and website, taxpayer identification number, the full names of the head and the auditors together with the numbers and dates of their certificates, the date of inclusion in the Register, and the grounds and date of any exclusion. We provide the data needed for this check on request — standard practice, not a favour.
- match the taxpayer identification number in the contract against the Register, not the trade name — similar names are common in this industry;
- check the date of inclusion in the Register: it shows the firm's actual track record;
- match the auditors' names and certificate numbers against the people who will run your engagement;
- confirm there is no record of exclusion from the Register.
Liability insurance and quality control
The firm's professional liability is insured. This is not optional: under Article 43 of ZRU-677 the absence of a professional liability insurance policy is in itself a ground for exclusion from the Register of Audit Organisations.
The work of audit organisations is subject to external quality control by the authorised body. Failing to provide that body with the required documentation and information during such control is likewise a ground for exclusion from the Register. We undergo external quality control in the established manner.
Independence
Article 34 of ZRU-677 sets out restrictions on conducting an audit, and Article 43 makes their breach a ground for exclusion from the Register. The purpose is to prevent an auditor from reviewing the results of their own work or from holding relationships with the client that would cast doubt on impartiality.
In practice: if we keep your books, your audit is performed by a different firm. We separate these engagements in advance rather than discovering the conflict in June, when the report is already due.
How we run an audit
Engagements follow the International Standards on Auditing (ISA). The form and content of the audit report are determined by auditing standards, and under Article 39 of ZRU-677 the report itself is numbered, signed page by page by the auditors who performed the engagement and by the head of the audit organisation, with the financial statements on which the opinion is expressed attached to it.
- preliminary assessment: understanding the business, assessing risks of material misstatement, agreeing scope and timing;
- review of the internal control system and of the accounting policy against actual practice;
- testing of material transactions and confirmation of balances, including work with inventory count results and reconciliations with counterparties;
- verification of the correct application of NAS and IFRS;
- assessment of tax risks for the periods under review;
- discussion of identified misstatements before the report is issued — a misstatement corrected in time does not affect the type of opinion;
- issuance of the audit report and of written information to management describing accounting deficiencies with concrete recommendations.
What the client gets besides the report
The audit report addresses external users — banks, investors, state authorities. Owners and management usually need the second document more: written information listing the accounting deficiencies found, their causes, and precisely what needs to change.
We include it by default. In our experience it is what determines whether the same problem recurs in the next reporting period.
Industry expertise
Industry experience affects audit quality more than firm size does: it determines where typical misstatements are likely to sit and which transactions warrant closer attention.
- medical and pharmaceutical;
- IT and SaaS, including IT Park residents;
- manufacturing;
- wholesale and retail;
- construction;
- banking, insurance and investment;
- import-export and foreign trade.
Confidentiality
A non-disclosure agreement is signed with every client. Document access is limited to the engagement team, and files are exchanged over secure channels.
This obligation also has a statutory dimension: under Article 43 of ZRU-677, disclosing confidential information obtained while providing audit services results in exclusion of the audit organisation from the Register.
Services
- statutory audit of financial statements;
- initiative audit — at the request of the owner, a participant holding at least five per cent, or the company itself;
- tax consulting and support during tax inspections;
- VAT refunds from the budget;
- accounting outsourcing and accounting restoration;
- IFRS transformation of financial statements;
- financial and tax due diligence for transactions.
By the numbers
- since 2013 — in the Uzbek audit market
- 220+ — audit engagements completed
- 200+ bn — UZS of VAT recovered for clients with our support
- CAP · CIPA · DipIFR — international qualifications held by the founders
Frequently asked questions about the firm
How can I verify that Leader Audit is actually entitled to perform audits?
Through the Register of Audit Organisations, which the authorised state body maintains in electronic form. Under Article 41 of ZRU-677 the information it contains is open to inspection. Match the taxpayer identification number from the contract rather than the trade name, check the date of inclusion in the Register, the auditors' names and certificate numbers, and the absence of any record of exclusion. We provide the data for this check on request before the contract is signed.
Is your liability insured?
Yes. The firm's professional liability is insured. Under Article 43 of ZRU-677 the absence of a professional liability insurance policy is in itself a ground for exclusion from the Register, so a valid policy is worth checking with any auditor, not only with us.
Can you keep our books and audit us at the same time?
No. Article 34 of ZRU-677 sets restrictions on conducting an audit, and their breach leads to exclusion from the Register under Article 43. An auditor cannot review the results of their own work. If we keep your accounts, the audit is performed by another firm — and vice versa. We settle this before the engagement starts.
What is delivered besides the audit report?
Written information to management: the accounting deficiencies identified, their causes and concrete recommendations for correcting them. The audit report is addressed to external users and expresses an opinion on the reliability of the statements, whereas the written information is a working document for owners and management. We include it by default.
Which standards do you audit under?
The International Standards on Auditing (ISA), including verification of the correct application of NAS and IFRS. The form and content of the audit report are determined by auditing standards; under Article 39 of ZRU-677 the report is numbered, signed page by page by the auditors who performed the engagement and by the head of the audit organisation, and the financial statements on which the opinion is expressed are attached to it.
Primary sources
Related services: Statutory audit · Initiative audit · Tax consulting · VAT refund · Accounting outsourcing
Free consultation: +998 97 410 04 47 · info@leaderaudit.uz · 12 Mustaqillik St, Tashkent.