Factors Preventing the Adoption of International Audit Standards in Uzbekistan

Abstract

This study aims to investigate the factors preventing adoption of International Auditing Standards in Uzbekistan. This field of study was chosen as literature review shows that there is a huge gap and insufficiency of study regarding this topic.  The study aims to fulfil those gaps and create knowledge base in the country. International Auditing Standards became one of the important standards around the world after few world crises which vastly influenced global economy. Moreover, rapid growth of the global market has emphasised on the enhancement of and need for international standards on auditing.  The use of a common set of international standards represents major benefits to the economy of the country as well as to investors, regulators and all public companies.The study results showed that all variables selected has direct impact to the adoption of IAS in Uzbekistan. However, Uzbekistan is experiencing rise of investment climate which would facilitate to the adoption of IAS and there is a major of interest of government to transit to international standards so as to ensure and gain trust of potential investors. The research concluded by giving few recommendations to aid other studies in assisting adoption of IAS in the country.

 Keywords:International Audit Standards (IAS), Professional auditors, Professional auditors, International Financial Reporting Standards (IFRS), Ministry of Finance (MoF),International Auditing and Assurance Standards Board (IAASB),JSC