Two Uzbekistan professional bodies, the COA and the NAAAU, together with the ACCA have announced that they are working together to improve accountancy services for the country.

The memorandum of understanding (MOU) promotes co-operation between the three parties, advances the interests of the members of the three bodies and promotes the accountancy and audit professions in the central Asian country.

The MOU – which initially runs for three years – will promote international standards in accounting and auditing.

ACCA head of Central Asia, Zhanna Iskenova, said: “By sharing its global experience ACCA is looking forward to supporting the COA and the NAAAU achieve their objectives of developing locally recognised national accounting and audit qualifications that meet the highest professional standards and appropriate regulatory requirements.”

The three bodies will also look at working on capacity building projects.

COA chair, Nematulla Karimov, said: “The signing of the MOU is the next stage of the integration of the Chamber of Auditors of Uzbekistan into the international community. Thanks to this MOU, we get an excellent opportunity to work in many areas for the development of the profession of accountancy and auditing in our country. At the same time, the professional community and the younger generation are also given the opportunity to confirm their qualifications at the international level. We look forward to working with ACCA and NAAAU to promote our respective qualifications in the Republic.”

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ACCA, the COA and the NAAAU will work towards mutual recognition of each other’s exams in accordance with their respective exemption and accreditation policies.

NAAAU chief council, Minovar Tulakhodjaeva, concluded: “The memorandum is aimed at solving one of the key areas of our joint work – the implementation of continuous professional development (CPD) initiatives, such as jointly hosting webinars and we look forward to starting those. We will also explore and create new pathways for accountants and auditors of Uzbekistan to obtain an education based on internationally recognised standards and contribute towards their career growth.”