The role of accounting and auditing in the sustainable development of government financial system in terms of risks: 6th Astana Economic Forum

At the present time accounting and auditing have become a foundation of the economy. The International Financial Reporting Standards (IFRS) are recognized around the world as the effective tool for representation of quality and reliable information, which were chosen from all foreign accounting models as a basis for domestic accounting. Application of the IFRS is defined by the Law of the Republic of Kazakhstan "On accounting and financial statements".

Since January 1, 2013 in accordance with the Government program of the Republic of Kazakhstan, accounting services of public institutions have been maintaining accounting according to the international public sector accounting standards (IPSAS).

Complete and unconditional transition to the International Standards of Auditing (ISA) to increase the competitiveness of domestic audit has been made by the Law of the Republic of Kazakhstan "On auditor activities".

At the same time, transition to the state audit is to be considered within the event for implementation of the National Plan of Actions under the Head of State's Address to the People of Kazakhstan dated December 14, 2012.

At this moment the Department of Economy and Budget Planning jointly with the Ministry of Finance and Accounts Committee are working on the draft concept of state audit introduction.