Auditors of 30 countries, including Kazakhstan to receive registration delay in EU till July 1, 2010

/INTERFAX-AFI, Brussels/Moscow, August 7, 08/ - Eurounion Committee decided to postpone introduction of mandatory registration of auditors and audit companies of Kazakhstan in EU countries and other 29 countries, which are not members of EU. Demands on registration are established by EU audit guideline, accepted in 2006; they were to come into effect on July 1, 2008, but only 12 of 27 EU countries were ready for new rules introduction. In compliance with Guideline, auditors and audit companies of third countries, which admit annual or consolidated statements of companies, securities of which circulated on European exchanges, should register in corresponding EU country. Eurounion Committee's decision allow audit companies of 30 countries to continue auditing companies, securities of which are traded in EU countries till July 1, 2010. However, delay is given in case if audit companies of third countries follow minimal requirements on disclosure for investors in Europe. In particular, audit companies should provide following data: name, address, and information on structure, accessory to some audit net and information about it. Besides, information on audit standards and requirements on independence, which apply during audit and also description of International System on Quality Supervision, used in audit company. Apart from, audit companies should inform on the date of last audit for quality and its results, if such control was taken place. If information results is not public and can't be provided by corresponding regulatory bodies of third countries, EU authorities of the country may address confidentially. Audit companies of third countries, which not correspond to conditions of delay, must go through full registration and control from the direction of EU country, in which audited company's securities are traded. The form of application on registration is published in attachment to EU Committee decision. Delay covers the following territories: Argentina, Australia, Bahamas, Bermudas, Brazil, Canada, Kaimanovs, Chili, China, Croatia, Guernsey, Jersey, Maine, Hong Kong, India, Indonesia, Israel, Japan, Kazakhstan, Malaysia, Mauritius, Mexico, Morocco, New Zealand, Pakistan, Russia, Singapore, SAR, South Korea, Switzerland, Taiwan, Thailand, Turkey, Ukraine, UAE, USA. [2008-08-08]