Audit inspections according to international standards will be conducted in the banks of Turkmenistan

In order to improve the banking system of Turkmenistan and ensure the transparency of financial reporting, preparations are underway for regular audit inspections in the country's banking institutions. This was reported by Vice-Premier H. Geldimyradov during a regular meeting of the Cabinet of Ministers held via digital system.

Legislative Framework and Programs These audits, which will be conducted in accordance with International Financial Reporting Standards (IFRS), are based on the following regulatory legal acts:

• The Laws of Turkmenistan "On Credit Institutions and Banking" and "On Auditing Activities";
• "Program for Reforming Accounting and Auditing in Turkmenistan".

After listening to the report, the President of Turkmenistan noted that modernizing the banking system is one of the priority directions of state policy. According to the Head of State, audit inspections will contribute to:

• Improving the quality of banking services;
• Strengthening financial stability;
• Increasing the international reputation of the system.

Supporting the proposal, the Head of State instructed relevant officials to organize the audit inspections in the country's banking institutions in accordance with international standards. These measures will pave the way for more active integration of Turkmenistan's banking system into the global financial market.