Article 3. Basic concepts

The following basic concepts are applied in this Law:

auditor — an individual who has an auditor's qualification certificate;

Register of auditors — a list of auditors who have an auditor's qualification certificate posted on the official website of the authorized state body in the field of audit activities, except for the register formed by the Central Bank of the Republic of Uzbekistan;

audit organization — a commercial organization that carries out audit activities for the conduct of audits and the provision of related services;

Register of audit organizations — a list of audit organizations posted on the official website of the authorized state body in the field of audit activities;

audit activity — entrepreneurial activity of audit organizations for the provision of audit services;

audit committee — a committee, consisting of the members of the supervisory board of an economic entity, as a rule, including at least one independent member, responsible for establishing control over the correctness of financial reporting, selection of an independent auditing organization, overseeing audit processes, as well as obtaining and reviewing the results of internal and external audits;

ranking — formation of ordered lists of audit organizations, grouped according to certain indicators that characterize the activities of audit organizations;

applicant — an individual applying for an auditor qualification certificate or extension of its validity period.