Article 32. Audit

An audit is an examination of the financial statements and related financial information of an economic entity, carried out by an audit organization in order to establish the reliability and compliance of the audited financial statements and related financial information with accounting legislation.

Reliability refers to the degree of accuracy of financial reporting data, which allows, based on these reports, to draw objective conclusions about the financial position and results of the financial and economic activity of an economic entity.

An audit is carried out mandatorily or at an initiative, subject to compliance with the restrictions provided for in Article 34 of this Law.

An audit using state secrets and other secrets protected by law is carried out only after taking measures to protect thereof in accordance with the law.

Examinations carried out in a manner different from the requirements of this Law shall not be an audit.