A seminar on the transformation of large state-owned enterprises in Uzbekistan, with a focus on the functions of finance and internal audit departments, was held on February 20, 2024.

The event was attended by representatives of the Ministry of Economy and Finance, AO “UzAssets”, professional public organizations, as well as employees of the “big four” companies (PwC, Deloitte, EY and KPMG).

Experts shared their experience in implementing international financial reporting and internal audit standards. The seminar participants also discussed the problems and opportunities faced by state-owned enterprises in the process of transformation.

The seminar was a valuable opportunity for the exchange of experience and knowledge between the participants. It also demonstrated the commitment of the Government of Uzbekistan to reforming state-owned enterprises and increasing their competitiveness on the global market.

These measures will be implemented based on the discussion’s outcome.

1. Ensuring the preparation of financial statements based on IFRS for 20 enterprises by 2024.
2. Ensuring the preparation of financial statements based on IFRS for all enterprises by the end of 2025.
3. Ensuring that 6 state-owned enterprises obtain an international credit rating for the first time.
4. Developing proposals for improving the regulatory and corporate documentation of the Internal Audit Service.
5. Attracting qualified specialists to the internal audit departments of large state-owned enterprises and organizing training for existing employees in accordance with international standards of professional practice of internal audit (IAA).