Turkmenistan abolished mandatory audit for companies with an annual income less than 1 million manats.
The Law of Turkmenistan "on Amendments and Additions to the Law of Turkmenistan on Audit Activity", signed on Sunday by President Serdar Berdimuhamedov, came into force on Wednesday with its publication on state newspaper.
According to the addition, joint stock companies, economic societies and joint ventures are now required to undergo an audit only if their income during the year is twenty thousand or more times the size of the base amount established by the legislation of Turkmenistan for the calculation of social benefits and other payments, taxes and fees.
In accordance with the Turkmen legislation, the base amount is 50 manats.
The addition was also made to the Article 23 of the Law on Audit Activity. The new addition allows the companies to demand compensation from audit firms if during an audit they failed to find any violations discovered later by the control authorities (audit bodies).
The Law of Turkmenistan on Audit Activity was adopted in 2014.