According to Article 27 of the Law of Turkmenistan on Audit Activity, the main functions of the Audit Chamber are:
- representing the interests of its members in public authorities;
- protection of the rights and legitimate interests of its members in the event of disputes arising from the implementation of audit activities;
- submission to the authorized body of proposals on draft regulatory legal acts of Turkmenistan regulating audit activities;
- participation in the development and dissemination of national auditing standards and the Rules of professional ethics of the auditor;
- establishment of uniform requirements for membership in the Audit Chamber;
- ensuring the participation of its members in the conduct of external quality control of other individual auditors and audit organizations by decision of the authorized body;
- assistance in providing its members with regulatory legal acts of Turkmenistan related to the implementation of audit activities;
- organization of professional development of auditors;
- study of the audit services market and development of proposals for the development and improvement of audit activities;
- study, generalization and analysis of the activities of individual auditors and audit organizations and, based on their results, preparation of recommendations for improving their activities;
- other functions established by the legislation of Turkmenistan.
In order to fulfill the tasks of state regulation of audit activities in Turkmenistan, an Audit Service can be created in the form of a public organization, the founders of which are auditors and audit organizations.
Source: Law of Turkmenistan on Audit Activity
