Modern trends of Kazakhstan’s internal state audit: the US and UK experience

Abstract

The quality improvement of state audit system is vital and relevant for all post-Soviet republics and Kazakhstan particularly. On the whole, it is grounded on the old notions, and is not suitable for the contemporary economic situation and numerous private enterprises’ growth. The article aims to highlight the advantages of the audit systems in the USA and the UK for the contemporary state of the audit system in the Republic of Kazakhstan. In order to achieve the stated purpose theoretical bases, statistical data, legislative and regulatory official documents were analyzed. The analysis shows that the most perspective approaches to the internal audit system development are risk management and budget planning. The main problematic areas are the legal support, staff of auditing departments and services, the quality of revisions and competence of state auditors. It is substantiated that training and education for the auditors are highly demanded. The internal annual audit reports can be used as the effective instrument of the governmental control as well as the marker of the most undeveloped spheres.

Role of External Public Audit in Ensuring the Financial Stability of the Budgets of Developing Countries

“…The proposed methodology for assessing the financial stability of budgets will allow not only to analyze the state of municipal finances, but also to assess budget resources and the results of their use, identify budget threats and risks, and develop measures to neutralize them (Serikova et al, 2020;Igibayeva et al, 2020). For example, according to Alesina, Favero and Giavazzi (2018), the scientific significance of the concept of financial stability of the region's budget consists in identifying three key components: 1) "budget efficiency" from the position of fulfilling planned budgetary obligations; 2) "financial independence of the budget" from the position of security of the budget with tax and non-tax revenues, the formation and execution of the budget without increasing public debt; 3)"balance of the budget", both from the position of the correlation of budget items, and from the position of the availability of financial reserves to cover events unforeseen by the budget that ensure the stability of the financial system to risk events.…”

Untitled

“…Financial control is the function of state agencies and non-governmental organisations, endowed with appropriate powers, aimed at ensuring the rule of law, financial discipline, rationality in the course of mobilisation, distribution, and use of state financial resources (Igibayeva et al, 2020). State financial control can only exist as a system.…”

Public sector audit and influence the investment institutional background during a pandemic

“…In the countries of the post-Soviet economic space public sector audit is in the stage of formation and active development, which explains the increased research attention to its problems. In this regard, it is very interesting to study current trends in the development of internal public audit in Kazakhstan in comparison with the experience of the US and UK, focused on the development of recommendations to improve the effectiveness of public audit in Kazakhstan (Igibayeva et al, 2020). The study also offers general recommendations on the basic qualities of the auditor in the modern system of public sector audit, which is very important for the effective formation of public audit, but the impact of public sector audit on the investment climate remained outside the research field (Igibayeva et al, 2020).…”