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BOND STONE Law Firm

BOND STONE Law Firm

15 minutes Free Consultation
Nur-Sultan, Kazakhstan

Founded in 2007
25 people in their team
English
Kazakh
Founded in 2007 BOND STONE International Law Firm in Kazakhstan has now offices in Astana, Almaty, Kyiv, Tashkent and Bishkek with a regional presence in industrial hubs of the country: Aktobe, Aksai, Atyrau, and Aktau.Since 2019 the firm’s activity is spreading beyond the Kazakshan jurisdiction...
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About Accounting & Auditing Law in Nur-Sultan, Kazakhstan

Accounting and auditing are critical aspects of financial management and regulation for businesses and organizations in Nur-Sultan, Kazakhstan. The city, being the capital, is home to many national and international companies that must comply with stringent local laws and international standards. The laws governing accounting and auditing set out the rules for financial record-keeping, reporting, and the verification of those records by qualified auditors. Both disciplines play a crucial role in ensuring transparency, compliance with tax laws, and the overall financial health of an entity.

Why You May Need a Lawyer

There are various circumstances where legal assistance in the field of accounting and auditing may become necessary. Some common situations include:

  • Facing a government audit or tax inspection and needing representation or advice
  • Uncertain compliance with Kazakhstan’s accounting standards or regulatory requirements
  • Involvement in mergers, acquisitions, or international transactions requiring due diligence
  • Disputes with auditors or regulatory authorities
  • Suspecting fraud, financial misstatement, or irregularities within your organization
  • Establishing new businesses and needing guidance on bookkeeping and financial reporting obligations
  • Litigation involving financial statements or accounting practices
  • Periodic training and updates for in-house accountants to keep up with regulatory changes
  • Dealing with cross-border accounting issues or transfer pricing

Local Laws Overview

Kazakhstan’s accounting and auditing sector is mainly regulated by the Law "On Accounting and Financial Reporting" and the Law "On Auditing Activity," both of which establish principles for maintaining accurate financial records and conducting audits. The Ministry of Finance is the primary regulatory authority, setting requirements for financial statements, external audits, and filings. Key elements of the local legal framework include:

  • Mandatory financial reporting in accordance with International Financial Reporting Standards (IFRS) for large companies and public interest entities; others may apply simplified standards
  • Licensing and regulation of audit activities, with certain audits (such as for joint-stock companies or large enterprises) being mandatory
  • Strict requirements for document retention, storage, and periodic reporting
  • Obligations for timely and accurate tax reporting, subject to regular checks and penalties for non-compliance
  • Rules on independence and ethical standards for auditors
  • Responsibilities for internal controls and management accountability

Frequently Asked Questions

What laws govern accounting and auditing practices in Kazakhstan?

Accounting and auditing are mainly regulated by the Law "On Accounting and Financial Reporting" and the Law "On Auditing Activity" in Kazakhstan. These laws ensure organizations maintain proper records and conduct regular audits.

Is IFRS mandatory in Nur-Sultan, Kazakhstan?

Yes, International Financial Reporting Standards (IFRS) are mandatory for large companies, financial institutions, and public interest entities. Others may use simplified national standards.

Who must undergo mandatory audits?

Mandatory audits are required for joint-stock companies, large taxpayers, companies with significant public interest, and certain state-owned enterprises as specified by law.

How often do companies need to file financial reports?

Companies generally must file annual financial reports, with some needing to submit quarterly or interim reports, depending on their size and regulatory status.

What are the penalties for non-compliance with accounting regulations?

Penalties may include fines, suspension of business activities, and, in serious cases, criminal liability for intentional misstatement or fraud.

Can I use foreign accounting standards instead of Kazakh standards?

No, companies must either follow local standards or, if required, use IFRS. Foreign standards alone are not accepted without adaptation to Kazakh requirements.

How are auditors licensed in Kazakhstan?

Auditors must be certified and licensed by authorized bodies, such as the Ministry of Finance, and are subject to ongoing professional requirements and oversight.

What should I do if I discover an error in my company's financial statements?

Notify your legal or compliance team immediately and correct the error according to local regulations. If errors were already reported, submit revised reports and inform the relevant authorities.

What support does the Ministry of Finance provide to companies?

The Ministry of Finance offers guidance on accounting standards, issues circulars on regulatory updates, answers formal inquiries, and conducts compliance monitoring and inspections.

Do NGOs and small businesses have simplified accounting requirements?

Yes, simplified bookkeeping and reporting requirements are available for NGOs and small enterprises, but they still must comply with the core principles of accuracy and transparency.

Additional Resources

For further help and reference, consider turning to these organizations and governmental bodies:

  • The Ministry of Finance of the Republic of Kazakhstan – oversees financial reporting and auditing regulations
  • Chamber of Auditors of the Republic of Kazakhstan – the professional body for certified auditors
  • State Revenue Committee – manages tax compliance and audits
  • National Bank of Kazakhstan – regulates accounting standards in the financial sector
  • Local legal aid centers and business development organizations

Next Steps

If you believe you may need legal help with accounting or auditing matters in Nur-Sultan, Kazakhstan, follow these steps:

  • Gather all relevant financial and corporate documents
  • Clearly identify your main concern or the specific services you need
  • Contact a reputable lawyer or legal firm with expertise in accounting and auditing law
  • Prepare a list of questions and specific outcomes you wish to achieve
  • Consult with your chosen legal expert about your situation before taking any formal action
  • Remain proactive in maintaining documentation and following their advice to ensure full compliance

Legal support can help you navigate complex accounting regulations, minimize risk, avoid penalties, and ensure long-term business success in Nur-Sultan.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.