Vector of Development of Equal Competition in the Uzbekistani Market for Auditing Services

Abstract

This chapter considers the stages of development of the audit services market in Uzbekistan and the process of improving the system of state regulation of audit activity, taking into account modern standards of international practice and ensuring information transparency of the audit services market, its stability, increasing the authority of the audit profession as a key factor of sustainable development of the audit services market and quality effect. It is crucial to remember that healthy competition promotes economic growth and increases the accountability of an audit company for the caliber of the provided audit services. New digital technologies are being developed and gradually implemented in accounting and auditing processes. Most businesses are working to maximize all contractual economic activities by automating accounting processes. Economic digitalization makes it possible to establish a national accounting system, wherein indicators will be collected to characterize the state of the firm's internal socioeconomic processes. This chapter investigates Uzbekistan's accounting and auditing regulations and how digitalization affects them. It emphasizes the necessity of digitalization and the benefits of using blockchain technology.

Citation

Tulakhodjaeva, M.M. and Khodjayeva, M.K. (2024), "Vector of Development of Equal Competition in the Uzbekistani Market for Auditing Services", Eshov, M.P., Abdurakhmanova, G.K., Burkhanov, A.U., Abdusalomova, N.B. and Ergasheva, S.T. (Ed.) Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS (Advanced Series in Management, Vol. 33B), Emerald Publishing Limited, Leeds, pp. 197-204. https://doi.org/10.1108/S1877-63612024000033B025